CIS and VT cashbook...
Lucy_M
Registered Posts: 136 Beyond epic contributor 🧙♂️
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
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
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Comments
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Not sure why that posted twice...
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Hi Lucy, it's actually nice and easy when you get used to it.
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.
Hope that makes sense. You do exactly the same for subbie payments and also if VAT is involved. I have a client with VAT, CIS and management fees!
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Hi stevo5678,
Thank you, that makes complete sense, and is so much simpler than anything I googled yesterday!
Although my VT cashbook doesn't show 'sales' so I've just created one under income?! (Sorry if these seem pretty stupid questions.... )
I'm glad VAT isn't involved! But my subbie has made levy 'contributions' to one unscrupulous contractor... so I should break the payment down even further and post the levy to expenses I'm guessing?
Many many thanks,
Happy weekend!
Lucy
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Not at all, thank you for taking the time!! Glad I am on the right track :cool2:0
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