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Post Info TOPIC: Bookkeeping CIS
angelesydan


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Bookkeeping CIS
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Hello,

Last year I was self employed for half of the year. My contractors were taking the 20% from my labour for the CIS tax. I have all the statements. Now I am trying to close my books. I know I have to add the total that was taking from me to the tax return.

I was entering the CIS discounted amounts like it follows:

Dr Bank

Dr Proprietors Drawings Account

Cr Sales/Services

What I am not sure of it's what do I do with the Proprietors Drawings Account at the end of the year. Do I need to close this account and leave a 0 balance? What do I set it against?

Thank you.

Regards.



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Energise Accounting


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i would use the following entries

DR BANK
DR CAPITAL A/C
CR SALES

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richard2013


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I'd keep the second debit on a separate debtor account so that you could clearly see what has been taken off your invoices.

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richard2013


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What I mean is keep the cis deductions separate from capital and drawings.you want to know what you can off-set against your tax liability at sa return time

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