I've downloaded all my bank statements. They contain payments that I received and payments I sent. Both already have 20% deducted for CIS.
Is there a way I can mark them and have quick books add back on the 20% missing CIS? The only option I can see takes a further 20% of the amount.
Thanks in advance.
Hello there, Nkp Joinery.
If you've turned on the CIS feature in QuickBooks, our system will calculate everything for you. QuickBooks will use the CIS rate. Having said that, once transactions are downloaded from your bank, you can either match it to any existing CIS transactions or add it.
If you haven't turned it on yet, here are the steps:
I've got you articles that can help you:
If you have further questions, we're just a comment away.
I have turned it on. The problem is the transactions in my bank already have cis deducted but when I mark an item as CIS in quickbooks it takes a further 20% of.
Is there a way to mark it as "inclusive of/ exclusive of" for CIS? Just the same as you can do for tax?
Good day, @Nkp Joinery,
I can clarify this for you.
There isn't a way to turn off the CIS feature once enabled. You can uncheck the Is CIS Contractor or Is CIS subcontractor from your customer details and subcontractor details. This way you'll be able to stop the deduction.
QuickBooks automatically adds up the 20% CIS to keep the same amount downloaded from your bank feeds.
Once added to your register, you can open the transaction and compare the amount on your bank statement.
That will answer your concern for today.
Should you need additional information about the CIS in QuickBooks, please leave a comment below. I'm always to answer them.
I'm sorry i really don't understand what you mean.
I'm not looking to turn it off, I understand its not possible to do so.
When you say QuickBooks automatically "adds up the 20%". Do you mean " subtracts off the 20%".
Mine only seems to take off 20%. I'm looking for a way to have it add up the 20% that has already been removed then add it up in the CIS section.
Surely there is a way to mark a transaction from my bank statement as having the 20%
deducted already ?
Or are you saying the only way to have the CIS added up is to manually write up invoices for clients and remittances for customers inside QuickBooks including the CIS?
Let me make it up to you, Nicholas.
QuickBooks automatically takes out the 20% from the sales or expense transaction. Since we're unable to mark a transaction from the bank statement as having the 20% deducted already, let's make sure to add the original figure of the transaction. This will help you match the downloaded transaction which is already deducted by the CIS amount.
For example, if the original invoice amount is £100, our system will automatically take out the 20% from that amount. The invoice will have a total of £80.00.
I've added screenshots as your reference.
Get back to us if you need more help. We'll check your post from time to time.
OK thanks. Bit disappointed to be honest . Thought there would be a way to mark them from the bank statements.
I do all my invoices and remittances through a separate program as I find the QuickBooks one a bit basic to send to clients. But now I'll need to do them all twice? One for the customer, one to keep QuickBooks working correctly?
So basically I'll need to go back through the last 6 months worth of invoices and remittances I've sent out and do them again in QuickBooks?
Do you know if there is a plan to implement this in QuickBooks?
We'll just have to edit the invoices and make sure to enter the correct figure. This way, you can easily match them to the downloaded transactions.
We haven't received any announcement if this will be added. But rest assured, I'll pass along what you've said onto our management team. They will submit this to our software engineers for review.
If you need more help, don't hesitate to let us know.
Thanks for that.
I did a couple last night to see how its going to work. Going to be a long slow process to get up to date.
Regarding the payments going out to my sub contractors, that seems to work OK. I made up a payment transaction then matched it to the money going out of my bank statement and its automatically added up the CIS I need to pay out to them in the CIS section.
But for the payments coming in I'm not so sure. I made up an invoice to my clients and matched it to the money coming into my back statement. But I can't see anywhere in QuickBooks where its adding up the CIS I am owed?
Hi Nkp Joinery
We presume that when you have set up the customer you have selected 'is a CIS contractor', if not select the customer, select edit, and select the is a CIS contractor. When you create an invoice and enter an amount of CIS suffered should populate in the Less CIS box. CIS operates on a cash basis so when you receive the payment you will be able to match it up with the amount showing in the for review page and then you will be able to run the CIS suffered summary report, ensuring the date range of the report includes the relevant invoices.