Basic Business Accounting & BIR Compliance (Vat)

You may not have all what it takes to master accounting, but your accounting and tax knowledge is indispensable for your entrepreneurial success. For tax purposes, simple things may mean a lot and may become a material issue. Thus, this seminar-workshop is intended to educate participants in basic BIR compliance and avoid headaches dealing with the tax authorities.

Learning points:

• Understand the basic minimum requirements of VAT registered CORPORATE taxpayers;
• Learn how to book keep your VAT registered service or trading business;
• Learn what BIR returns should be filed based on the transactions;
• Learn how to fill-out BIR Returns and avoid being assessed based on erroneous entries;
• Learn what to write and how to make entries on the books of accounts;
• Learn how to prepare simple financial statements;
• Learn and understand the financial figures of your business; and,
• Understand the work of your regularly paid bookkeeper and reasonably estimate their retainer fees;

Outline:

1. Fully understand when VAT, when non-VAT;
2. Proper substantiation of income and expenses;
3. Proper substantiation of input VAT;
4. Minimum tax types for VAT entity;
5. BIR allowed books of accounts; and,
6. Comprehensive illustration;

• a. Recording on books of accounts;

1. 1. Cash receipts books
   2. Cash disbursements books
   3. General journal
   4. General ledger
   5. Subsidiary purchases journal;
   6. Subsidiary sales journal
   7. Annual Registration (BIR Form No. 0605)
   8. Application for registration (BIR Form No. 1903 – Corp.)
   9. Documentary stamp tax return (BIR Form No. 2000)
   10. Expanded Withholding taxes (BIR Form 1601-E)
   11. Final Withholding taxes (BIR Form 1601-F)
   12. Withholding tax on compensation (BIR Form 1601-C)
   13. Certification of taxes withheld on compensation (BIR Form No. 2316)
   14. Creditable withholding tax certificate (BIR Form No. 2307)
   15. Quarterly income tax returns (BIR Form 1702Q)
   16. Annual income tax returns (BIR Form No. 1702)
   17. Monthly value-added tax returns (BIR Form No. 2550M)
   18. Quarterly value-added tax returns (BIR Form No. 2550Q)

• b. Preparing and filing VAT registered BIR returns;

• c. Preparing financial statements

• d. Closing books of accounts

Schedule: Seminar workshop runs from 9:00 a.m.-5:00 p.m at  Sorosa Building, Buendia Avenue corner F.B. Harrison, Pasay City, Metro Manila. We can also arrange for special group, please contact us for details.

Package: P4,500 plus VAT for Handouts/Notes and pencils/ Sample books of Accounts/Various BIR/Forms Comprehensive illustrations / Seminar-Workshop Certificate. Please bring calculator.

Advocate Tutor: Certified public Accountant (CPA) who has gained much professional experience being in the Tax Division of a law office based in Makati for more than six (6) years now, as a Tax Partner in an accounting Firm based in Makati City, and as an academician being a former part-time professor in the College of Accountancy – Polytechnic University of The Philippines, Taguig for about five (5) year handling basic accounting & taxation subjects.

Reservation: At least P2,000 reservation fee to be deposited to BDO Savings Account (Please refer to the reservation form  for account  details) & balance on seminar day. Official receipts shall be issued upon full payment on seminar day.