Recording CIS Deductions in VT Transaction +
I have a CIS client who I'm going to start book keeping for. I normally use Sage for book keeping (old habits die hard!) but am seriously considering "up-grading" to VT Transaction +
How would I record CIS deductions in VT? For example, my client rasies an invoice for £100 but has £20 stopped at source. The only way I can see to do it is make a part payment for £80 to the current account (or whatever) and create another bank account for the remaining £20 to be allocated against.
The problem is, this shows too many bank accounts which will be recorded as assets on the balance sheet.
What then happens when the tax year is up and he possiby receives a repayment of tax? Do I make a bank transfer to "zero" the account ready for the next year?
Is this the only way of doing things, or is there a simpler methofd which I'm overlooking?
Many thanks in advance for your help.