Home › For accounting professionals › General accounting discussion
Current updates regarding coronavirus (Covid-19) and the precautions AAT are taking will be continually updated on the below page.

Please check this link for the latest updates:
We hope you are all safe and well and if you need us we will be here. 💚


CIS and VT cashbook...

Lucy_MLucy_M Feels At HomeRegistered Posts: 136
in General accounting discussion
Hi,

I'm new to VT cashbook and wondered if someone may have experience of this? Not sure how to record a payment received where the CIS deduction has been made? Any help greatly appreciated!!

Many thanks in advance

Lucy

Comments

  • EllabobbinEllabobbin Feels At Home Registered Posts: 92
    Hi we use VT Transaction +, but I assume the bookkeeping part is the same.. Set up a debtor named 'CIS suffered'. Then when recording the receipt, put the amount actually received in the left hand box, account for vat if necessary in the middle box, and then the net sale in the right hand box... This will then mean the cis suffered appears as a new line (as the vat plus as net income will total more than the money received into the bank account) code this to the new CIS suffered code. Does that make sense?
  • Lucy_MLucy_M Feels At Home Registered Posts: 136
    Hi Ellabobbin,

    Thank you, think this is the some as Stevo5678 answered on the other post (still not sure why it posted twice..)

    ''All you do is record the amount received in the bank as a normal receipt and the put the gross amount (add the 20% back on) in the 'analysis' box (to sales). VT will automatically create an extra line for the balance (the 20% CIS). You then just post the CIS separate to tax debtor code or however you want to show it.''

    Many thanks for taking the time!

    Lucy
Sign In or Register to comment.