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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! Go to Solution.
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:
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!
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:
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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