Knowledge Base

10054: 1065/1120S/1120/990 - Schedule L - Beginning or End of Year Blank

Fed Returns Generally

Why is the Balance Sheet beginning or end of tax year blank? Can I force the amounts to print? 

Initial Return 

A partnership, corporate, or tax exempt organization return that has the box Initial Return marked on screen 1 should not have any beginning balances on the Balance Sheet (Schedule L in a 1065/1120-S/1120 or Part X in a 990), so the software blanks out this column.

An S corporation return that has:

  • the Date of Election as an S corporation and the Date incorporated both equal to the beginning of the tax year (January 1st for calendar years, or the fiscal year beginning date for fiscal year returns), and
  • the First year as an S corporation box selected

    should also not have any beginning balance on the Schedule L.

If you have entered beginning balances in either a 1065, 1120-S, or 990, the software produces Notes page 349.

Final Return 

Similarly, a return that is marked Final Return on screen 1 should have no ending balances on Schedule L, so the software blanks out that column.

If ending balances have been entered in a 1065,1120, 1120-S, or 990, the software produces Notes page 342.

Beginning with Drake14, reconciliation totals are displayed on the L data entry screen.


If changes are made, the return must be re-calculated for the new numbers to display.

Force Print Options 

If it is a final return, the EOY column is “zeroed out,” however, there may be cases where the preparer needs this information. Select the Force-print final end of year at the top of the L screen (1065/1120/1120-S).

If Schedule B, question 4 was marked yes, but you need to see amounts in view mode, choose the option Force Schedules L, M-1, M-2, & K-1 Section L on the PRNT screen. 

Related Links

Also In This Category

On a scale of 1-5, please rate the helpfulness of this article

Not Helpful
Very Helpful
Optionally provide private feedback to help us improve this article...

Thank you for your feedback!

Article has been viewed 30K times.
Last Modified: 3 Months Ago
Rated 1 star based on 2 votes.