Sch L to M-2 Reconciliation in Lacerte

Forum|Forum|4 years ago
February 11, 2022
1 reply
7 views

Happy tax season,

Question about S Corp return entry.

I come from using Prosystems. Whenever I prepared a return where there was a difference in ending Retained Earning to the ending M-2 balance, we included a statement to explain the difference.

I cannot find where to do that in Lacerte, does it have the ability?

Thanks!

Lacerte Tax

This topic has been closed for replies.

Best answer by kgreen8393

I create my own Statement. Go to screen 39 for Notes. Make sure to check the Statement box on the left. (Worksheets don't go with an e-file, but Statements should).

Type in your own Note.

We do the same thing, reconciling from M-2 to Schedule L thru the Clients Notes tab.

K

kgreen8393Answer

Level 6

I create my own Statement. Go to screen 39 for Notes. Make sure to check the Statement box on the left. (Worksheets don't go with an e-file, but Statements should).

Type in your own Note.

We do the same thing, reconciling from M-2 to Schedule L thru the Clients Notes tab.

A

AnotherTaxGuyAuthor

Level 3

Thank you! I was on the phone with Lacerte at the same time I posted the message, and they said the same thing.

Also appreciate the emails about making sure the statement box is checks.

Very interesting, because I always thought the reconciliation was a requirement, because we always did them. Still surprised Lacerate doesn't have an official mechanism for creating it, but this works fine.

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