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Kaz24
Level 2

CIS Tax Refund

Hi

 

Our Company is registered as a CIS contractor and sub-contractor.  Each month the CIS sub-contractor tax and PAYE is offset against the CIS contractor tax we have suffered. At the end of the year we claimed an overpayment of CIS tax suffered which has been paid direct to our bank account.  How and where do I record this refund in QBO?  Unsure which account I post it to?

 

Many thanks.

 

Kaz

Solved
Best answer December 16, 2022

Accepted Solutions
Mich_S
QuickBooks Team

CIS Tax Refund

Greetings, @Kaz24. I can guide you on how you can record a CIS tax refund in QuickBooks Online.

 

You can record the return as a bank deposit and allocate it to a certain account (you could create one called CIS refund for example). I suggest consulting your accountant for the right accounts to use. This helps keep the account in order.

 

I'll walk you through depositing the refund:

 

  1. Click on the + New button.
  2. Select Bank Deposit.
  3. Go to the Account dropdown, and select the account you want to put the money into.
  4. Pick a particular name from Received from and choose an account/category from the Account drop-down menu.
  5. Type in the refund amount in the Amount box. Then, enter the other necessary field.
  6. Click on Save and close.

 

Here's a complete guide about handling deposits in QBO: Record and make bank deposits in QuickBooks Online.


I'm also adding these links to find out more about how to manage CIS.

 

 

It's our pleasure to be of help. Just hit the Reply button if you need extra guidance about this matter or QuickBooks. Have a good one!

View solution in original post

1 REPLY 1
Mich_S
QuickBooks Team

CIS Tax Refund

Greetings, @Kaz24. I can guide you on how you can record a CIS tax refund in QuickBooks Online.

 

You can record the return as a bank deposit and allocate it to a certain account (you could create one called CIS refund for example). I suggest consulting your accountant for the right accounts to use. This helps keep the account in order.

 

I'll walk you through depositing the refund:

 

  1. Click on the + New button.
  2. Select Bank Deposit.
  3. Go to the Account dropdown, and select the account you want to put the money into.
  4. Pick a particular name from Received from and choose an account/category from the Account drop-down menu.
  5. Type in the refund amount in the Amount box. Then, enter the other necessary field.
  6. Click on Save and close.

 

Here's a complete guide about handling deposits in QBO: Record and make bank deposits in QuickBooks Online.


I'm also adding these links to find out more about how to manage CIS.

 

 

It's our pleasure to be of help. Just hit the Reply button if you need extra guidance about this matter or QuickBooks. Have a good one!

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