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robbo1987
January 17, 2020
Solved

cis deduction

  • January 17, 2020
  • 1 reply
  • 0 views

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

    Best answer by Ryan_M

    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. 

    1 reply

    P
    payment after leaving
    January 17, 2020

    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.

    R
    Redled
    January 21, 2020

    Hello,

     

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

    R
    Ryan_MAnswer
    January 21, 2020

    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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