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February 18, 2023
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Form 1065 Balance Sheet rounding issues

  • February 18, 2023
  • 1 reply
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I am trying to complete schedule L on Form 1065 and TurboTax introduces rounding errors that make it impossible to balance the balance sheet. How do I address these issues? Should I add an entry called "Rounding errors" or should I force some of the numbers there to different values to fix the balance sheet? What is the accepted practice?

Best answer by Mike9241

the rounding error shouldn't be more than a few dollars. adjust the cash balance or any other account.  

1 reply

Mike9241Answer
February 18, 2023

the rounding error shouldn't be more than a few dollars. adjust the cash balance or any other account.  

antonAuthor
February 20, 2023

Thank you!