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How to post subcontractor CIS transactions

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Summary

How to use the CIS module to post subcontractor CIS transactions in Sage 50 Accounts.

Description

When using the Sage 50 Accounts CIS v2 module, once you set up your subcontractor records you can process your purchase invoices as normal. On paying your subcontractors, Sage 50 CIS calculates the deductions you need to make and posts the required credit notes. You can be sure that the deductions you make are accurate.

Resolution

Enter CIS invoices

Posting CIS invoices from subcontractors is largely the same as for any other supplier.

Pay your subcontractors and make deductions

When you post an invoice from a subcontractor, the full balance of the invoice shows as outstanding on the subcontractor record. Any required deduction applies automatically when you pay the invoice from the subcontractor.

Allocate credit notes to CIS invoices

To allocate a CIS invoice and credit note together, they must use the same type of nominal code, either both CIS taxable or both non-taxable.


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Sage 50 Accounts CIS module

The Sage 50 CIS module for 50 Accounts is fully compliant with CIS legislation. You can use it to produce CIS Returns and submit them to HMRC online.

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