![]() ![]() BIR Form 1903 – Application for Registration for Corporations/Partnerships (Taxable/Non-Taxable) Including GAIs And LGUsĮvery small business needs to learn what they need to do for bookkeeping.Here are the requirements you need if you are a retail business selling goods. Read more about bookkeeping tips for the self-employed here.īooks of Accounts for Business Engaged in Sale of Goods/Retail Proof of Payment of Annual Registration Fee (BIR Form 0605) – current year.You will also need bound journals and/or ledgers Bound books of accounts for registration or stamping.BIR Form 1901 – Application for Registration for Self-Employed and Mixed Income Individuals, Estates and Trusts.If you’re a sole proprietor who sells services, here are the requirements you need. This also includes your cash disbursement and cash receipt journal.īooks of Accounts for Sole Props Engaged in Service ![]() Books of accounts including general journals and general ledger.BIR Certificate of Registration photocopies.Here are the requirements for freelancers, sole proprietors, and businesses in retail.įor freelancers, you will need the following to create and register your book of accounts. Books of Account Requirements for Businesses If you decide to go with this, the system you should use should be BIR-registered.Įxamples of these books include Quickbooks, Peachtree, and MYOB. These books use computer-based apps that enable efficient and fast record keeping. And sample printouts may need to be book-bound before submission to BIR for stamping. There might be a need for you to justify why you chose this method instead of traditional books. These books of account are bound journals and ledgers from printed excel spreadsheets. It costs less and is the most popular type of books of accounts registered with the BIR. It is also the most popular type of books filed by small enterprises. Here are some of the books that you can file for bookkeeping. GENERAL LEDGER- It shows the summary of debits and credits made by the company.GENERAL JOURNAL – It’s the record of debits and credits made in the accounts.Purchases are set into Vatable and Non-vatable purchases as well as the Input VAT. CASH DISBURSEMENT – Keeps track of cash issued.It divides into Vatable and Non-vatable sales, and include the Output VAT. CASH RECEIPTS – These are sales receipts you get every month.Bookkeeping refers to tasks that you do in recording financial activities.īookkeeping may include management of the following:Įvery taxpayer needs to prepare and manage the following books: Accounting is all practice of financial management. Most of the time, bookkeeping gets interchanged with accounting. It is a systematic recording and organization of financial transactions for your business. It is vital to know where your money goes and how it’s spent, no matter how big or small your business is. Bookkeeping 101īookkeeping is a necessary part of running a business. It will also save you from forgetting your tax dues and getting penalties. Knowing where your money goes will help you create effective business decisions. Staying on top of your books of accounts will help you learn how to compute tax and run your business better. Your books of accounts will give you a clear image of how your business is doing today. ![]()
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