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robbo1987
Jan 17, 2020 11:28 AM UTC
Solved

cis deduction

Hi

 

when raising an invoice for say £120 to a contractor in will get paid £100 and £20 deducted for tax 

by contractor

i have raised and invoice for £120  but the bank will show i received £100   where do i put/show the tax deduction

 

regardds

    Ryan_MAnswer
    Jan 21, 2020 9:08 PM UTC

    Hi @Redled,

     

    What you said is correct. It's QuickBooks Online (QBO) that has the option to manage CIS transactions. 

     

    I suggest subscribing to a QBO company if you need to record these transactions. You can refer to the Plans & Pricing page to see which version suits you best.

     

    Have other questions in mind? Share them in the comments below, and I'll get back to you. 

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    3 replies

    payment after leaving
    Jan 17, 2020 3:36 PM UTC

    Hi robbo1987

     

    When you create the customer you will have to select is CIS contractor within the customer information. When creating an invoice you select/enter the customers name in the customer field the product and service will automatically populate with the CIS % rate. When you enter an amount the amount of CIS deducted will show in the CIS field and show a net amount that you will then receive in the banking screen and match it up/pay off the invoice.

    Redled
    Jan 21, 2020 7:54 PM UTC

    Hello,

     

    I cant find any options for cis in quickbook self employed. Is there an option or is this only available for quickbook online.

    Ryan_MAnswer
    Jan 21, 2020 9:08 PM UTC

    Hi @Redled,

     

    What you said is correct. It's QuickBooks Online (QBO) that has the option to manage CIS transactions. 

     

    I suggest subscribing to a QBO company if you need to record these transactions. You can refer to the Plans & Pricing page to see which version suits you best.

     

    Have other questions in mind? Share them in the comments below, and I'll get back to you. 

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