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Leadsheets

Leadsheets variance

Leadsheet variances are created when SPbinder detects discrepancies between the tax software and the amount entered in each leadsheet. Amount discrepancies that show leadsheet variances can be caused by multiple reasons, by explaining/reconciling the variance, you can explain the reason for the variance and fix any amounts that may have been entered incorrectly.
Leadsheet variance examples:
  • Income may be offset by a loss carryover
  • wages may be offset by exemptions
  • Excess investment interest may have carried over to the subsequent year.

Reviewing Leadsheet Variances

To view the leadsheets, select the
Leads
 tab in the lower viewing area.
Leads tab
Variance analysis has to be done for
Form 1040 Page 2
,
Schedule 1
,
Schedule 2
,
Schedule 3
, and
Schedule A
.
Form 1040 Page 2, Schedule 1, Schedule 2, Schedule 3, and Schedule A tab
To get help for the respective line number, you can select the question select icon that appears next to the variance column.
Once the leadsheets are populated, you can view the variance amounts displayed in red under the
Variance
 column.
Variance column
The discrepancy between the amounts in
Per Leadsheet
 and
Per Tax Return
 are shown in the
Variance
 column.
Per Leadsheet and Per Tax Return are shown in the Variance column.
To view what caused the variance, select the
Reference Link
 icon on the
Per Leadsheet
 amount.
Select the Reference Link icon
This will open the respective leadsheet. The linked leadsheet will open with the
Unreconciled Variance
 amount.
Unreconciled Variance amount

Reconcile the variance

To reconcile the variance, select on an empty cell, then select the dropdown picklist to select from a list of possible explanations.
Select a Per Lead explanation
You can also manually enter the reason for the variance along with the amount to reconcile the difference between leadsheet of the respective
Input Form
.
Input Form fields
Once all amounts are explained, the
Unreconciled Variance
 will show nil.
Unreconciled Variance amount
Select the
Reference Link
 icon Reference Link icon to return to the previous page.
Select the Reference Link icon
After updating the variance amount,
Per Leadsheet
 and
Variance
 columns get adjusted according to the amount in
Per Tax Return
. If
Per Leadsheet
 and
Per Tax Return
 amounts are the same then the
Variance
 column will no longer show a variance amount.
Per Leadsheet, Per Tax Return, and Variance columns
The asterisk (
*
) sign remains, implying that variance has been explained for this particular row.
Green asterisk on source document
The dagger (
†
) sign indicates that the user should enter data manually from the tax software into the leadsheet.
Dagger icon in the source document
The
(T/R)
 sign indicates that the amount will populate through the Import TR process.
(T/R) sign in the source document
The data from line numbers with the double dagger (
‡
) sign in the Schedule K-1 Reconciliation sheet will transfer to Line 17 of Schedule 1.
note
This double dagger (
‡
) sign will be displayed only in GoSystem Tax RS.
Double dagger in the source document
The asterisk (*) sign indicates that the data is for information purposes only.
Asterisk in the template

This article applies to:

  • PRODUCT: SurePrep
  • Sub-Product: SPbinder

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