Drake Software User's Manual Supplement: S Corporations (1120S)

More documents

Recommendations

Info

Trial Balance Import: General ProcessPrepare to use TrialBalance ImportCompare M‐1, line 1: Does trial balancematch Schedule M‐1, line 1?YES1120return?NO1120S & 1065:Were rental totals enteredin trial balance?‐ Enable Excel macros‐ Disable autobalance‐ Force Schedule L‐ Delete unnecessary detail worksheetsNOYESYESPopulate Trial BalanceTemplate(Import > Trial Balance Import)‐ direct entry data (cells with $0)‐ applicable detail worksheets‐ totals for:‐ depreciation‐ Schedule L‐ rentals (1120S & 1065 only)Populate Data EntryIMPORTNOMakecorrections inTB worksheetDid dataimportcorrectly?YESYESIs an M‐1adjustmentnecessary?NOGo to data entry anenter individualrentals on 8825 orRENT screens asapplicableDelete imported8825 and RENTscreensNOEnter any trial balance data that cannot beimported via Trial Balance Import‐ Screen SCH2 for Schedule L items‐ Screen 4562 for individual assets(depreciation)Adjustamountselsewhere indata entryMake M‐1adjustmentProcesscomplete!
Drake Software User’s Manual Supplement: S CorporationsIndexIndexNumerics52-53-week year returns 33Aaccounting methodchanging 47–56entering 5accumulated adjustments account (Schedule M-2) 27addresschange of 5e-mail 15entering on Form 1120S 4foreign 18on K-1 letter heading 20out-of-state 16adjusted basis worksheet 21, 32adjustmentsdepreciation 25section 481 7to income and expenses 30advertising expenses 9amended1120S returns 5, 14K-1 letters 21amortization 10, 22analysis of accounts (Schedule M-2) 26–28asterisks (on K-1 codes) 18attachmentsbinary (PDF) 34–37Form 8825 statements 30auto-balance 24Bbad debts 7, 8basis 21–22see also adjusted basis worksheetbinary (PDF) attachments 3book-to-tax differences (Schedule M-1) 24business activity codes 4Ccalendar-year returns 4change of name or address 5charitable contributions 16Client Communications Editor (for letters) 21codesbusiness activity 4error/reject 34K-1 17, 32miscellaneous (screen 1) 16multi-form 29, 48, 54, 55compensation of shareholders 7contact information (for state returns) 15cost of goods sold, see Schedule A (Cost of Goods Sold)cover letters (K-1) 20coversheets 32credits 30Ctrl+W (detail) worksheets 5, 6, 39Ddata entryfor state information 15importing trial balance into 38–47datesof incorporation 5payment (changing) 12stock transaction 17tax year 4decrease to basis 22deductions 7–10depletion 9depreciation 6and auto-balance errors 24expense 9for cost of goods sold (Schedule A) 6installment sales and like-kind exchanges 1of rentals 29on short-year returns 4printing Form 4562 31trial balance (business returns only) 45detail (Ctrl+W) worksheets 5, 6, 39direct debit of balance due 12–13direct deposit of refunds 11distributions 26domestic production activities deduction 19due dates 12Ee-filingForm 1120S 32PDF attachments 34–37Tax Year 2010vii
Page 7 and 8:
Drake Software User’s Manual Supp
Page 9:
S Corporations (1120S)The basics of
Page 12 and 13:
Header InformationDrake Software Us
Page 14 and 15:
Income and DeductionsDrake Software
Page 16 and 17: Income and DeductionsDrake Software
Page 18 and 19: Tax and PaymentsDrake Software User
Page 20 and 21: Electronic Funds Withdrawal (Direct
Page 22 and 23: Amending a ReturnDrake Software Use
Page 24 and 25: Schedule K: Shareholders’ Pro Rat
Page 26 and 27: Schedule K-1 for 1120S (Shareholder
Page 28 and 29: Schedule K-1 for 1120S (Shareholder
Page 30 and 31: Schedule L: Balance Sheet Per Books
Page 32 and 33: Schedules M-1, M-3 (Reconciliation
Page 34 and 35: Schedule M-2 (Analysis of Accounts)
Page 36 and 37: Rental ActivitiesDrake Software Use
Page 38 and 39: Credits and AdjustmentsDrake Softwa
Page 40 and 41: Electronic FilingDrake Software Use
Page 42 and 43: Binary AttachmentsDrake Software Us
Page 44 and 45: Binary AttachmentsDrake Software Us
Page 46 and 47: Importing Trial Balance Information
Page 56 and 57: Form 3115, Application for Change i
Page 68 and 69: IndexDrake Software User’s Manual
Page 70: IndexDrake Software User’s Manual
show all

Drake Software User's Manual Supplement: S Corporations (1120S)

Create successful ePaper yourself

Delete template?

Save as template?