In QBO balance sheet, Shareholder Loan (amount owed to company - removed by Shareholder) reduces Retained Earnings. Why does it not do the same in TurboTax for Business?
In QBO balance sheet, Shareholder Loan (amount owed to company - removed by Shareholder) reduces Retained Earnings. Why does it not do the same in TurboTax for Business?
The Retained Earnings should be decreased as the money was removed from the company legitimately. The shareholder has 1 year after taxation year end to repay the amount owing, at which point a dividend will be declared to make this repayment. The corporations' retained earnings should be reduced to show this amount removed from the corporation.
In QBO balance sheet, Shareholder Loan (amount owed to company - removed by Shareholder) reduces Retained Earnings. Why does it not do the same in TurboTax for Business?
Hello,
Officially direct importation from QBO is not support so this may be a matter of entering in the amount using the wrong sign example negative number or positive number. Without seeing the return its very difficult to say where the problem could be, I can confirm that the S125 income statement and S100 balance sheet have no known problems and work perfectly. I would suggest giving our support line a call at 1-866-438-8020.
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.
Sign In
Canada (English)
EN
