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Nkp Joinery
April 20, 2019
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CIS already been deducted as a contractor and a sub contractor in bank statement

  • April 20, 2019
  • 1 reply
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Hi

 

I've downloaded all my bank statements. They contain payments that I received and payments I sent. Both already have 20% deducted for CIS.

 

Is there a way I can mark them and have quick books add back on the 20% missing CIS? The only option I can see takes a further 20% of the amount. 

 

Thanks in advance.

    Best answer by payment after leaving

    Hi Kristine

     

    Thanks for that. 

     

    I did a couple last night to see how its going to work. Going to be a long slow process to get up to date. 

     

    Regarding the payments going out to my sub contractors, that seems to work OK. I made up a payment transaction then matched it to the money going out of my bank statement and its automatically added up the CIS I need to pay out to them in the CIS section.

     

    But for the payments coming in I'm not so sure. I made up an invoice to my clients and matched it to the money coming into my back statement. But I can't see anywhere in QuickBooks where its adding up the CIS I am owed?

     

    Thanks 



    Hi Nkp Joinery

     

    We presume that when you have set up the customer you have selected 'is a CIS contractor', if not select the customer, select edit, and select the is a CIS contractor. When you create an invoice and enter an amount of CIS suffered should populate in the Less CIS box. CIS operates on a cash basis so when you receive the payment you will be able to match it up with the amount showing in the for review page and then you will be able to run the CIS suffered summary report, ensuring the date range of the report includes the relevant invoices.

    1 reply

    Kristine Mae
    Kristine Mae
    April 21, 2019

    Hello there, Nkp Joinery.

     

    If you've turned on the CIS feature in QuickBooks, our system will calculate everything for you. QuickBooks will use the CIS rate. Having said that, once transactions are downloaded from your bank, you can either match it to any existing CIS transactions or add it. 

     

    If you haven't turned it on yet, here are the steps:

    1. Click the Gear icon.
    2. Choose Account and Settings.
    3. Go to the Advanced tab.
    4. Click the Pencil icon in the Construction Industry Scheme (CIS) row.
    5. Put a check mark in the  Enable CIS box, then fill in the blank fields.
    6. Click Save, then Done. 

    I've got you articles that can help you:

    If you have further questions, we're just a comment away. 

    N
    Nkp JoineryAuthor
    April 22, 2019

    Hi Kristine

     

    I have turned it on. The problem is the transactions in my bank already have cis deducted but when I mark an item as CIS in quickbooks it takes a further 20% of.

     

    Is there a way to mark it as "inclusive of/ exclusive of" for CIS? Just the same as you can do for tax?

     

    Thanks

    MaryLandT
    MaryLandT
    April 22, 2019

    Good day, @Nkp Joinery,

     

    I can clarify this for you.

     

    There isn't a way to turn off the CIS feature once enabled. You can uncheck the Is CIS Contractor or Is CIS subcontractor from your customer details and subcontractor details. This way you'll be able to stop the deduction.

     

    QuickBooks automatically adds up the 20% CIS to keep the same amount downloaded from your bank feeds. 

     

    Once added to your register, you can open the transaction and compare the amount on your bank statement. 

     

    That will answer your concern for today.

     

    Should you need additional information about the CIS in QuickBooks, please leave a comment below. I'm always to answer them.

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