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Frequent Explorer *

CIS suffered in chart of accounts

Hi all,

 

Now that the tax year has ended here in the UK and I have all the details I need to file my return using QuickBooks reports,   What is the best course of action to take with the CIS suffered account?  I'm a subcontractor only so I only have to worry about CIS stopped by contractors.

 

For example, on the tax year end date, CIS Suffered account says its balance is £700.

The actual CIS Paid so far is £500 on the cash basis as some invoices were not due a the time of the end year date.  So my question is do I somehow tell QuickBooks to adjust the CIS suffered account? so it only shows the £200 left to be paid once invoices are due in the new tax year.  If it's left as it is now my suffered account will just continually grow as more CIS invoices are raised.

 

Hope that makes sense.

Thanks.

 

 

Solved
Best answer 04-12-2019

Accepted Solutions
QuickBooks Team

Re: CIS suffered in chart of accounts

Hello again, Dfarley.


Thanks for sharing additional details. I’m here to address your concern about the amount showing in the CIS suffered account.

 

In cash accounting reporting, the revenue and expenses are realized once you received the money on hand. For the amounts listed on the CIS suffered account, they’ll still show up and will disappear once they’re paid.


The accrual method records revenue when they are earned whether the money is received or paid. Since revenues and expenses are recognized in the reporting period during which they are earned, the Profit and Loss report will accurately show transactions incur during the reporting period.

 

For more information on how each reporting method works, you can refer to the Choose between cash and accrual accounting methods in reports article.

 

If you have additional questions about QBO, let me know by leaving a comment below. I'll be more than happy to help.

View solution in original post

5 REPLIES 5
QuickBooks Team

Re: CIS suffered in chart of accounts


Hi Dfarley

 

The CIS suffered report is a report that shows the CIS element of payments you have received against any invoices in the particular date range you have ran the report for.

If there are outstanding payments to be received they will show on the report once they have been received and you are running the report with a  date range that includes those payments.

Frequent Explorer *

Re: CIS suffered in chart of accounts

Thank you for the reply,

 

I understand it will only show the amounts for the period the report is run for, I'm more concerned about in 5 years time there will be thousands listed in the CIS suffered account. Do those suffered amounts need to be cleared out to keep the account tidy or should I just leave them?

QuickBooks Team

Re: CIS suffered in chart of accounts

Hello again, Dfarley.


Thanks for sharing additional details. I’m here to address your concern about the amount showing in the CIS suffered account.

 

In cash accounting reporting, the revenue and expenses are realized once you received the money on hand. For the amounts listed on the CIS suffered account, they’ll still show up and will disappear once they’re paid.


The accrual method records revenue when they are earned whether the money is received or paid. Since revenues and expenses are recognized in the reporting period during which they are earned, the Profit and Loss report will accurately show transactions incur during the reporting period.

 

For more information on how each reporting method works, you can refer to the Choose between cash and accrual accounting methods in reports article.

 

If you have additional questions about QBO, let me know by leaving a comment below. I'll be more than happy to help.

View solution in original post

Frequent Explorer *

Re: CIS suffered in chart of accounts

That makes perfect sense now, thank you.

Moderator

Re: CIS suffered in chart of accounts

You are most welcome, Dfarley!

 

Thanks for your prompt response. As always, I'd be glad to lend a hand should you need anything concerning your QuickBooks Online account. The Community always has your back.

 

For future reference, I'm attaching a great resource that you can check: CIS in QuickBooks.

 

Cheering you to a great rest of your week.