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Screen 5471-4 - Taxes Paid & Balance Sheet (1040)
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Overview
Use this screen to complete Schedule F of Form 5471.
Schedule F - Assets
Use this section to complete the asset section of the balance sheet.
Exchange rate used for balance sheet
Enter
1
to use the average exchange rate to translate the beginning-of-year and end-of-year foreign currency amounts to U.S. dollars. Enter 2
to use the current year-end spot rate to translate the beginning-of-year and end-of-year foreign currency amounts to U.S. dollars. Enter 3
to use the prior year-end spot rate to translate the beginning-of-year foreign currency amounts to U.S. dollars and the current year-end spot rate to translate the end-of-year foreign currency amounts to U.S. dollars.If this field and
Other exchange rate used for balance sheet
are blank, the application treats the amounts as U.S. dollars. The amounts in the Schedule F - Assets and Schedule F - Liabilities and Shareholders' Equity sections of the input screen transfer directly to the Schedule F.Other exchange rate used for balance sheet
Enter another exchange rate if you don't want to use the average exchange rate, the current year-end spot rate, or the prior year-end and current year-end spot rate to translate the foreign currency amounts to U.S. dollars. Enter the other exchange rate as the number of foreign currency units that equal one unit of U.S. dollars.
If this field and
Exchange rate used for balance sheet
are blank, the application treats the amounts as U.S. dollars. The amounts in the Schedule F - Assets and Schedule F - Liabilities and Shareholders' Equity sections of the input screen transfer directly to the Schedule F.Asset Items
Enter amounts in foreign currency. The application translates the foreign currency amounts to U.S. dollars based on the exchange rate in
Exchange rate used for balance sheet
or Other exchange rate used for balance sheet
.If you don't need to enter the amounts in foreign currency, don't complete
Exchange rate used for balance sheet
or Other exchange rate used for balance sheet
. The application treats the amounts as U.S. dollars. The amounts in the Schedule F - Assets and Schedule F - Schedule F - Liabilities and Shareholders' Equity sections of the input screen transfer directly to the Schedule F.Schedule F - Liabilities and Shareholders' Equity
Enter information in this section to complete the liability and shareholders' equity section of the balance sheet.
Liabilities and Shareholders' Equity Items
Enter amounts in foreign currency. The application translates the foreign currency amounts to U.S. dollars based on the exchange rate in
Exchange rate used for balance sheet
or Other exchange rate used for balance sheet
.If you don't need to enter the amounts in foreign currency, don't complete
Exchange rate used for balance sheet
or Other exchange rate used for balance sheet
. The application treats the amounts as U.S. dollars. The amounts in the Schedule F - Assets and Schedule F - Liabilities and Shareholders' Equity sections of the input screen transfer directly to the Schedule F.Maximum amount for Sch F rounding
Enter an out-of-balance threshold in U.S. dollars. The application performs an out-of-balance adjustment up to the amount you specify. The application doesn't perform an adjustment if Schedule F is out of balance by more than the amount in this field. The application either automatically creates an adjustment to accounts payable or, if there's no balance in accounts payable, the application adjusts cash to correct an out-of-balance condition between assets and liabilities.
If you don't need an automatic adjustment, leave this field blank.