Know Your Taxes: SLSP

Know Your Taxes: SLSP

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What is SLSP? Summary List of Sales and Purchases (SLSP) is the attachment to VAT Forms–2550Q. As the term suggests, it is a summary of third party information (clients and suppliers) the Bureau of Internal Revenue uses for cross-referencing.More specifically, it contains the following information:SLS:Taxable monthBIR-registered name of the buyerTIN of the Buyer for sales subject to VATAmount of sales (Gross)Nature of salesExempt SalesZero-Rated SalesTaxable salesOutput Tax (VAT on Sales)Gross taxable salesSLP:Taxable monthBIR-registered name of the vendorTIN of the Buyer for sales subject to VATAmount of purchase (Gross)Nature of purchaseExempt purchaseZero-Rated purchaseTaxable purchasePurchase of servicesPurchase of capital goodsPurchase of goods other than the capital goodsInput taxGross taxable purchase Who should submit SLSP? According to RMC 51-2009:You are required to submit SLS if your business is VAT-Registered and you have a…
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Oojeema Updates [as of Aug. 30, 2018]

Oojeema Updates [as of Aug. 30, 2018]

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We are committed to making your accounting life as simplified as possible; hence, we perpetually add new features and fix bugs to get to our goals.So for today's update, here's the list of our new features:Sales and Service InvoicesYou now have the option to create either a sales invoice for goods or a service invoice for services. These options are found in the Sales tab by clicking the drop-down Create New Invoice button.OR/CRIn relation to the new types of invoice, you may now manually add OR or CR numbers to the invoice you make upon receiving payments.Audit TrailYou may now review who made the changes. To see the report, go to Reports tab then look for the Audit Trail section at the bottom.Bug FixesCertain bugs have also been fixed.As always,…
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