Recording a CIS payment to HMRC in QuickBooks Online (QBO) is a breeze, and I'm here to show you how, @EDI18.
When you turn on and use the CIS feature, you're allowing QuickBooks to calculate your deductions, track CIS withheld or suffered, and create reports for HMRC.
You'll have to record any payments you've made to HMRC after you submit a return. This will show that you’ve paid CIS in your reports and allow you to make a match with the associated bank transaction in QuickBooks. This way, your books are balanced at the end of the tax year. To do this, here's how:
- In QBO, select + New and create an expense.
- If you have created a supplier for HMRC, enter the name in the supplier field.
- Choose the bank account from which you have paid HMRC and the payment method.
- Select the date the payment was made on.
- In the table section, under the Category column select the CIS Payments to HMRC account.
- Enter the amount you have paid HMRC.
- Select Save and close.
Once you're done, make sure to review and match your bank transactions. Doing so will put them in the correct accounts and keep them updated. For the step-by-step guide, you can refer to this article: Categorise online bank transactions in QuickBooks Online.
Also, there are three available reports for CIS (CIS Contractor Monthly Statement (300), CIS Payment and Deduction statement, and the CIS Suffered Summary for CIS) in QuickBooks. To learn how you can access and run them, I'd recommend checking out this article: How to run CIS reports in QuickBooks Online.
Keep me posted in the comments if you have other concerns about tracking CIS payments in QBO. I'm always around to help. Take care, @EDI18.
