Do any accounting packages allow you to enter CIS sales invoices and input CIS purchase invoices properly?
I'm particularly thinking about the following software:
QuickBooks
QuickBooks Online
VT Transaction+
Xero
Clear Books
I usually have to fudge it!
Replies (11)
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What are you finding difficult?
They are just the same as any invoice aren't they? It's the payment that's different.
We do it different
We set up temporary bank accounts for CIS suffered, and CIS deducted.
We enter the invoice, and then immediately enter the CIS tax as a payment against the invoice to the CIS bank account. The outstanding amount on the invoice is the amount to be paid from the customer/to the supplier. When CIS statements prepared/received, we transfer the tax from the CIS bank account to Creditors PAYE/NI (assuming ltd co).
It works for us ;)
Timing issues
ShirleyM you would be better to post the cis element to the cis account on the same date as the payment comes in as the invoice date isn't relevant to the monthly returns.
Quickb Solution
I set up CIS Deductions as an other current liability account then when inputting the CIS invoices entered the bill amount as the amount due to pay - listed out the full cost of the labour & materials as you'd normally do then enter a final line on the invoice using the CIS deductions and the balancing figure will automatically enter as a negative - all your accounts are now correct
@keith
That is why we put it in a temporary bank account & only transfer it to PAYE/NI when the payment/statement is received or made.