VAT Registered Business #1: How to prepare Monthly SLSP Compliance and BIR Forms 2550M Return using VAT Relief and eBIRFORMS Apps

Preparation: Set up the bookkeeping table with needed hard and soft materials and your skills:

a. Laptop / PC with installed BIR Relief App, eBIRFORMS App, and Microsoft Excel software plus Internet Connection and your Computer operation skills

b. Hard copies of Official Receipts or Sales Invoices for Sales and Purchases plus your Common Sense Skills

c. Books of Accounts with proper headings and Account Names plus your 100% Accuracy Skills in Bookkeeping, Tax Accounting, and Microsoft Excel.

When the above requirements are satisfied, we’re now ready to go through the following steps:

1. Arrange and identify Official Receipts (OR) or Sales Invoices (SI) according to dates, account names and categories.

2. Enter details needed in VAT Relief App – TIN, Name, Address, Gross Taxable, Exempt, and VAT Rate for OR / SI.

3. Generate DAT FILE and CSV FILE for Sales and Purchases.

4. Email the DAT FILE to esubmission@bir.gov.ph as Summary List of Sales and Purchases (SLSP) compliance required by BIR.

5. Open the CSV FILES for Sales and Purchases and record the necessary details in Subsidiary Sales Journal (SSJ) and in Subsidiary Purchase Journal (SPJ), respectively, using proper headings from VAT Relief App and correct Account Names from your approved Chart of Accounts.

6. Compute the total Vatable Income in Sales CSV file and the totals for Exempt, Zero Rated, Service, Capital Goods, and Other Goods in Purchases CSV File, using Microsof Excel operation.

7. Open the eBIRFORMS and select 2550M and enter the correct total amounts from Step 6 in correct columns.

8. Submit online the FINAL COPY for 2550M Return. Then, print three copies of the return and pay the Tax Payable, if any, at the nearest LandBank of the Philippines or any bank accredited by BIR within the respective RDO.

9. Wait for response email from BIR for eSubmission Validation Report for SLSP, and Tax Return Receipt Confirmation for 2550M. Then, print two copies for each.

Easy and Enjoyable!

Jun Perater, Real Estate Broker, Appraiser, Bookkeeper and Entrepreneur

For bookkeeping assistance and consultancy for your business, please contact us +639326980070, dcperater@gmail.com

Stay Tune… More articles on actual bookkeeping and Tax Accounting Tips and How-To soon.

Leave a Reply