On Thu, 7 Jul 2011 18:22:39 -0500, Michael Dobony wrote:
> Not sure what is going on, but I am having a problem with my Form 1065,
> page 5 cash matching up to my books on Quickbooks. All the numbers match up
> except for cash balance and total liabilities and capital. My capital
> balance is nowhere near the Form 1065 balance. I am using tax basis
> accounting. The 1065 shows $1256 excess cash and $1196 excess equity. Any
> ideas on what might be going on and how to correct it while reporting
> correct numbers? Everything else is right on, within 1-2 for rounding; i.e.
> assets, revenue, expenses all match. I would really like to get this back
> on track for next year. BTW, per IRS rules this page is not necessary, but
> I would like to track down the problem.
>
> Mike D.
Ok, been thinking about this for a while. If I add total assets and
depreciation and subtract retained earnings I should get the total
investment minus distributions. Is this correct?
Ran the numbers and discovered a discrepancy in the Capital Contributions
for one of the years, along with a misappropriated $50 showing up as a
liability that does not exist (wrong posting date for payments). Will
correct for taxes this year with cash distributions to match actual. Oh the
joys of putting 4 years of back accounting into a proper accounting
program!
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