The Accountant

Documentary Stamp Tax Return (BIR Form 2000-OT)

2011-08-20T17:24:00.000-07:00

To download the EXCEL Format of Documentary Stamp Tax (BIR Form 2000) for One-Time Transactions, please click here.

Wonder how I upload files and make it available for you for free? I use Dropbox. Always have your stuff when you need it with Dropbox. 2GB account is free! To sign up for your free account, click here.

Documentary Stamp Tax Return

Capital Gains Tax Return (BIR Form 1707)

2011-08-19T23:40:00.000-07:00

To download an Excel version of Capital Gains Tax Return (BIR Form 1707), please click here.

Please take note that this is for Capital Gains on transfer of STOCKS not traded in the local stock exchange. There is a different form for the capital gains tax on transfer of real properties.

Capital Gains Tax Return

Company Data Maintenance Form

2011-08-10T19:11:00.000-07:00

This is the BASIC CDMF. For General/Business/Company Relationship Information

Also known as the SEC Form 96-1

To download, click here: http://dl.dropbox.com/u/681870/Book1.xlsx

Please support the author by signing in at Dropbox. I use dropbox to store the files that I have been sharing online. Please use this link: http://db.tt/R94Emln

Unified Form

2011-08-07T00:09:00.000-07:00

Region 12 has adopted Unified Forms for their investors. It's easy to download these forms via their website: Invest in Region 12. Simply choose the type of business that you will be setting up, it could either be a Domestic Corporation or a Sole Proprietorship.

These Unified Forms are very comprehensive and they include SEC Forms, LGU Business Forms, as well have helpful SSS, PHIC, and Pag-Ibig Forms. However, they are only available in PDF Format. Anyway, it's good to know that Region 12 has adopted these Unified Forms and made it available online because it would definitely help investors as well as future and existing business owners.

From their website, I can say that this project was spearheaded by NERBAC: National Economic Research and Business Assistance Center, which was actually a project of former President GMA. I just hope that the present and future administrations can continue and improve this project. The forms available in their website, although helpful, are also in need of some minor improvements, specially that of the SEC Forms. I was actually thankful that I found these forms and did some overhaul to make it usable.

If you want copies of the improved Registration Data Sheet, please send me an email at swexie(at)gmail(dot)com. I have these Registration Data Sheets in .doc format but it was actually taken from the Unified Forms, edited, and made as an image watermark in the document. It was the least that I could do for now. If time permits, maybe I can work out an excel file in the near future.

Another CDMF Update

2011-08-01T07:54:00.001-07:00

I went to SEC today to inquire about page 2 of the CDMF that I've been talking about in my most recent posts. I was made to understand that pages 1 and 2 are the same. So, there's actually no need to worry.

Case closed.

PICPA Annual National Convention

2011-07-30T02:17:00.001-07:00

The PICPA Annual National Convention will be held in Subic this coming November 23 to 26, 2011.

Too bad, I already booked a flight to Manila on November 25. I don't have any plans in joining the National Convention because of conflict of schedules. I will join the ACPAMIN Conference instead.

For details on the National Convention, please go to http://picpa66anc.com/.

List of recommended hotels are also posted on the mentioned website.

ACPAMIN Convention

2011-07-30T02:12:00.000-07:00

31^STASSOCIATION OF CPAs IN MINDANAO (ACPAMIN) CONFERENCE

& 20^th JOINT PICPA MINDANAO REGIONAL CONFERENCE

Phela Grande Convention Center, Nat’l Hway, General Santos City

August 25, 26 & 27, 2011

For more information about this convention, please download the following:

See you in Gensan! =)

CDMF Update

2011-07-30T01:48:00.000-07:00

I'm done with page 3:

Click here to download CDMF: Changes in Capital Structure.

For pages 1 and 3 only. File is in .xlsx

CDMF

2011-07-29T09:25:00.000-07:00

I had no idea this was so hard to do! I only finished page 1 of CDMF. My client is already waiting. I hope to finish page 3 over the weekend. I've got one problem, though. If you're wondering where page 2 is, well, we have the same question. I was given only pages 1 and 3 of the CDMF. This is bad! I think I need to go to SEC on Monday to get a copy of page 2. Only then can I finish all three pages.

Tip in doing government form spreadsheets: although it is easier to work with the downloadable templates (from SEC, BIR, etc.) it's really better if you start on a clean canvass because sometimes, the downloaded files would contain unnecessary text boxes which are really hard to delete in Excel.

Click here to download page 1 of CDMF.

Good night!

Must-Read: Increase in Authorized Capital Stock

2011-07-14T23:30:00.000-07:00

Please click here to access the Guidance in Dealing with Reports Required by the SEC Relating to Increase in Authorized Capital Stock of a Corporation (in pdf).

It is a must-read for every Certified Public Accountant engaged by corporations in connection with their application for an increase in its authorized capital stock.

It includes illustrative examples and sample reports on agreed-upon procedures and representation letter to the SEC.

FOR FURTHER REFERENCE, please view SEC Memo No. 06.

PICPA Updates: Accountancy Week

2011-07-10T05:39:00.000-07:00

“Towards A Stronger PICPA: Solidarity. Service. Social Responsibility.”

The Accountancy Week celebration will be held on July 17 to 22, 2011 and the PICPA Davao City Chapter has prepared various activity for both the Certified Public Accountants as well as JPIANs (Junior Philippine Institute of Accountants - the organization of BSA students).

For those who want to keep abreast of the latest on Philippine Accountancy laws and policies, you may join the seminar on July 20 and 21 at the PICPA House, Araullo St., Davao City.

For a complete list of the schedule of activities, please click the following image to enlarge:

SEC FORM: NDMF

2011-06-29T00:21:00.000-07:00

Name Data Maintenance Form

To download, please click here.

Davao's Two (2) Revenue District Offices

2011-04-06T20:23:00.000-07:00

Davao City, being a very large city of approximately 2,44.61 square kilometers (according to Wikipedia) is divided into two Revenue Districts: RDO No. 113 and RDO No. 138.

Below are vital information regarding the two revenue districts of Davao City taken from www.bir.gov.ph

Revenue District Office No. 113 - West Davao City
Office Address: 2nd Floor, Kore Building, Bonifacio Street, Davao City
telefax: (082) 221-7715
direct no.: (082) 221-7715
Area of Jurisdiction:Comprised of Baguio, Calinan, Marilog, Toril, Talomo and Tugbok Districts.

Revenue District Office No. 138 - East Davao City
Office Address: 2nd Floor, Kore Building, Bonifacio Street, Davao City
telefax: (082) 222-0199
direct no.: (082) 222-0199
staff: (082) 227-5583 / 227-1775 / 227-7525 / 227-9776 / 222-3318 / 222-3319 / 225-3358
Area of Jurisdiction:Comprised of Agdao, Buhangin, Bunawan, Paguibato and Poblacion Davao City Districts A to D.

Davao PICPA-BIR Seminar

2011-03-28T04:45:00.000-07:00

Below is an email I received from PICPA Davao Chapter:

ANNOUNCEMENT

The PICPA Davao Chapter in coordination with the Bureau of Internal Revenue (BIR) will be holding a 2-day Seminar on “Curriculum for the Comprehensive Seminar for Tax Agents and Practitioners (TAP)” on April 7 to 8, 2011, at PICPA House, Araullo St., Davao City.

To defray the costs for this seminar, a fee of P1,500 for 2 days will have to be shouldered by each participant. Please make checks payable to PICPA Davao Chapter.

Please be informed that reservations will be on a first-come, first-served basis. Attendance will earn 18 CPE units.

For reservations and inquiries, please contact our PICPA - Davao office at telefax numbers (082) 221-2300 or (082) 305-6081, and kindly look for Liza or Inah.

PFRS for SMEs

2011-03-26T17:41:00.000-07:00

These resources may help:

1. Punongbayan and Araullo Accounting Alert for PFRS for SMEs
2. Isla Lipana and Co. Illustrative Financial Statement for PFRS for SMEs
3. IFRS for SMEs Implementation Guidance published by IASB
4. Wiley IFRS: Practical Implementation Guide and Workbook (book)
5. International Accounting Standards Explained (book)

Bank Codes

2011-02-25T00:43:00.000-08:00

The Philippines may not be a very active user of Paypal but this market is growing.

I had a hard time looking for the BANK CODE of my chosen bank: RCBC Savings Banks, only to find out that its bank code is the same with RCBC (Rizal Commercial Banking Corporation). The same goes for BPI (Bank of the Philippine Islands) and BPI Savings Bank.

RCBC and RCBC Savings Bank's Bank Code: 010280014

For a list of bank codes, please click here.

Securites and Exchange Commission Seminar

2011-01-31T23:56:00.000-08:00

The SEC-Davao will be conducting a seminar about the SEC Reportorial Requirements. Below, you can find the details of the seminar:

WHEN: February 11, 2011, 9:00 A.M. to 12:00 noon
WHERE:3rd Floor AMYA Building, Ecoland Davao City
FEES: P125.00 per person

The seminar will be good for 50 participants only so it is BEST to make your RESERVATION as soon as possible. Participants are also apprised that being late will forfeit your reservation. So you should come on time.

For more inquiries, You may call them at 2980012.

Picpa Davao Update

2011-01-11T17:40:00.000-08:00

Here's an important update about my previous post regarding the PICPA Davao website. The website has transferred its url to www.picpadavao.com and is currently under construction. To the internet savvy Davao Accountants, let's just brace ourselves and hope that our website will be up soon.

Business Writing Seminar

2010-12-01T20:13:00.000-08:00

Last two days reservation for the Business Writing Seminar to be conducted by the University of the Philippines (Mindanao) Professor Antonio Salvador Soria De Veyra.

If you want to improve and hone your business writing skills, then you must reserve now since the seminar will be limited to 30 participants only. The seminar fee is P2,500 per person and shall cover snacks, lunch, materials, and honorarium.

The Business Writing Seminar shall be a whole day event on December 11, 2010, and will be conducted at the Picpa House, Araullo St. Davao City. You may call them at 221-2300 or 305-6081.

Business Grammar, Style & Usage
Business Writing: What Works, What Won't
Writing That Works; How to Communicate Effectively In Business

Picpa Davao

2010-12-01T19:57:00.000-08:00

Good news to Davao Accountants!

Picpa Davao Chapter has already launched its website at PicpaDavao.Org

Below is a screenshot of their website:

I hope that this website would be helpful for us Davao Certified Public Accountants to keep updated of the latest news and seminars in our area.

EXCEL format for BIR Form 1702 (2008 version)

2010-04-10T18:29:00.000-07:00

Earn money online.

Here's a little something from me before I take a break from blogging.... I hope that auditors and accountants will find this useful....

http://www.scribd.com/doc/29723094/1702-new

1702 new

Updated 03/12/2011
Just in case you cannot download the BIR Form 1702 excel file from Scribd,
please leave a comment with your email address so that I can send you
a softcopy of the file.

Export from Quickbooks

2010-02-08T21:40:00.000-08:00

Step-by-Step process in exporting data from Quickbooks

1. Open the report that you want to import. (For example, Transaction Detail Report for Checks issued for the month of January 2010.
2. Click Print
3. Choose Print to File and press Enter
4. Enter the file name, choose the drive and directory where you want to save your data

5. Click OK or press Enter
6. Your report is now saved as a text file and may be opened through Microsoft Excel.

Important Notes on Submission of ALPHALIST at BIR

2010-01-26T01:06:00.000-08:00

Please take note of the following Revenue Memorandum Circular pertinent to the submission of softcopy of your 2009 Alphalist at Bureau of Internal Revenue:

1. RMC 5-2009
2. RMC 5-2009 Annex A
3. RMC 5-2009 Annex B
4. RMS 5-2009 Annex C

Delayed

2009-07-30T00:48:00.000-07:00

To my disappointment, a Certificate of Registration due on July 10, 2009 was released only today: with a heaping 20 days of delay. I don't know what happened to the "re-formatted" Bureau of Internal Revenue. I was glad last year when my ONETT transactions were done a little ahead of time (about 3 weeks) but dismayed and irritated about how the Certificate of Registration got delayed.

The Bureau of Internal Revenue - Davao was recently "reformatted" as I have mentioned earlier because they already have separated the East and West Davao. The BIR office in Torres caters to East Davao while a new office in Bonifacio St. (2nd floor of the old Golden Bell Building) caters to West Davao. Is there a clear cut distinction between East and West Davao? Well, I'm not so sure about that. In my own opinion, East Davao is from Bankerohan, Downtown, and going North; while West Davao is from Matina going South. I might be wrong with this, so better call BIR for confirmation.

Anyway, the "reformatting" is in consonance withRevenue Memorandum Order 9-2009 which ordered for the reclassification. There are both advantages and disadvantages in this reclassification but of course, the taxpayers hope that since the offices are split up into two disctricts, transactions would be faster. (Well, definitely, it wasn't that fast, I could attest to that. But I can forgive BIR for this since maybe they are still reorganizing in their new office. I just hope that transactions with them in the future are not as eyebrow-raising as I have experienced before).

2009-07-20T20:08:00.001-07:00

Undergoing MyBlogLog Verification

A Comparison of LGUs

2009-07-02T19:58:00.000-07:00

This is a comparison that I have made during my recent transactions concerning the processing of Assessor's Certification in the different local government units in the area of Davao del Norte (I also included Davao). A comparison of fees charged for Assessor's Certification is shown below:

*The Provincial Assessor's Office of Davao del Norte charges P35.00 per person while all the other LGUs in the list charges their respective rates per spouse.

Tagum City charges the highest fees among the the Davao del Norte LGUs. As of July 1, 2009, the Assessor's Certification fee is P160.00 (includes a service fee of P20.00 which has only been recently added), an amount which is significantly higher than the rest of its neighboring LGUs. It makes me think that this city is really run by businessmen. Nevertheless, we can see how Tagum has improved through the years. Verily, the people do not seem to mind paying higher fees for as long as they can see that what they have paid are given back to them by the government in the form of better roads, bridges, and the overall improvement of the place where they live in.

Based on the physical appearance and facilities of the LGUs, I have ranked them as follows:

The Provincial Capitol of Davao del Norte is on my No. 1 spot because I find its facade very beautiful and formal. Second is the Provincial Capitol of Compostela Valley, which I was most amazed of because the the Capitol is also very beautiful, with an informal, cozy ambiance. Third on my list is the City Hall of Panabo, which boasts of their mall-like building and glass interiors which exude a sense of transparency, the structure is also very formal and it has glass elevators. Fourth on my list is the Sangguniang Panglungsod of Davao City, which, is old compared to the three topnotchers, it is on my top four because although the building is old, it's newly repainted, and they have a newly-implemented electronic queuing system aimed at improving and eliminating the long lines in payment of LGU fees. Fifth is the City Hall of Tagum which is also comparably old than the other structures, but its the main downside of its structure is that the offices are not very organized, the same problem shared by the City Hall of Island Garden City of Samal.

In terms of performance of the services, the following is my verdict:

The topnotcher in terms of services is the Island Garden City of Samal, mainly because of their very accommodating Information Officer who is not only satisfied of giving you the directions to where a certain office is located, he goes beyond my expectation when I was personally escorted to the Assessor's Office. The top four LGUs in this category have displayed utmost professionalism in their field of work, and they are very accommodating. With the exception of Davao City, processing of documents is just minutes compared to Davao City which would take you at least two days. Panabo City is in second to the last because I was disappointed when their Information Officer pointed me to a wrong office and worse, he also made me go to the wrong floor. Last on the list is Davao City, my hometown. I do not intend to be mean to my fellow Davaoenos but based on my personal experience, it's harder to transact in my hometown's LGU because of cramped offices and the volume of people and volume of work makes everything at a snail's pace and the employees also seem to be irate at all times.

So, how does your own LGU compare to those that I have mentioned?

DAVAO CITY DIRECTORY

2009-06-08T00:04:00.000-07:00

List of Government Offices and their Telephone Numbers

1. City Treasurer's Office - 082-2279416
2. Business Bureau - 082-2250374
3. National Housing Authority - 082-2210832

Adopt a School Program

2009-05-17T20:09:00.000-07:00

Adopt a School Program allows private entities to assist a public school in a particular aspect of its educational program, such as but not limited to, staff and faculty development for training and further education, construction of facilities, upgrading of existing facilities, provision of books, publications and other instructional materials, modernization of instructional technologies, teaching and skills development, learning support, computer and science laboratories, and food and nutrition. Assistance may be in the form of cash or personal property, consumable goods, services, and real property.

This program allows tax incentives to the adopting private entity which rendered the assistance in the form of deductions from the gross income equivalent to 150% of the amount of contribution or donation, and the exemption from the payment of donor's tax. To avail of the tax incentives, procedures must be undertaken by the adopting private entity, which procedures are provided in Sec. 6 of the BIR's RR 10-2003.

Resources on Adopt-a-School Program:

Tax Forum

2009-05-07T19:33:00.000-07:00

The Philippine Institute of Certified Public Accountants-Davao Chapter, in cooperation with the Bureau of Internal Revenue will be holding a TAX FORUM/UPDATE Seminar to be held on May 19, 2009 from 8:00 A.M. to 11:30 A.M. at Linmarr Apartelle, Agdao, Davao City.

Registration fee is P200.00 per participants for snacks and materials.

CPAs and Non-CPAs are invited to join.

DOCUMENTARY REQUIREMENTS FOR THE ISSUANCE OF DAR CLEARANCE ON LAND TRANSACTION

2009-03-17T23:46:00.000-07:00

1. Letter Request of Applicant
2. Original/Certified true copy of instrument to be registered
3. Certified true copy of Title
4. Certified true copy of latest Tax Declaration
5. Affidavit of Aggregate Landholdings of Vendor[s]/Donor[s]
6. Affidavit of Aggregate Landholdings of Vendee[s]/Donee[s]
7. Affidavit of Non-Tenancy by the Vendor[s]/Vendee[s]
8. Barangay Certification/BARC Certification
9. Affidavit of Tenant in conformity to Sell/Donation
10. Municipal Assessor’s Cert. of Vendor[s]/Donor[s] Aggregate Landholdings
11. Municipal Assessor’s Cert. of Vendee[s]/Donee[s] Aggregate Landholdings
12. Provincial Assessor’s Cert. of Vendor[s]/Donor[s] Aggregate Landholdings
13. Provincial Assessor’s Cert. of Vendee[s]/Donee[s] Aggregate Landholdings
14. Special Power of Attorney, if applicant is not the owner
15. Identification of Cert. (if Vendee has foreign name)
16. Board Resolution (for corporation)
17. Transmittal of MARO
18. MARO’s Case Report

How to compute for additional and personal exemption

2009-03-10T01:47:00.000-07:00

For year 2008, the computation for additional and personal exemptions shall be PRO-RATED in light of the enactment of Republic Act 9504

This is in consonance with BIR's Revenue Regulation No. 10-2008.

Document Checklist for Capital Gains Tax and Documentary Stamp Tax

2009-02-24T23:34:00.000-08:00

Documents Checklist

1. TIN of seller and buyer (Verify at the BIR)
2. Notarized Deed of Sale of Property
3. Certified True Copy of the latest Tax Declaration
4. Transfer Certificate of Title
5. Acknowledgment Receipt
6. Sketch
7. Special Power of Attorney, if the person signing on the document is not the owner as appearing in the Title.
8. Certificate of No Improvement (if it applies)

PICPA Davao Seminar

2009-02-17T17:59:00.000-08:00

The Philippine Institute of Certified Public Accountants Davao Chapter wil be conducting a seminar on the latest SEC rules and regulations on February 26, 2009 and How to Conduct an Audit on February 27, 2009 at the Linmarr Apartelle.

Guest speakers will be Hon. Raul J. Palabrica, the Commissioner of SEC, to discuss the new SEC rules and regulations. Basic methodologies on conducting an audit will be discussed by members of the Diaz, Murillo, Dalupan, CPAs, a Manila-based accounting firm.

The fee for the two-day seminar is P1,800.00 per person.

Don't miss this opportunity. It's audit season once again so we need to refresh ourselves and keep abreast of the latest techniques and new governmental requirements.

For reservation and inquiries, please call PICPA Davao Chapter at 082-2212300 or 082-3056081.

FOSS4SMEs Part 2: Another WebERP Exposure

2009-02-16T00:04:00.000-08:00

Last February 7, 2009, Team MangoCloud-Mindanao spearheaded by Mr. Art Esmeralda organized another FOSS for SME's gig held at the IT Lab of the University of Immaculate Conception Bankerohan Campus. The event showcased the following:

1. F/LOSS 101 by Rogie Masangkay
2. F/LOSS and the Economy by Holden Hao
3. Pentaho - Business Intelligence by Evamay Delarosa
4. WatchTower - GIS/SMS solution to Asset Management/Monitoring System by Eric Lozarita
5. Gimp+Inkscape+Scribus - Desktop Publishing solutions by Andrew Abogado
6. Weberp Accounting Software by Lesley Acibron & Suzette Balucanag

Below are the photos taken during the event.

Above: Mr. Rogie Masangkay

Below: Mr. Holden Hao

Above: Ms. Evamay Delarosa

Below: Mr. Eric Lozarita

Above: Mr. Andrew Abogado

Below: Suzette Balucanag and Lesley Acibron

Above: Lesley Acibron, Andrew Abogado, with Mr. Art Esmeralda

Hello 2009!

2009-01-21T19:19:00.000-08:00

It's the busiest season once again for all those auditors all over the Philippines. Whew! Good luck to us all! (--,)

Tax Updates:

The Optional Standard Deduction (OSD) is now 40% of the Gross Receipts for Individuals and 40% of Gross Income for Corporations. This is pursuant to the amendment introduced by Republic Act 9504 and Revenue Regulation 16-2008.
You can also using your Manual Books of Accounts for the succeeding year if the same have not yet been exhausted during the previous year, according to Revenue Memorandum Circular No. 82-2008, providing the new guidelines in the registration of books of accounts.
Directors Fees are subject to 12% VAT or 3% Percentage Tax, whichever is applicable, this is made clear by Revenue Memorandum Circular No. 77-2008.

More tax updates on January 30, 2009 as the Philippine Institute of Certified Public Accountants - Davao Chapter, in cooperation with the Bureau of Internal Revenue will be holding a TAX UPDATE Seminar on Withholding Taxes from 8am to 4pm at Linmarr Apartelle, Agdao, Davao City.

FOSS: Flowcharting Software

2008-12-04T19:07:00.000-08:00

I finally found a free and open source flowcharting software. And I found it by accident! The name of the software is DIA, and I found it by browsing through the SchoolForge.

Publisher's Description of DIA:

Dia is roughly inspired by the commercial Windows program 'Visio', though more geared towards informal diagrams for casual use. It can be used to draw many different kinds of diagrams. It currently has special objects to help draw entity relationship diagrams, UML diagrams, flowcharts, network diagrams, and many other diagrams. It is also possible to add support for new shapes by writing simple XML files, using a subset of SVG to draw the shape.

It can load and save diagrams to a custom XML format (gzipped by default, to save space), can export diagrams to a number of formats, including EPS, SVG, XFIG, WMF and PNG, and can print diagrams (including ones that span multiple pages).

Flowcharting is very helpful for accountants specially in analyzing an organization's workflow. Now, I have the tools to creat a decent flowchart!

WebERP and FOSS for SMEs

2008-12-03T21:02:00.000-08:00

I've been using WebERP for around 7 months already. So far, the results are good. It is already fully functional and is the main software that I use in monitoring the finances of the law firm.

Currently, we are in the deployment of WebERP in a merchandising environment. Manual migration of subsidiary ledger data may be a chore specially for big companies with lots of receivables and payables, but the benefits could very well offset your efforts. Anyway, if you want to use the software at the start or onset of your business, it wouldn't be a problem because there would me no migration issues in having a clean start.

I am not well-versed in IT and programming but I learned about data importation and exportation through trial and error at the phpMyAdmin window. This is useful especially if you have a long list of customers and suppliers that you need to encode into the system.

Let me take this opportunity to invite you on December 13, 2008 @ the Dabawegnu Lab to know more about webERP and other Free and Open Source Software for Small and Medium Enterprises.

DTI ONLINE BUSINESS NAME REGISTRATION

2008-11-25T00:46:00.000-08:00

Wow! The Department of Trade and Industry now offers online business name registration. This is very helpful specially in registering your business name, you can actually check if the proposed business name is already taken, much like how you sign up for an email account.

Click here to download the Business Name Registration Form.

October 2008 CPA Board Exam Results

2008-10-20T02:02:00.000-07:00

The results were released 1 day after the Board exams!

To view the Reults click here

And here

Congratulations!

Learning WEBERP

2008-07-16T23:22:00.000-07:00

I am not that much exposed to accounting softwares and programs available in the market today. In my two years of experience, I have only encountered Pacioli, Quick Books, MYOB, and Business Box. Pacioli is an old accounting system and I doubt if they have released new versions. Quick Books is easier to use than Pacioli, it is new and relatively cheaper compared to other accounting softwares. I have tried Business Box and it's helpful but in evaluating the system, I can say that it still has a lot of room for improvement. As for MYOB, I have not personally used the system but I guess it delivers results since a client has been using it for quite some time already.

Small enterprises usually have manual accounting systems. Unfortunately, manual accounting system is costly in the long run, considering that you have to employ more people in maintaining the manual records than the computerized system would require. Moreover, manual accounting system cannot immediately give reports while a computerized one can generate reports in a click of a button.

Since I have learned about FOSS, or free and open source systems, I have learned that there are open source computer softwares that you can download from the internet. Yes, it is free to download. But, you have to discover the system yourself because although sometimes it provides a manual or demonstration on how to use the system, customizing it for your own business might take some time. But since it is free, then I guess it's worth to learn and discover it.

Two of these open source accounting softwares that I have tried are GnuCash and WebErp. I have not come to a full review of these two accoutning softwares but I am getting there. I recommend these two systems to business enterprises who are still starting or to those who do not have the capacity to spend a one-time big cash outlay for an accounting software. GnuCash is preferably for sole proprietorship and smaller businesses while WebErp is best for large-scale manufacturing and merchandising companies.

Let us promote open source softwares!

BIR UPDATE

2008-06-19T21:04:00.000-07:00

Republic Act 9504 or the act amending several sections of RA 8424 has already been signed into law!

This is good news!

The new personal deduction for every individual is raised to P50,000.00. There is no more distinction between single, married, and head of the family. Each is entitled to the P50,000.00 personal deduction.

Moreover, additional deduction for each dependent not to exceed four children is at P25,000.00 per child.

Also, minimum income earners are exempted from paying income tax. But of course, there are still requirements so that these minimum income earners will be exempt from tax.

These new tax measures are of great help especially to those minimum wage earners. At least, their take home pay won't be deducted with withholding taxes anymore... Thanks to our legislators!

May 2008 CPA Board Passers

2008-05-26T19:47:00.000-07:00

I made a post listing the May 2008 CPA Board Exam Passers... But i didn't notice that I had a very bad copy of it... 'Twas because I didn't preview my post since I just made it in an internet cafe.. Anyway, I have deleted it already...

For a complete list, you can go to www.prcboardexamresults.com or www.mb.com.ph

(--,)

CPA Board Exam May 2008

2008-05-20T00:53:00.000-07:00

The results are coming up in a few hours... Brace yourselves....

62nd PICPA Annual National Convention

2008-05-05T08:32:00.000-07:00

The convention held at Baguio City last April 30 to May 4 was a blast. The best part, I would say, is the regional presentations bested by the Eastern Visayas Region who ranked first place in their rendition of "The Spirit of the 70's".. I really enjoyed it! And of course, I also enjoyed my stay in Baguio City.. I'll be posting pictures in my Travel Blog soon so just feel free to visit me there....

Meanwhile, I have changed my office address and I can now be found at The Pink Room, inside the The Law Firm of Cantos, Balucanag, Dureza, and Associates, Door No. 8, Veterans Federation of the Philippines Building. Tomas Monteverde Avenue, Davao City.... Telefax is 082-2251672... (--,)

Have you filed your GFFS?

2008-04-23T19:26:00.000-07:00

GFFS is the acronym for general form for financial statements. It a requirement that must be submitted to the Securities and Exchange Commission on or before the 30th of April.

Few days left

2008-04-21T04:01:00.000-07:00

So, what's with the picture? Uhmm.. Let's just say that I am not your typical auditor who goes to work in heavily starched suits...

I have a few days left, I will have resigned this 26th. I'm sure gonna miss a lot of traveling and client visits....

Whoops, I'm still busy with consolidating financial statements right now to catch up with the deadline on the 30th. But then again, I have an earlier deadline since I will be resigning, and of course, I would also be joining the 62nd PICPA Annual National Convention in Baguio City and my flight to Manila is already scheduled this coming 28th.. Hmmm.. still a lot of work to do.. it's ok.. After all, there's a set of good stress coming my way...

Audit Season is over

2008-04-17T00:05:00.000-07:00

Audit Season is over.... Yey! But it's now time for consolidation and all that stuff for SEC submission on or before the 30th of April.. Whew! Another deadline fast approaching... Oh well, I have resigned already, effective April 26.. Yepey!!

Tax Amnesty

2008-03-05T18:49:00.000-08:00

Today is the deadline for the filing of tax amnesty. I am disappointed.

Busy Season

2008-01-07T23:09:00.000-08:00

The accountant is busy as the season for filing Income Tax Returns is fast approaching. According to law, the Annual Income Tax Returns (for the year 2007) are due to be filed on April 15, 2008 (Tuesday).

New SSS Contribution

2007-11-25T20:52:00.000-08:00

Effective January 1, 2007, the Social Security System has implemented a new contributions schedule. To download, click here.

Zonal Value Certification

2007-11-13T20:36:00.000-08:00

BIR Requirements for Zonal Value Certificate

Letter request from the land owner (3 copies)

Tax Declaration (2 copies)

Title (2 copies)

Vicinity map

Special Power of Attorney/Authorization

Certification Fee of P100.00

Documentary Stamp @P15.00

IRR of Lending Act

2007-11-13T19:50:00.000-08:00

The implementing rules of RA 9474 or Lending Company Regulation Act of 2007 has been released.