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Post Info TOPIC: How to enter a subcontractors invoice (VT)
rachel_mclean


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How to enter a subcontractors invoice (VT)
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Hi, can anyone help me?

How do I enter a subcontractors invoice into VT - I must have to put in the total amount of the invoice before CIS is taken off?

And if I enter the full amount, how do I pay this invoice off if only the figure after CIS is paid off by the cheque/bacs payment and then a seperate payment is made for all the CIS tax all together.

 

Sorry probably simple stuff but I can't get my head around it!

 

Thanks in advance for any help

Rachel



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Rachel
JacF


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Hi Rachel,

I set up a subcontractor costs account and debit the  gross amount to that, credit CIS to CIS tax due and net to Suppliers account which will match the cheque/payment to the supplier.  Not sure if it's absolutely correct but accountant is happy with it and everything matches off when CIS is paid over too.

Be interested to see other ways of posting.

Kind regard

Jackie



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rachel_mclean


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Thanks Jackie

So do you enter an invoice into the subcontractors supplier account for the gross, then make a journal DR subcontractor supplier account and CR creditors - CIS due??

Sorry I am being a bit think and don't quite understand the entries for this

Thanks
Rachel

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Rachel
Cheshire


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Hi Rachel
I key the invoices in the usual way (- so the gross to supplier - subcontractors nominal code)

Then I key a Credit Note to the supplier but change the nominal code to one for CIS tax that Ive set up eg 2212.

Then when I pay the subbie I link the Invoice and CN to the payment.

When I pay PAYE I link PAYE payment to that nominal code and the CIS portion to 2212 (as above)

Hope that makes sense - it took me a while to get my head around it when I first started - I even had a bit of paper with the transactions listed on it as it wasnt one I keyed often so wasnt sinking in!

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
111 Bookkeeping and Payroll


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scratched - went through an idiot phase there. Jo's response is the way I did on sage.



-- Edited by 111 Bookkeeping and Payroll on Tuesday 11th of November 2014 05:24:10 PM



-- Edited by 111 Bookkeeping and Payroll on Tuesday 11th of November 2014 05:25:21 PM

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John
111 Bookkeeping and Payroll


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111 Bookkeeping and Payroll wrote:

scratched - went through an idiot phase there. Jo's response is the way I did on sage.



-- Edited by 111 Bookkeeping and Payroll on Tuesday 11th of November 2014 05:24:10 PM

 



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John
Cheshire


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Haha John! I had to do a double take on what I typed cos I had net instead of gross in my head. Must be something in the air today.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
rachel_mclean


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Thanks very much Joanne - I've got it now that's brilliant.

Thanks again
rachel

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Rachel
Cheshire


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Glad to help, it's not often I can!!

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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