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Level 1
posted Jan 11, 2020 5:06:00 PM

Does information entered in S101 flow into the S125 (income statement) ?

Hi

I have incorporation expenses of 754 CAD which I entered in the S101 in assets .  Will i have to re enter this expense on my income statement S125 or will it be automatically entered ? If not automatically entered, where can I include it in the S125 ? Can i include it under Office expenses ?

 

Appreciate a quick response for this 

0 2 1066
2 Replies
Level 1
Jan 24, 2020 8:00:26 PM

Can anyone please give me some clarity on this. Thanks

Level 6
Jan 29, 2020 9:54:31 AM

Hi, thank you for using Intuit TurboTax Community

S101 is the opening balance sheet for first year filing corporations. Therefore only those corporations filing for the first time complete s101. For all other corporations the s100 for the previous year will be the opening balance sheet for the next year; a s101 is not required every year.

In TurboTax the s101 does not post to, or from s125. The closing balance sheet 100 and s125 are required every year with the relevant information

Hope this helps