1120-US: Preparing an eliminations client (FAQ)

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Question

How do I prepare an eliminations client?

Answer

Eliminating entries for the consolidated group should be entered in an eliminations client. The eliminations client is set up in the same manner as the parent or subsidiaries of the consolidated group. Enter amounts to be added as positives and enter amounts to be subtracted as negatives. The application does not assume entered amounts are negative. The eliminations return should be prepared like a regular return and must be balanced.

Note: The client is designated as eliminations when it is added to the consolidated group via the File > Client Properties > Advanced Properties > Group tab for the consolidated client.

Related topic: 1120-US: Consolidated return preparation FAQs

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