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quickbooks said they couldn't think of a way as tax is associated with products rather than customers. but we have many customers outside UK so it will be time consuming to have to remove tax manually for every invoice abroad.
We have a retail kitchen company that we provide kitchen fitting services for (as a sub-contractor under the CIS). They want to retain a £1000 bond from ourselves but have agreed that they will deduct a £40 bond payment from each of our invoices until the £1000 has been reached. The bond will be returned as a later date (or if the contract is terminated etc). Currently we send them an invoice with a CIS labour standard 20% service amount on it. The company deducted the CIS on this full amount and then deducts £40 before paying us. Eg Full amount = £1682.29. CIS amount deducted (20%) = £1,345.83 £40 bond deducted: Money paid to us = £1,305.83 How do we set up our invoices / accounts to when we receive the payment of £1,305.83 it matches our invoices? Also, how do we keep a track of the £40 deductions so we know how much the kitchen company has in terms of bond money from us?
Hi and thank you in advance for your help! When we sign up a new order we take a deposit up front and then the rest is paid on completion of the job. I have a customer invoice on the system (QBO) for the full amount of £4,500 and I have 'received payment' via the invoice from the customer of £450 (deposit) and this was reconciled through the bank account and was included in the VAT reporting a couple of months ago. This customer has now cancelled and I have refunded the £450 from our bank account. Please could you advise me of the best way of recording this refund and then removing the invoice from our sales figures? Thank you
We are a retail business where we do not monitor stock. We enter bills from suppliers and in the split enter an account of 'Stock: [brand name/item category] with each brand or category having its own account. At the end of each day we add up the receipts for the income for that day. We then enter a single Sales Receipt (Under Customers) in QB to record the receipts for that day.. My questions are:When putting through purchase bills for stock, should the accounts for the stock purchased be Other Current Asset accounts or Cost of Goods Sold (COGS).On the Item for the Sales Receipt, say I create a general item called 'Sales'. For this Sales item:a. What type is it: Non-stock Part, Other Charge or something else?b. Should the account for the Sales item be an Income account? Thanks.
Hello all, I have started to use QuickBooks Online tonight and i was wondering, as a Painter & Decorator, what category would i put tools like brushes, rollers, scuttles, etc. under. Many thanks in advance
