CIS suffered in chart of accounts

Dfarley · ‎April 06, 2019

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.

Rasa-LilaM · ‎April 12, 2019

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

John C · ‎April 09, 2019

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.

Dfarley · ‎April 12, 2019

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?

Rasa-LilaM · ‎April 12, 2019

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.

Dfarley · ‎April 12, 2019

That makes perfect sense now, thank you.

MirriamM · ‎April 13, 2019

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.

gcj1971 · ‎January 13, 2020

I have Quickbooks online with payroll option. I have just noticed a CIS suffered option to enter details for the period I am processing in Payroll. I've never seen it there before. Is it a new option? Also, do I just start entering the amounts for the current period, even though it says it for year todate. How do I enter the previous weekly entries?

John C · ‎January 13, 2020

Hi gcj1971

The CIS suffered option is a new feature that has been implemented. The amount entered is a cumulative figure for the year and should be done every month and submit a corresponding EPS. The figure comes from any CIS transactions entered into QickBooks and you can find this using the CIS suffered report.

gcj1971 · ‎January 24, 2020

So the figure I enter into this months is the total I’ve suffered to date this financial year? Sorry for late reply. I've been on hols.

John C · ‎January 24, 2020

Hi gcj1971

That is correct you enter the cumulative/total figure to this date.

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CIS suffered in chart of accounts