Question

Adjusting Partners equity acct to reflect 2018 NOL

Forum|Forum|7 years ago
February 4, 2019
1 reply
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Should I adjust Partners by debiting Equity acct and crediting retained earnings before I run the balance sheet in Turbo tax?

LudwigVan_fan

I guess I don't quite understand what you are trying to do. First, you talk about partners, so I'm assuming you're filing a Form 1065?

If so, there is no retained earnings account. There are only liability accounts and partner capital accounts.

Unless I'm missing something, the loss from 2018 would have flowed through to the partners and would all ready be reflected in the partner's accounts.

Now if you're filing a different type of return, the answer may change.

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