How to complete Schedule L on the form 1065?
My schedule L is not balancing because of “Net Income” on the book balance sheet. Where would I report Net Income on the Schedule L for a form 1065?
Hi Timothy! Great question. Schedule L is for you to record your assets, liabilities and equity. You can find this info on your Balance Sheet report. Net income is not reported on Schedule L because it is not part of the balance sheet.
All the Best-
You must be logged in to reply to this topic.
Not signed in?
Sign in to participate on our website!
315 Madison Avenue, 24th Floor
New York, NY 10017
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.