Thread: Mapping QuickBooks to Turbo Tax

I am setting up QuickBooks to export to Turbo tax. On EDIT the chart of accounts, I only have TWO accounts I don't know what to map to:

1. Retained Earnings
2. Opening Balance Equity.

Any help is greatly appreciated.

Thanks

First off, why is there OBE?? Shouldn't be there. It is an account used in the setup of QB. As a general rule, OBE is closed out to RE upon setup.

But that aside, don't map RE to TurboTax. When the information is imported, do the tax return in and of itself. So, in my opinion, don't map these at all. The Balance Sheet will be out of balance, but that's OK. Do the tax return and "make it work." Tax financials are many times different than the books. Neither is wrong. They are just different.

Thanks Zaddy!

OBE is an account in QuickBooks. I never tried deleting it, but my account is ZERO but its had entries in the account and has been zeroed out. This is my 1st time exporting to Turbo Tax (I've used it years before-but typed in the numbers)

I am assuming Turbox tax might give an error if an account in QB has previous numbers but isn't exported. If you say don't worry about retained earnings nor OBE, then I won't worry about it.

Thanks much