VAT, CIS and Profit & Loss Accounts
Hi, I am new in this forum and I need some help from someone more experienced than me. I am using quickbooks to calculate P&L account for a company involved in the Construction industry. I have spent nights working on the general ledger and trying to match the debits and credits and something doesn't go well :(
I would appreciate your help!
The situation is as follows: The company has acted as a contractor and Sub-contractor at the same time. It has also been registered for the VAT flat rate scheme, adding VAT to the sales invoices and paying 9.5% every quarter.
Could you please advise me on the correct entries to match the two sides of the accounts as I am very confused now.
I am unable to find the correct accounts for CIS liability and CIS tax suffered in QB either. It is one big mess for me.
Thank to all of you in advance.
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- New Fangled Penalties 1,075
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- HMRC BENCHMARK EXPENSES 337
- Unused Losses and Post Cessation Receipts 309
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- Construction CIS LLP Company 189