books of accounts

Preservation of Books of Accounts and Accounting Records in Philippines

By: Tax and Accounting Center Philippines The Bureau  of Internal Revenue (BIR) issued Revenue Regulations No. 17 – 2013 dated September 27, 2013 (RR No. 17-2013) prescribing the guidelines on the preservation of books of accounts and other accounting records in the Philippines. Preservation within ten (10) years from last entry Under RR No. 17-2013,

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Books of Accounts of Taxpayers in the Philippines

All persons engaged in trade or business, or in the practice of profession registered with the Bureau of internal Revenue (BIR) are required to maintain books of accounts. Books of accounts are required to be registered with the BIR and is where your records all financial transactions about your business.  Entries in the books of accounts are

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6 Qualities of a Good Bookkeeper

In practice, a bookkeeper is the term used to refer to a person who handles the books of accounts and tax compliance of a taxpayer business enterprise. A bookkeeper could be an employee hired for the purpose, or an independent person retained by the taxpayer. An independent person could be an individual practitioner or a

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BIR Audited Financial Statements, when mandatory?

By this post, let us answer the question of SMEs on whether or not financial statements are mandated to be audited by an independent Certified Public Accountant. Section 232 of the Tax Code, as amended provides, and hereunder quoted: “Section 232. Keeping of Books of Accounts. – (A) Corporations, Companies, Partnerships or Persons Required to

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Bookkeeper and Auditor, Understanding their Works

For small & medium entrepreneurs, this has long been a misconception. For most, this works as “two birds for one stone” because for them, having a bookkeeper is likewise having an auditor. This is not how it is and we wish to share the distinctions below for guidance and better appreciation. To start with, bookkeeping

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