Do I have to fill out GIFI balance sheet even if I have no assets or does gross revenue considered as an asset

[bitemeq]

This is the first time filing after incorporation.  It's a professional service based company with no assets and one leased vehicle.   Do I have to re-enter items from income statement and expenses on the gifi balance sheet s100 and s101?  Should I enter the leased vehicle under 'liability' on the balance sheet?  Thank you

[Delphision · Accepted solution]

For the first filing you would fill out the schedule 101 showing the shares purchased through the shareholder loan.  When you incorporated, there would have been at least one share involved and a value.  In the equity section you would add, whatever you paid for the share(s) and the same amount under shareholder loan as an offset. Nothing else need be entered on this schedule as it serves only as a beginning point for a new company.

Your first return begins on the date of incorporation and ends on the date that you wish to set as your fiscal year end.  It can be difficult to change the year end once you have made that decision.

On the schedule 100, you will presumably show a bank balance as an asset, if you have any invoices from vendors, such as phone bill that comes in after the fiscal year end, that will form your accounts payable, a liability on the schedule 100.  If you have billed clients, that have not yet paid, that will show as accounts receivable, an asset on the schedule 100. 

The total of the assets, must exactly match the total of liabilities and shareholder equity after the revenue and expense schedule is complete.

If you paid legal fees to incorporate, that amount must go on the schedule 10 and the schedule 1.

All revenue and expenses go on the schedule 125. The vehicle lease is an expense.

T2's require a greater accounting knowledge than T1's.  See if you can tap the resources of someone locally to help you with this.