This process doesn't make sense.  You don't generate the 7203 FIRST and THEN do the K-1.  You complete the K-1 and then based on information from the K-1, the 7203 is generated.  Actually, if you ignore the instructions above and complete the K-1 first, ProSeries DOES populate most of the 7203 except for the items they already note in the instructions above, BUT they miss one important number.  They don't bring 3a. ORDINARY BUSINESS INCOME from the K-1.  

I hope the programming team 1) Talks to some practicing CPA's to remap the fields, 2) Does an upgrade so 7203 automatically sends with an e-filing by Jan 2024.