Would anyone know how to post CIS transactions on moneysoft
Would it be sufficient to set up a code for CIS deductions so I could post full invoice amount and then deduction seperately
Thanks
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Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I use MoneySoft Payroll and there is CIS functionality built into the software.
On the top menu you need to select CIS and then add the contractor(s) details and the CIS Tax will be calculated for you, depedning on if they are due to be deducted at 20% or 30%. You can also print a payslip deduction sheet for the sub-contractor.
Hi, if you're using Money Manager I would create a new 2 character class code. It depends on your requirements on how you categorise it. If you want it in the trading account, then highlight and click 'C' in the Categories tab; or 'O' for Overheads etc.
A sub-account is usually the Payee for purchase or sales ledger purposes and you can invent a 4 character name which I base on the supplier or customer name.
HTH Tim
-- Edited by Don Tax on Tuesday 30th of August 2011 02:25:41 PM
Thanks for your replies, I was probably too vague in my question.
This is actually the sub contractor receiving the payments with the 20% deduction. I was wondering how to classify it as obviously I wish to bring up the total figure of CIS deductions for the purpose of self assessment.
Many thanks
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Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Ahh yes, separate Class Codes for the tax deducted because this would need to be Categorised with a 'D' for drawings. I prefer not to show this on the P&L, but to distinguish it from other drawings you might create say, 'dt' for the Class name.
If the client requests that you show it on the P&L, then you'd do 100% 'add back' on the Private Use tab.
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
