When you complete all entries on the Trial Balance, UltimateTax carries these amounts to the appropriate line in the tax return for you. If you are importing General Ledger data, that data flows to the Trial Balance, then to appropriate entries throughout the tax return.
The Trial Balance worksheet is printed on two pages.
You can link (press F9) on the RENTAL INCOME Gross Income entry field to open Form 8825. Gross rent and expenses are carried to the Trial Balance entries, and net income is carried to Form 1065, page 3, line 2.
Link to Sch F: You can link (F9) to open Schedule F, the Farm Income and Expenses worksheet, from the Trial Balance Worksheet, make your entries there, and UltimateTax carries the Gross Income, and Total Deductions amounts back to the entries on the Trial Balance worksheet. Net income is also carried to Form 1065, page 1, line 5.
If you open the Trial Balance Worksheet but make no entries, when you return to Form 1065, all the entries that would have been calculated from the Trial Balance Worksheet will be changed to calculated (yellow) entries. To change the entries back to green (non-calculated), delete the Trial Balance Worksheet, and then close and reopen the tax return.
Also, if you make some entries directly on Form 1065 and then open the Trial Balance Worksheet when you reopen Form 1065, your manual entries will be red, like entries marked as Estimated.
When there is manually entered data in an entry and Trial Balance data transfers to the same entry, UltimateTax does two things:
UltimateTax allows the manually entered data to override the Trial Balance data. The entry is automatically marked as Overridden.
UltimateTax also flags the entry as "estimated." The Estimated status alerts you that there is a problem with the entry, and it will prevent the form from being checked off as Complete.
The entry will appear Estimated (red background). Press SHIFT+F3 to "un-estimate" the entry. Then press SHIFT+F8 to allow the Trial Balance data to be transferred in. The entry should look like a normally calculated entry (yellow text). The manually entered data will be lost.
We recommend that you complete the Trial Balance Worksheet before making income or deduction entries on Form 1065.
This information applies to all years of the UltimateTax software.