ETM already completed the pre-formatted or pre-determined accounting entries for sales transactions affecting VAT, WT and IT (value added tax, withholding tax and income tax). If you want to impress the BIR auditors that your registered books of accounts have true and correct accounting entries and can withstand their scrutiny and examination, ETM is inviting you to look at its comprehensive contents.
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This is the VATable entry made by a trained financial accountant cum managerial accountant for the sale of paper and pencil to a Non VAT registered consumer.
Debit to Receivables 1,120.00
Credit to Sales 1,000.00
Credit to Output tax 120.00
This entry is short of being true and correct. Please be reminded that Section 232, Tax Code required you to make an entry in your registered books of accounts so that the BIR can easily ascertain your tax dues and correct application of the Tax Code and other laws related thereto. The Tax Bookkeeping for Consumer Relations helps and assist you in complying with the mandate of the Tax Code by way of giving the exact, true and correct book entry for each type of sales transactions. For this purpose, the pre-determined entries to be recorded in your registered books of accounts are now accessible and available at TaxationProfessionalUnivesity.com (Avail the Study Now Pay Later Plan Today).
A. Sale of a VAT registered Taxpayer
What to expect? Tax Bookkeeping for Consumer Relations
Sale to a Non-VAT consumer by a VAT registered Taxpayer (3 entries)
Sale to a VAT-registered consumer by a VAT registered Taxpayer (3 entries)
Sale to Government by a VAT registered Taxpayer (2 entries)
Export sale by a VAT registered Taxpayer (7 entries)
Sale of a VAT-exempt Product by a VAT registered Taxpayer (15 entries)
B. Special Types of Sales by a VAT registered Taxpayer
Sale of Real Property by a VAT registered Taxpayer (4 entries)
Royalties, Licenses and Franchises by a VAT registered Taxpayer (2 entries)
Practice of Profession by a VAT registered Taxpayer (2 entries)
Leasing of Rights, Airtime, Personal and Real Properties, Space, Vehicles, Billboards, Clothing and Other Types of Properties by a VAT registered Taxpayer (2 entries)
Contracting and Sub-contracting Business by a VAT registered Taxpayer (2 entries)
Contracting and Sub-contracting Business by a VAT registered Taxpayer (2 entries)
Logistics and Freight Forwarding Business by a VAT registered Taxpayer (2 entries)
Being a Talent, Model, Actor, Director, etc. by a VAT registered Taxpayer (2 entries)
Sale of Shares of Stock by a VAT registered Taxpayer
Dividends Received by a VAT registered Taxpayer (5 entries)
Deposits from Banks and Financial Institutions by a VAT registered Taxpayer
Share in Partnership’s Profits by a VAT registered Taxpayer
Prizes and Winnings by a VAT registered Taxpayer
Commission Earned by a VAT registered Taxpayer
Restaurant, Service Charge and Customer’s Tip by a VAT registered Taxpayer
Compensation Earned by a VAT registered Taxpayer
Gifts and Donations to a VAT registered Taxpayer (2 entries)
C. Sale of a Non-VAT registered Taxpayer
Sale to a Non-VAT registered consumer by a Non VAT registered Taxpayer (3 entries)
Sale to a VAT-registered consumer by a Non VAT registered Taxpayer (3 entries)
Sale to Government by a Non VAT registered Taxpayer (2 entries)
Export sale by a Non VAT registered Taxpayer (7 entries)
D. Special Types of Sales by a Non VAT registered Taxpayer
Sale of Real Property by a Non VAT registered Taxpayer (4 entries)
Royalties, Licenses and Franchises by a Non VAT registered Taxpayer (2 entries)
Practice of Profession by a Non VAT registered Taxpayer (2 entries)
Leasing of Rights, Airtime, Personal and Real Properties, Space, Vehicles, Billboards, Clothing and Other Types of Properties by a Non VAT registered Taxpayer (2 entries)
Contracting and Sub-contracting Business by a Non VAT registered Taxpayer (2 entries)
Bookkeeping Services by a Non VAT registered Taxpayer (2 entries)
Logistics and Freight Forwarding Business by a Non VAT registered Taxpayer (2 entries)
Being a Talent, Model, Actor, Director, etc. by a Non VAT registered Taxpayer (2 entries)
Sale of Shares of Stock by a Non VAT registered Taxpayer
Dividends Received by a Non VAT registered Taxpayer (5 entries)
Deposits from Banks and Financial Institutions by a Non VAT registered Taxpayer
Share in Partnership’s Profits by a Non VAT registered Taxpayer
Prizes and Winnings by a Non VAT registered Taxpayer
Commission Earned by a Non VAT registered Taxpayer
Restaurant, Service Charge and Customer’s Tip by a Non VAT registered Taxpayer
Compensation Earned by a Non VAT registered Taxpayer
Gifts and Donations by a Non VAT registered Taxpayer (2 entries)
E. Sales Discount, Refund, Barter and Exchange
Sales Discount (4 entries)
Sales Refund (5 entries)
Sales Barter by Non VAT registered and VAT registered Taxpayers (42 entries)
Sales exchange (6 entries)
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