Drake Users - Balance Sheet

[Snaggletooth]

I can't get Drake to populate an 1120 Balance Sheet (Sch L). And their support will not be open until Monday.

Anyone have any idea what's wrong? It might be that it doesn't fill it unless certain threshholds are met (total assets, total income, etc.). But there should still be a way to force it to fill in the balance sheet if desired.

Thanks in advance -- I hope I can get this thing outa here before Monday.

[BHoffman]

Hi Snags - go to the "PRNT Print Options" screen and click the box in "Force Schedules L, M-1 and M-2 to print".

[Snaggletooth]

Success

Beth, thanks! Worked like a charm!!

[geekgirldany]

This is one thing I asked them to make as default option on all S-Corp/Business returns. That way it doesn't have to be clicked on each time you do a 1120s return. Also asked on the auto calculate on retained earnings. Hopefully they will work this in.

[taxxcpa]

Default

This is one thing I asked them to make as default option on all S-Corp/Business returns. That way it doesn't have to be clicked on each time you do a 1120s return. Also asked on the auto calculate on retained earnings. Hopefully they will work this in.

Maybe the best option would be to require you to select whether you want a balance sheet.
If the default were to print the balance sheet, there should be a way to supress it.

Some very small S-Corps, LLCs and Partnerships and C-Corps do not keep double entry books. You can ask for their bank balance and their inventory and attempt to come up with a balance sheet, but it may not tie in to the updated retained earnings.

[JohnH]

(A side issue of sorts) Interesting how we have slighly different views on these things. I don't fill in anything on the tax return that isn't required. So if their income/assets are under the threshholds, I don't furnish the balance sheet. I have it in my files, but it won't be disclosed on the return unless required. So for me, for the software to default to the required info only would be preferable.

Something in my makeup says only give them what's required - if they want more info they have the client's mailing address.