I have a question with regards to recoding CIS in QuickBooks.
The client takes 50% commission on labour and the client doesn't make any money on parts used on the job.
Labour £100 + £20 (VAT) = £120
Parts £10+ £2 (VAT)= £12 ( Subcontractor paid by himself)
Total £132
Now, when the client receives the subbbie’s invoice (Not VAT registered) for this job
Labour £50 less CIS 20% (£10)= £40
Parts £10
Total £50
The client receive all the money from the customer:
Replies (4)
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Try this
1. Issue sales invoice for £132
2. Record purchase invoice for £60
3. Pay £50
4. Purchase Credit note for £10 to CIS code
Isn't this the same question as this one?
https://www.accountingweb.co.uk/anyanswers/question/ciscommission-entries
Please ignore - this was the first post, and I responded to the second.