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This article applies to:

  • Product: UltraTax CS
  • Return type: 1065 Partnership
  • Subject: Balance sheet

Schedule L balance sheet is out of balance

If you get a critical diagnostic indicating your Schedule L total assets don’t equal total liabilities, first check for additional FYI or Critical diagnostics.
If you also have a diagnostic that says Schedule L End of Year Partner Capital Account does not equal Schedule M-2:
  1. Go to the
    L
     screen in the
    Balance Sheet
     folder.
  2. Make sure you don't have anything entered in the
    Partners' capital accounts (Force)
     fields.
If you also have a diagnostic that says Schedule M-2 lines 3, 4, and 7 do not equal Schedule K-1's Item L:
  1. Go to the
    M1M2
     screen in the
    Balance Sheet
     folder.
  2. Make sure all fields with allocations to partners in
    Ptr Alloc
     windows also have a total entered directly in the field. This includes allocations to partners within statements.

Additional troubleshooting steps

If you still don’t have a balanced balance consider the following.
  • Verify that you don’t have any additional diagnostics related to the Schedule L which may clarify where the difference is coming from. This includes all FYI and Critical diagnostics.
  • Verify that you don’t have any overrides entered in Forms View.
  1. Do you recognize the amount by which you are out of balance? If so, is the item being included, doubled, or excluded from the Schedule L?
  2. Are the total assets, total liabilities or neither correct?
  3. Which line(s) are incorrect on the Schedule L?
  4. If Partners' capital accounts are not correct and you have followed the steps preceding, which line on the M-1 or M-2 is incorrect?
note
Our Support team can help with data entry resulting from your answers to these questions but can't help in determining which amounts are missing or where adjustments should be made.

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