Hi accounts-gapreno If you would like the total of the invoice to be 500 using a 20% CIS deduction, the deduction being 90, you'd have to: Enter a line amount (CIS labour standard (20%)) of 450 this would give you a CIS deduction of 90, the CIS is deducted from the labour only. You'd then have to add an additional line for an amount of 50 e.g CIS materials, this line item wouldn't have any CIS deductions allocated to it, the balance due of the invoice would be 410.
As you have received 360 as 50 is being withheld you would have to: select receive payment on the invoice , in the deposit to field enter/select the undeposited funds account, save and close. Select New+, select Bank Deposit, ensure the account selected within the Account field in the top left-hand corner is the bank you receive the net/360 amount, the date is the date you received the amount into the bank, select the box on the left-hand side of the invoice showing, in the 'Add funds to this deposit' section select/create an asset account relating to the 50 amount bond, in the amount column enter-50, the amounts are field should be No VAT, the total/net amount will show as 360, save and close.
When the company forward you the 50 you will create a bank deposit and in the 'Add funds to this deposit' section enter the asset account that you used in the deposit above, in the amount field enter 50.00, enter No VAT in the Amounts are field, save and close.
We have also enclosed a link explaining how to account for the above.https://quickbooks.intuit.com/learn-support/en-uk/help-article/bank-deposits/record-make-bank-deposi...
If the above isn't what you require or you'd like to clarify something please reach out to us and we'd be happy to assist.
