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Is it a must that Schedule L be prepared when filing Form 1120s?, I asked because client do not have a balance sheet or trial balance available, Likewise, is there a year end balance sheet or trial balance template available in proseries if I want to help with preparing these schedules to complete Schedule L?
Thanks look forward to the response.
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This is a real good example of why a lot of small businesses should not be S Corps.
They have no idea how to keep corporate books and records.
Without a balance sheet and trial balance, how confident are you in the P&L numbers?
The "template" could be the Schedule L itself.
The Balance Sheet should be generated through the accounting system.
Read the 1120S instructions for the exception for when it is not required.
And let me guess-no payroll either?
Ex-AllStar
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That assumption about payroll is correct. I will try to ask a few questions to see if I can generate a balance sheet and trial balance. If the Sch. L can work to get a some what schedule of statements I will do that or they will have to just pay me to keep their books.
