VAT, CIS and Profit & Loss Accounts | AccountingWEB

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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ShirleyM |
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ShirleyM |
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