Where to Enter the Balance Sheet in Lacerte
The balance sheet screen depends on the module: screen 29 for an 1120S, screen 24 for a 1065, and screen 37 for an 1120. Each has an Assets section and a Liabilities and Equity section, and both the beginning and ending columns have to be entered.
- Detail
- Balance Sheet
- Screen 29 (1120S) / 24 (1065) / 37 (1120)
- Assets or Liabilities and Equity
| Trial balance account | Lacerte screen and field | Lands on |
|---|---|---|
| Cash | Balance sheet screen, Assets, Cash | Schedule L line 1 |
| Accounts receivable | Assets, Trade notes and accounts receivable | Schedule L line 2a |
| Allowance for doubtful accounts | Assets, Less allowance for bad debts | Schedule L line 2b |
| Inventory | Assets, Inventories, beginning and ending columns | Schedule L line 3 |
| Equipment | Computed from screen 16, Depreciation | Schedule L line 10a |
| Accumulated depreciation | Computed from screen 16. Remove manual overrides first | Schedule L line 10b |
| Notes payable | Liabilities and Equity, by term | Schedule L line 17 or 19 |
| Retained earnings | Liabilities and Equity, Total retained earnings [O] | Schedule L line 24 |
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Try it freeWhere to Enter the Balance Sheet in Lacerte on a trial balance
| Acct # | Account | Debit | Credit |
|---|---|---|---|
| 1000 | Cash | 42,800.00 | |
| 1200 | Accounts receivable | 68,500.00 | |
| 1300 | Inventory | 55,000.00 | |
| 1500 | Equipment | 145,000.00 | |
| 1510 | Accumulated depreciation (the account this page is about) | 47,500.00 | |
| 2000 | Accounts payable | 28,400.00 | |
| 2100 | Accrued expenses | 9,200.00 | |
| 2400 | Notes payable | 92,000.00 | |
| 2450 | Due to shareholder | 15,000.00 | |
| 3000 | Common stock | 10,000.00 | |
| 3900 | Retained earnings | 86,300.00 | |
| 3950 | Shareholder distributions | 52,000.00 | |
| 4000 | Gross receipts | 612,000.00 | |
| 5000 | Cost of goods sold | 318,000.00 | |
| 6000 | Salaries and wages | 88,000.00 | |
| 6050 | Officer compensation | 72,000.00 | |
| 6300 | Depreciation expense | 21,500.00 | |
| 6900 | Other operating expenses | 37,600.00 | |
| Total | 900,400.00 | 900,400.00 |
Three modules, three screen numbers
The one thing to get right before hunting for a field: the balance sheet lives on a different screen in each module. Screen 29 on an 1120S, screen 24 on a 1065, screen 37 on an 1120. Within each, the input is split into Assets and Liabilities and Equity.
Lacerte does not calculate most balance sheet accounts. They are entered, which means a discrepancy is corrected on the matching input line rather than by adjusting something upstream.
Both columns, not just the ending one
Schedule L reports beginning and ending balances. Proforma brings last year's ending figures into this year's beginning column, which saves real time and silently inherits any error in the prior return.
Verify rather than trust. A beginning balance that is wrong because last year was wrong looks exactly like one that is right, and the error compounds every year it is carried.
Two beginning balance lines are skipped more than all the others: beginning accumulated depreciation, which appears nowhere on the current year trial balance, and beginning distributions.
Let the depreciation screen do the fixed assets
Equipment and accumulated depreciation are computed from the asset entries on screen 16. Intuit's own balancing procedure says to remove manual entries for ending accumulated depreciation, amortization and depletion on the balance sheet screen, check the calculated figures, and only then re-enter a correction if one is genuinely needed.
An override on top of a calculated figure is the most common reason the balance sheet ties in the preparer's head and not in the software.
The capital line on a 1065 kept on a book basis
If the Schedule L balance sheet is maintained on a book or GAAP basis, the ending partners' capital has to be overridden on screen 24 to hold the book figure. Without the override, Lacerte uses the amount from Schedule M-2 line 3, which is the tax basis figure.
That is the right behavior given the K-1 now asks for tax basis capital, and it surprises people whose balance sheet is on a different basis than their capital accounts.
Tax return treatment
| Form | Line |
|---|---|
| Form 1120S | Schedule L, from screen 29 |
| Form 1065 | Schedule L, from screen 24 |
| Form 1120 | Schedule L, from screen 37 |
Common questions
What screen is the balance sheet in Lacerte?
Screen 29 on an 1120S, screen 24 on a 1065, and screen 37 on an 1120. Each is divided into an Assets section and a Liabilities and Equity section.
Does Lacerte calculate the balance sheet?
Mostly no. Lacerte does not calculate most balance sheet accounts, so they are entered on the balance sheet screen. The exceptions are the fixed asset lines, which are computed from the depreciation screen.
Do I need to enter the beginning balance sheet column?
Yes. Schedule L reports both columns. Proforma carries last year ending balances into this year beginning column, but it inherits any prior year error, so the figures need verifying rather than trusting. Beginning accumulated depreciation is the line most often left blank.
Why is ending partners capital on Schedule L not the book figure?
Because without an override Lacerte uses Schedule M-2 line 3, which is tax basis. A 1065 whose balance sheet is kept on a book or GAAP basis needs the ending partners capital overridden on screen 24 to show the book amount.
Related answers
Go deeper
This page is the short answer. These articles work through the same ground in detail.
Last reviewed October 17, 2026.