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cheekyfinger
April 18, 2019
Question

Recording Expenses

  • April 18, 2019
  • 1 reply
  • 0 views

I'm struggling with how to record my expenses. My bank feed is linked etc, but I'm wondering if there is an easy way to decide which account the different transactions should go under?

I'm currently looking at my HMRC payment that was made to deduct CIS from my subbies. I think this will go under either CIS withheld (current liabilities accounts) or CIS withheld owed to HMRC (also current liabilities account) but how can I be sure?

 

Many thanks

1 reply

SindyS
SindyS
June 26, 2019

Hi

Do you have an accountant, as this is a question they would be able to help with/advise on?

However, the HMRC payment for CIS deducted from subbies should be posted to CIS withheld owed to HMRC, as a transfer. (I'm not sure why you would have 2 CIS withheld accounts)

Cheers

Sindy

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