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accountsunbrako
Level 1

CIS for QuickBooks Desktop

Hi All,

 

After 45 mins on the phone and extensive research online for CIS for the desktop version. I can only see that there is a way to turn on CIS in QBO (Quickbooks Online) but there is nothing of that sort in QBD (Quickbooks Desktop).

 

CIS AS A SUBCONTRACTOR:

Cis for subcontractor is basically a retention/withheld tax from the customer which can then be claimed back end of the year. One way round I found to work out is that if I create a "retentions paid account" and an item linked to that account which can then be added to my CIS invoices as a -ve (negative amount) where I would need to calculate the figures manually. Thus bringing the total invoice amount down by the CIS deduction amount. This way my invoice is e.g 100-20=80 (total amount less CIS) which we would actually receive. That 20 will go into my Retention account under AR or current assets. 

 

CIS AS A CONTRACTOR:

When I am a contractor, I am not sure as to how/where to treat the deduction mentioned on bills from subcontractors. Perhaps if I create another AP/Liability account namely "retentions received" and use that as a negative when I am to enter a bill from a subcontractor? But it would need a bit of tweaking when I create month end reports for the subcontractors and for the CIS submission.

 

Anyone know of an easier way perhaps something like QBO turning on the CIs settings?

1 REPLY 1
Ashleigh1
QuickBooks Team

CIS for QuickBooks Desktop

Hello Accountsunbrako, 

 

Welcome to the Community page, 

 

So in Desktop CIS isn't supported. We're not able to advise you on this therefore. However we welcome other users to add to this thread.  

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