CIS Transaction Recording

CIS Transaction Recording

Click SETTINGS/COMPANY DETAILS

  • Set the system to Accruals Accounting

CIS Subcontractors

Record the total value charged to your Customer as a Sales Invoice
The Customer deduction from that invoice can be recorded as Sales Credit Note
Use a Current Asset heading to record the Credit Note 
          Create a new Heading using SETTINGS/HEADINGS in Current Assets - eg CIS Deductions

CIS Contractors

Record the total billed by your Sub-Contractor as a Purchase Invoice
The payment deduction you make from that invoice can be recorded as Supplier Credit Note
Use a Current Asset heading to record the Supplier Credit Note 
          Create a new Heading using SETTINGS/HEADINGS in Current Liabilities - eg CIS Liabilities