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Schedule L- on Form 1065

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    Schedule L- on Form 1065

    It is out of balance. I didn't have this problem last year. This is the twice partnership I've tried. I have rechecked my entries and I don't know what to do. The 1065 shows a loss for 2015 and a loss for 2016
    I can't make entries directly to Sch. L, so where should I look for my error?. This is all I need to complete the partnership. thanks for your help

    #2
    Originally posted by vseals View Post
    It is out of balance. I didn't have this problem last year. This is the twice partnership I've tried. I have rechecked my entries and I don't know what to do. The 1065 shows a loss for 2015 and a loss for 2016
    I can't make entries directly to Sch. L, so where should I look for my error?. This is all I need to complete the partnership. thanks for your help
    Which part is off? Equity section? If so it's likely a missing M-1 or M-2 entry missing.

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      #3
      Originally posted by vseals View Post
      It is out of balance. I didn't have this problem last year. This is the twice partnership I've tried. I have rechecked my entries and I don't know what to do. The 1065 shows a loss for 2015 and a loss for 2016
      I can't make entries directly to Sch. L, so where should I look for my error?. This is all I need to complete the partnership. thanks for your help
      Not to be a butt... but if this is only your "second" partnership ever prepared, then you need more help then this forum can provide. A sch L is used when the income/assets are more than $250,000.

      Is this the case?
      Do you have a balance sheet from the clients books?
      You HAVE to make entries to the Sch L or you will never balance.
      Does the Loss match your P/L?

      Chris

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