Write-Up Retrieval: Maximum amount for rounding Schedule L

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  1. Choose Setup > 1120 Corporation.
  2. In the Federal tab, click the Other Return Options button and click the Other tab.
  3. In the Other tab, enter a positive amount in the Write-Up Retrieval: Maximum amount for Schedule L rounding field to indicate the maximum amount for rounding Schedule L.

UltraTax CS assumes the items that have tax codes for Schedule L from your CS Professional Suite accounting applications balance properly. However, because the accounting application amounts include pennies, Schedule L is usually out of balance due to rounding differences. UltraTax CS adjusts either the Accounts Payable account or the Cash account to balance Schedule L. The amount you enter in this field indicates the maximum amount you want UltraTax CS to allow for the adjustment. If the adjustment amount exceeds the amount you enter in this field or if you leave this field blank, no adjustment takes place.

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