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?