I work in construction and i have an admin charge taken off then retension then tax.
Example
Invoice £100.00
admin @ 2% £2.00
Retension @ 5% £4.90
Tax @ 20% £18.62
Amount Payable £74.48
How do input the following amounts
Regards Mike
Hi Mike,
Enter the deductions as negative amounts on separate invoice lines. The account used for lines 1, 2 and 3 should be 'Sales Income'. I assume the 'Tax' on line 4 is due to the Construction Industry Scheme - the account to use on this line depends on what type of business you run: If you are self-employed or in a partnership, the account should be 'Owner's Drawings and Personal Use'. For a company the account should be 'Income Tax and NI Liability'. For more details about recording CIS deductions see this page:
http://www.solaraccounts.co.uk/help/notes-on-the-construction-industry-scheme.php
Regards,
