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Post Info TOPIC: CIS receipts
JoBooth


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CIS receipts
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Hi,

I've got a client that gets his receipts throught CIS tax payments vouchers.  How should I post these on Sage?

Any help would be much appreciated.

Jo

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Joanne Booth
Wendy


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Hi Jo

The way I treat CIS receipts are as follows:


Post Gross Sales Invoice   
E.g.  
£1,175.00 to debtors Code 1100
£1,000.00 to sales Code 4000
£175.00 to VAT Code 2200
   
The CIS calculation would be as follows:
If Gross sales excluding VAT of £1000  
CIS tax deducted = 18% x £1000 = £180  

Income Received - Assumed via bank, Post bank receipt  
E.g.   
£1000 minus CIS deduction of £180 = £820 + £175.00 VAT = £995.00  
£995.00 Code 1200 
£995.00 Code 1100 

Customer receipt - CIS amount of invoice, £180.00 Code 1260 (Post as T1)
(New CIS Bank a/c) 

Wendy



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JoBooth


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Posts: 57
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Thanks so much Wendy, I was tearing my hair out!!

Jo

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Joanne Booth
Wendy


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Posts: 80
Date:
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Jo, just re-read my post and it should have read 'Post customer receipt' where I say 'Income Received - Assumed via bank, Post bank receipt'. By posting a customer receipt the gross amount will automatically contra against code 1100 (Debtors control account). By then posting another customer receipt for the amount of CIS tax, you will clear down the gross debtor in the sales ledger.

Wendy  

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