Mastering BizTax: ProConnect Walkthrough & F1065 Data Entry | EPISODE 18 | Borderless Accountants

Описание: The session begins with community updates, including details on an upcoming Thanksgiving fundraising event. The technical training focuses on preparing a Partnership Tax Return (Form 1065). The team walks through the process of transferring data from Excel workpapers into ProConnect, specifically tackling the Income Statement, Cost of Goods Sold (COGS), and Balance Sheet.

Key highlights include a detailed demonstration of calculating purchases via the workback method to match inventory figures , handling various deductions , and an extensive segment on entering partner information for different entity types, including disregarded entities and LLCs.

Chapters
0:00:00 - Intro & Community Welcome
0:02:30 - Thanksgiving Fundraising Event Announcement
0:03:12 - Reviewing Workpaper Preparation Status
0:05:12 - Plan for ProConnect Data Entry
0:07:36 - Discussing Inventory & Prior Year Financials
0:12:51 - Workpaper Walkthrough: Categorization & Variance Checks
0:19:49 - Starting ProConnect: Client Selection & Income Entry
0:26:01 - Calculating Cost of Goods Sold (COGS) & Inventory
0:34:07 - Entering Deductions: Professional Fees, Taxes, & Licenses
0:43:36 - Troubleshooting COGS & Purchase Calculations
0:58:08 - Entering Balance Sheet Assets & Liabilities
1:12:48 - Entering Partner Information (Marathon Session)
1:20:24 - Handling Disregarded Entities (LLCs) on Schedule K-1
1:55:04 - Recalculating Purchases: The Workback Method Explained
2:01:35 - Final Remarks & Outro