Report for 1120S Tax Return

[NWBizMan]

Hello All:

I'm using P.T.A. 2002 on a Win 2000 Pro system.

At the end of the fiscal year, I would like to print a report that would aid us in completing our U.S. Federal 1120S Tax Return.
I would like the report to follow the entry lines on page 1 of the 1120S Tax Return.

In particular, I would like a listing of the "Other Deductions" on line 19, where you are asked to attach a schedule of expense items not asked for on lines 1-18.

Incidentally, we have M.S. Excel 2000 available on our system.

Do you know of a P.T.A. report that can be modified to accomplish this job? Or, is there a way to export the relevant data to M.S. Excel and see the required data in the proper tax return order.

If you've solved this challenge already, would you mind sharing the report with us?

Thank you.

Dave Ware
S.M.I.

[dringstrom]

You could create a custom income statement that only listed the relevant GL accounts. Customizing financial statements is fairly well documented in the manual/online help.

[NWBizMan]

David:

Thanks for your reply. I'll look into your suggestion.

Dave

[NWBizMan]

David:

I successfully adapted the standard PTA income statement to mirror page 1 of the 1120S Federal (US) tax return.

I have a question about "Net gain (loss)" that is on line 4 of the "Income" portion of the 1120S form. Peachtree 2002 suggests using their Chart of Accounts No. 90000, an EXPENSE item. See the "Bellwether Garden Supply" sample in PTA.

Our old accounting package, Dac Easy, also a Sage product, suggested that we classify "Net gain (loss)" as an INCOME item.

What is the GAAP approach to this type of transaction?

Thank you.

Dave
S.M.I.

[dringstrom]

I'd list it as an expense account. It really doesn't matter what Peachtree classifies it as, since the point is that you're separately identifying the amount for tax purposes.

[NWBizMan]

David:

Many thanks for your help!

Dave
S.M.I.