Fully refund a Construction Industry Scheme (CIS) invoice and payment
Description
With the Sage 50 Accounts CIS v2 module, you can correct and refund subcontractor payments, even after submitting a CIS Return.
Cause
Resolution
Fully refund a CIS invoice and payment
NOTE:
If you change amounts on a previously submitted CIS Return, you need to resubmit the return for that period.
Go to Subcontractors then select Batch credit.
Enter a credit note for the due date, with the same nominal code, amount and tax code as the original invoice.
Press Save then press Close.
In Subcontractors, choose CIS Refunds.
In the Supplier details box, enter the subcontractor's account reference.
In the Date box, enter the original payment date. This ensures the refund uses the correct tax treatment and amends the correct CIS Return period.
In the Refund column, select the credit note you posted in step 2, then press Refund In Full.
Choose Save, then press Close.
This reverses the original CIS invoice, payment and the CIS tax credit. When you resubmit your CIS Return, it includes these postings as negative values to remove the effect of the original transactions.