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Screen 5471-5 - Balance Sheet (1065)

Schedule F - Assets

Enter
1
 to use the average exchange rate,
2
 to use the current year-end spot rate,
3
 to use the beginning of year and end of year spot rates, or
4
 to use the rate entered in
Other exchange rate used for balance sheet (FC Units per 1 USD)
 to translate the foreign currency amounts to U.S. dollars for Form 5471, Schedule F.
If you leave this field blank or select
4
 and no rate is entered in
Other exchange rate used for balance sheet (FC Units per 1 USD)
, the application treats the amounts entered as U.S. dollars for Form 5471, Schedule F. When using U.S. dollars, the amounts entered in assets, liabilities, and shareholders' equity fields will transfer directly to Schedule F.
If you entered
4
 in
Exchange rate used for balance sheet
, enter the other exchange rate (xxxx.xxxx) used to translate the foreign currency amounts to U.S. dollars on Form 5471, Schedule F. The other exchange rate should be entered as the number of foreign currency units that equals one unit of U.S. dollars.
If you leave this field and
Exchange rate used for balance sheet
 blank, the application treats the amounts entered as U.S. dollars for Form 5471, Schedule F. When using U.S. dollars, the amounts entered in assets, liabilities, and shareholders' equity fields will transfer directly to Schedule F.

Schedule F - Liabilities and Shareholders' Equity

Enter the out-of-balance threshold in U.S. dollars. The application performs the out-of-balance adjustment up to the amounts you specify. The application doesn't perform any adjustment if Schedule F is out of balance by more than the amount in these fields. The application automatically adjusts accounts payable or, if there's no balance in accounts payable, the application adjusts cash to correct the out-of-balance condition between assets and liabilities.
If you don't want the automatic adjustment made, leave these fields blank.
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