In-house Seminar Series at MSI – ECS Phils., Inc.

Once again, Tax and Accounting Center, Inc. (TACI) has been entrusted to deliver a Comprehensive Business Accounting  and Tax Compliance Seminar for a group of IT guys of MSI – ECS Phils., Inc. (MSI-ECS). through their energetic AVP Product Support and MIS Division, Mr. Tom Pascual.  Said seminar is with the end view of developing the bookkeeping skills of participant representatives of MSI-ECS and develop a thorough understanding on the BIR compliance and tax management regulations for purposes of efficient and effective handling of MSI-ECS’ day-to-day software related sales and activities (e.g. oracle systems distribution, installation, and customization).

It was a six-day tax and accounting seminar series program and was strategically structured to attain the above objectives.  As usual, the tax and accounting seminars are handled by our Resource Speakers who were actively involved in the practice of profession, and are members of the academe as professors of accounting and taxation in some universities in Metro Manila. The program goes beyond the concept of the famed “accounting for non-accountants” as it extended more on basic BIR compliance and overview of internal audit and control procedures in an IT environment.

1^st & 2^nd Saturday Programs – Basic Business Accounting

• Understand basic accounting terms and concepts;
• Learn the basic accounting cycle;
• Learn how to make entries in the journal;
• Learn how to post entries in the Ledger;
• Learn how to use subsidiary journals and ledgers
• Learn how to determine periodic balances of the accounts at frequent intervals, such as weekly, monthly, or quarterly.
• Learn prepare the necessary and proper adjustments;
• Learn how to prepare the following financial statements;
• Properly analyze financial statements to determine business implications;
• Basic accounting workshop

3^rd & 4^th Saturday Programs – Basic BIR Compliance

• Overview of the VAT system
• Understand the basic minimum requirements of VAT registered taxpayers;
• BIR required substantiations and supporting documents;
• Learn what BIR returns should be filed based on the transactions;
• Learn expanded and final withholding tax system;
• Learn withholding tax on compensation;
• Learn corporate income taxation
• Learn how to fill-out BIR Returns;
• Learn what to write and how to make entries on the BIR manual books of accounts;
• Basic BIR Compliance workshop

5^th Saturday Program – Business Taxation

• Summary List of sales & summary list of purchases
• Transferring shares of stocks and real properties
• Other BIR registrations – books, annual, receipts/invoices
• Tax savings and tax minimization
• Tax assessment process of the BIR
• Tax refunds and tax credit certificates

6^th Saturday Program – Overview of Internal Control & Auditing

• Internal control and its environment
• Business value of internal control
• Challenges in business related to internal control
• Assets, liabilities and documents to be audited and monitored
• Illustrative internal control tools for effective and efficient management
• Overview of external auditing

Delivering the above seminar series was quite fun and enjoying. MSI-ECS representative participants attentively listens and eagerly learn not only the lessons but the jokes and the ice breakers of our resource speakers as well. Questions and clarifications are freely asked and enlightened by our resource speakers, actual footage and events are set as an example to emphasize the point, and a workshop followed to illustrate the basic business accounting process and BIR compliance.

After the tax and accounting seminar series, the MSI – ECS participants felt relieved and enlightened with the basic accounting. They became more confident now handling their daily tasks (e.g. oracle systems distribution, installation, and customization).

Disclaimer: This article is for general conceptual guidance only and is not a substitute for an expert opinion. Please consult your preferred tax and/or legal consultant for the specific details applicable to your circumstances. For comments, you may please send mail at in**@ta************.org.)