KDW
Level 2
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New Tax Law requires Member's K-1s to use Tax Basis.  Instructions to 1065 says the Sch L balance sheet is supposed to be on GAAP or BOOK basis.  
How do I get ProSeries to let me have the sum of the  K-1s capital accounts "not" equal Sch L and M-1 ending capital account balance?
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JRC
Level 5
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Use the "Sch K-1 Wks" entry form for each Partner and Enter an Adjustment there in the Field "Adjust to tax basis" (######.00).

KDW
Level 2
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Thanks, but the problem isn't with the K-1 Tax Basis.  

I see now that M-2, Line 3 "Net Income per Books," per the instructions, should be overriden and replaced with Taxable Income.  I assume we are supposed to override the BOY capital such that it is Tax Basis.  Then the M-2 will match the K-1s.  From speaking with another CPA for a Big 4 Firm, he says M-2 doesn't need to match SCH L and no reconciliation is needed for 2020.

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