How do other users of Clearbooks produce deductions suffered reports?

Ok, i'll run through it all from start to finish, it'll hopefully help anyone else reading this thread now or in the future.

First part is to make sure you've got both the CIS capabilities and the withholding tax accounts switched on: Settings > Toggle > Accounting CIS (tick) & Withholding tax (tick):

The CIS part is self explanatory but the withholding tax part will ensure all sales invoices and subbie bills automatically have 20% deducted from the labour and posted to a balance sheet account. If you quickly nip into your chart you'll see new codes have been created: Settings > Codes > All:

By clicking on edit next to one of the new codes you can see where the CIS deduction will be automatically posted to:

For the benefit of this example, we'll leaving the withholding accounts are they are for the subbie payments but we'll delete them for sales. To do so, simply click on the edit feature next to CIS labour revenue 20% and 30% then remove the WHT details:

To replace using these WHT accounts, we'll set up a new bank account specifically for CIS deductions: Money > Bank Accounts > Add:

(classing it as a directors a/c leaves less details to enter)

Once CIS sales invoices have been raised, the next part of course would be to pay them once funds have been received. The part received onto the bank account would be posted as usual, with the outstanding balance left being the CIS deduction suffered. I'd then 'pay' this amount to the new CIS bank account we've just created as follows:

If we then pull up a statement of the CIS account all being well we'll be able to see the £200 entry we've just created:

Come month end, once a few more payments have been made the CIS a/c will probably look something along the lines of this (using the correct to/from dates):

And there you have it, a quick and easy way to transfer your CIS deductions suffered figure of £1467 over onto your EPS.

In terms of checking/reconciliation, there are probably a couple of additional steps that might be worth adding:

1. Check the £1467 matches the slips you've received. As I said earlier on in this thread, it's a great way of forcing you to chase slips from slow senders: no slip, no payment to the CIS bank a/c.
2. For easy viewing, you my like to journal out the total each month to a specific balance sheet a/c (perhaps use the WHT a/c Clear Books automatically set up earlier). The journal would look like this:

That then of course should clear your CIS a/c bank down to zero ready to start the next month. Therefore, you know if you're running the above process for the following month, you've got some kind of problem if the opening balance isn't zero (maybe a slip turned up late so you didn't 'pay' anything into the CIS a/c at that point). You'll then know you need to add the rogue figure into your next EPS and again jornal it out over to the CIS debtor a/c ready to start the next period afresh.

Hope that helps and I haven't bored you to death by going into so much detail. There are other ways you can do it too, by running the CIS bank a/c as an account for both CIS and PAYE thus merging it all together (as it ultimately gets offset anyway) but for the benefit of this thread I thought i'd keep it as simple as possible.

Questions on a postcard!! :-)

Ok, i'll run through it all from start to finish, it'll hopefully help anyone else reading this thread now or in the future.

First part is to make sure you've got both the CIS capabilities and the withholding tax accounts switched on: Settings > Toggle > Accounting CIS (tick) & Withholding tax (tick):

The CIS part is self explanatory but the withholding tax part will ensure all sales invoices and subbie bills automatically have 20% deducted from the labour and posted to a balance sheet account. If you quickly nip into your chart you'll see new codes have been created: Settings > Codes > All:

By clicking on edit next to one of the new codes you can see where the CIS deduction will be automatically posted to:

For the benefit of this example, we'll leaving the withholding accounts are they are for the subbie payments but we'll delete them for sales. To do so, simply click on the edit feature next to CIS labour revenue 20% and 30% then remove the WHT details:

To replace using these WHT accounts, we'll set up a new bank account specifically for CIS deductions: Money > Bank Accounts > Add:

(classing it as a directors a/c leaves less details to enter)

Once CIS sales invoices have been raised, the next part of course would be to pay them once funds have been received. The part received onto the bank account would be posted as usual, with the outstanding balance left being the CIS deduction suffered. I'd then 'pay' this amount to the new CIS bank account we've just created as follows:

If we then pull up a statement of the CIS account all being well we'll be able to see the £200 entry we've just created:

Come month end, once a few more payments have been made the CIS a/c will probably look something along the lines of this (using the correct to/from dates):

And there you have it, a quick and easy way to transfer your CIS deductions suffered figure of £1467 over onto your EPS.

In terms of checking/reconciliation, there are probably a couple of additional steps that might be worth adding:

1. Check the £1467 matches the slips you've received. As I said earlier on in this thread, it's a great way of forcing you to chase slips from slow senders: no slip, no payment to the CIS bank a/c.
2. For easy viewing, you my like to journal out the total each month to a specific balance sheet a/c (perhaps use the WHT a/c Clear Books automatically set up earlier). The journal would look like this:

That then of course should clear your CIS a/c bank down to zero ready to start the next month. Therefore, you know if you're running the above process for the following month, you've got some kind of problem if the opening balance isn't zero (maybe a slip turned up late so you didn't 'pay' anything into the CIS a/c at that point). You'll then know you need to add the rogue figure into your next EPS and again jornal it out over to the CIS debtor a/c ready to start the next period afresh.

Hope that helps and I haven't bored you to death by going into so much detail. There are other ways you can do it too, by running the CIS bank a/c as an account for both CIS and PAYE thus merging it all together (as it ultimately gets offset anyway) but for the benefit of this thread I thought i'd keep it as simple as possible.

Questions on a postcard!! :-)