Prepayments and Overpayments to be included on both CIS monthly returns and CIS Suffered reports.
Currently I have just learnt that if you post a customer receipt or subcontractor payment to the sales or purchase ledger as overpayments or prepayments, then match these to the sales invoice or subcontractor invoice at a later date they do not pull through to the CIS reports. Instead you need to find the overpayments posted remove and redo and then allocate them.
I was unaware of this which has meant submission to HMRC have been incorrect on CIS suffered as contractors do not always pay what has been invoiced.
Kraig Chapman
supported this idea
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Prepayments and Overpayments to be included on both CIS monthly returns and CIS Suffered reports.
Currently I have just learnt that if you post a customer receipt or subcontractor payment to the sales or purchase ledger as overpayments or prepayments, then match these to the sales invoice or subcontractor invoice at a later date they do not pull through to the CIS reports. Instead you need to find the overpayments posted remove and redo and then allocate them.
I was unaware of this which has meant submission to HMRC have been incorrect on CIS suffered as contractors do not always pay what has been invoiced.