M-1 Advanced with Tallybot

We've added Tallybot to help with your M-1 adjustments.

For Non-taxable income and Non-deductible expenses, (the most common M-1 types), simply select the M-1 tax categories and Tallybot will automatically make a Journal entry for you. The M-1 Report will automatically be updated.

Note: If your M-1 adjustment is not going to be for the total book amount, the you will need to adjust/journal out what is going to stay on the return first.

See it in action here.

For the other two M-1 types, where the data will not originally be on the books, (additional taxable income, and additional deductible expenses), first make a JE to get the numbers on the books and then select the M-1 tax category (on the offset account). Tallybot will take it from there.

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