We have quite a sum of money sitting on our account with HMRC for PAYE and CIS deductions reclaimed.
For each month charges they simply deduct it from the credits we have,so nothing goes out of our bank.
How do i process this through quickbooks
I've got you covered, @jascott2020.
Allow me to provide some clarification and help process your unallocated credits for HMRC PAYE.
Did you create a supplier credit for the reclaimed HMRC PAYE and CIS? If so, you'll want to apply the credit when paying the bill. Let me guide you through the process.
Firstly, let's create a bill for the HMRC charges. Here's how:
Then, let's apply the credit when paying the bill.
I'm adding this article for more guidance: Enter bills and record bill payments in QuickBooks Online.
Most importantly, I still recommend seeking help from your accountant for more guidance. They may add suggestions based on what's more suitable for your business and to your books. If you don't have one, you can find an accountant using this link.
Just in case you want to submit your FPS/PAYE to HMRC, you can read this article for detailed information: Submit FPS to HMRC in QuickBooks Online Standard Payroll.
Keep in touch if you need any more assistance with this, or there's something else I can do for you. I've got your back. Have a good day.
Hello Jascott, On the bill are you selecting in category the liability?Is the liability from a journal from the payroll?Do you have a credit amount in QuickBooks?Just so we can make sure we are giving the right steps to follow.