1120: Balance Sheet/M-1/M-2

Enter your assets, liabilities, and stockholders’ equity information in the Balance Sheet/M1-M2-M3 > Balance Sheet folder.

The 1120 tax application provides many options to customize how the system handles your accruals. Review these options and make your selections on the Accrual Options tab in the Balance Sheet/M1-M2-M3 > Balance Sheet folder.

Select the Schedule M1/M2 folder to enter your Schedule M-1 and retained earnings information. Review and select the applicable Schedules M-1 options on the Reconciliation (M-1) tab.

To balance the return, we compute Net income per books shown below on Schedule M-1 and carry this amount to Net income per books shown on Schedule M-2. The system automatically computes the net income per books amount if the option to compute retained earnings or use accruals is selected.

Organizer

Tax Form

Tutorials/1120_balance_sheet.htm/TY2019

Last Modified: 02/14/2020

Last System Build: 06/18/2021