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Discussion:QB to Lacerte

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Discussion Forum Index --> Business Growth Community --> QB to Lacerte

Gabcpa04 (talk|edits) said:

2 June 2006
When you export an S corp from QB to Lacerte . Do you have to do schedule M-1 reconciliation yourself or lacerte does it automatically?

Rruth (talk|edits) said:

2 June 2006
Haven't used the S-Corp module to do this, just individual. However, each and every account must be coded a place to go in Lacerte. The first year set-up is time consuming. After that, a reminder to watch for any new accounts added.

I would ALWAYS reconcile the M-1. I cannot imagine Lacerte doing all that, but I suppose for a simple one, it's possible.

Natalie (talk|edits) said:

June 3, 2006
You'll need to do the reconciliation. There are things like the 50% meals and entertainment deduction that are not separate line items in QBs. (talk|edits) said:

6 June 2006
I think I've done this. The more discrete your QB accounts are the easier it is to map into Lacerte. So it helps if the current year distributions are in one account, for example. Lacerte will take care of the TE M-1 adjustment. There are some accounts I don't map in like depreciation. Every account does not need to be mapped, you can print a list of accounts that are not zero and see which have not been mapped so you have a list of what you need to deal with. After you figure out where you are manually inputting it, you can go back to the mapping and see if you can find the correct Lacerte link. M-1 is always a little tricky so even if you can get 90% of the accounts imported you are way ahead of the game.

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