Question

Invoice was for X amount, money received was for Y amount - minus the tax

Forum|Forum|5 years ago
October 14, 2020
2 replies
0 views

I have issued invoice for painting and decorating work for £X amount. The customer paid me £Y amount as he deducted tax, as he is VAT registered, and I am not. I have received basically invoice minus 25%. How do I record this on QB? I had received the payment in the bank, but there is the difference between sales invoice and receipt

Will I need to make journal? If so where shall the difference go?

Thanks

QuickBooks Self-Employed

A

Ashleigh1

Hello Neighbourlypainter,

Welcome to the Community page,

Can we just double check is it the Quickbooks Self-Employed package you have with us or is it one of our small Business packages you have?

N

neighbourlypainterAuthor

Hi

It is self employed package.

A

Ashleigh1

Thanks for confirming that Neighbourlypainter.

So in the Self-Employed account invoices are only for your reference so it doesn't affect the transaction page or taxes report so you would just have to allocate the income you do receive as business income.

G

GeorgiaC

Hi neighbourlypainter,

The CIS feature is only offered in our Small Business products, not in Self-Employed - if you need to use this feature, you may consider using QuickBooks Online. It's also not possible to enter a journal on QBSE as this is based on single-entry accounting, please clarify if this is the version you are using by selecting the cogwheel in the top right-hand corner of your account - if you have the option to view Account & settings > Billing and subscriptions from here, you're using one of our online products (Simple Start, Essentials, or Plus).

Thanks 👍