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Trial balance, TRCs, and forms

Charts

Add or edit the chart of accounts

You can edit the Chart of Accounts through the Charts.
On the Charts screen, select
Federal Chart of Accounts
.
Select
Add Account
to add a new row. Enter the account number and description, select
TRC
 from the dropdown, and enter the TCC number.
Modify the account information on the spreadsheet row. When your edits are complete, select
Save
to return to the Preliminary Balances area.
Enter the appropriate balances for your edits and click
Save
.

Edit the chart of adjustments

  1. Determine your adjustment type (book, reclass, tax), then select
    Add Adjustment
    .
  2. For any account you need to make into an adjustment, select the box next to the account, then select
    Add
    . To delete accounts add on adjustment, select
    Remove
    . After making an add adjustment entry, select
    Save
    .
  3. Go back to the Adjustments screen, and expand the adjustment you just added. Enter the amount in the debit or credit column, then
    Save
    .
  4. In the M-1/M-3 tax adjustment, make sure that the tax adjustment includes at least one balance sheet account. Complete the tax return presentation area. Debit or credit the same M-1 account and then
    Save
    .
  5. Go back to the Adjustments screen, and expand the adjustment you just added. Enter the amount in the debit or credit column. Select
    Save
    . (M-1 accounts do not require an amount input and will be automatically updated.)

This article applies to:

  • PRODUCT: ONESOURCE Income Tax Express RS
  • Return type: 1120 Corporation,1065 Partnership
  • Subject: Trial balance

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