Input tax computation

To    Accounting staff

December 16, 2017

Input tax and Design Fees

This is to thank Bia Merriam for taking note of the Design Fees and the VAT input tax, an account that is lacking in our  chart of accounts.

1.  Input tax is an asset account.  It is deductible when we pay the output tax.  When we buy a vatable material or FFE, what we pay for includes the material/FFE and the input VAT

    Thus when a materials or FFE is purchased.

         Purchase                   xxxx

         VAT Input Tax          xxxx

                      CIB                              xxxx

2. When pay the VAT :

      VAT payable

      Less Input tax

      VAT output tax

Thus be sure you obtain receipts from VAT registered companies,  and include the supporting docs for the allowances

The moment we pay VAT, the input tax is deducted (and is removed from our assets?) and is considered erased?

(GINAGAWA BA ITO SOPHIA BIA?)

3. The design fees for Engr. Jay and  Arch Andrew are part of UDC (inventory cost, COGS) Real Estate Held for sale. Read the significant accounting policy which we shall discuss

READ THE REVISED CHART OF ACCOUNTS WHICH HAS UNDERGONE AT LEAST 5 REVISIONS/EDITINNG

     

--

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PMS PIS Price, MA, Com and Commissionable Amount

BE a BIDDA: "BELIEVE, INSPIRE, DREAM, DO ACHIEVE"

Price List Monthly Amortization, Commissionable Amount Schedule of Commissions

 Amortization:

PMS

           TCP     Annual   Semi Ann        Qtrly             Monthly

                                       5  %             15 %                 20%

Compassionate (Social)

Zinnia   15,000  3,000   1,575            862.50           300.00

Daffodil 20,000  4,000   2,100        1,150.               400.00  

Wood (Economic)

White R 30,200  6,040   3,171       1,736.50          604.00 

Gladioli  39,200  7,840   4,116       2,254.00          784.00

Cattlya 48,500   9,700   5,092.50  2,778.75          970.00

Metal casket (classy)

Peac L  62,400 12,480.0  6,552.00   3,558.00     1,248.00                

Carnt    89,500  17,900.00 9,397.50  5,146.25    1,790.00

Chrys  115,200  23,040    12,096.00  6,624.00         2,400.00

Prepaid Interment Service

Delux  22,000   4,400.00   2,310.00   1,265.00         440.00

Lux      25,000   5,000.00  2,625.00    1,437.50            500.00

  Commissionable amount and com due say for 60 months only  principal less 11.6%  ( Vat 8% + 3.6 CGLI)

                       
35% for Sales Exec

45% for Sales Manager

 50% of MA  Max for SD


-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x--x-x-x-x-x-x-x-x

50% for Sales Director                          
                 TCP           11.6     Net Amount  Com/.50MA  # Mos
Zinnia    15,000         1,740   13,260     1,3260.00/150         8,84

Daffodil  20,000        2,320   17,680     1,768.00/200         8.84


White Ro  30,200     3,503.20  26,696.00  2,696.00/300    8.84

Gladioli   39,200      4,547.20  34,652.80  3,465.30/329    8,84

Catt       48,500       5,626.00  42,874.00   4,287.40/48     8.84      


PL          62,400       7,238.40   55,161.60  5,516. 10/624     8,84

Carnt     89,500     10,382.00  79,118.00  7,911.80/ 895.    8.84

Chrys  115,200    13,363.20  101,836.80 10,183.70/1,200  8.48


PIS

De Lux   22,000    2,552.00  19,448.00   1,944.80/220         8.84

Lux      25,000       2,900.00   22,100.00   2,210.00/250        8,84


For Sales Manager                45%                     .09  
             
                                                                      com/.50MA

Zinnia                                                        1,200.15/150          8

Daffodil                                                     1,591.20/200     7.956


White rose                                                2,402.64 /300      8.

Gladioli                                                     3,118.75/392     7.956

Cattleya                                                   3,858.66/485      7.956


Peace Lily                                                 4,964.54/624     7.956

Carnation                                                 7,120.62/895     7.956

Chrysanthemum                                   9,165.24/1,200      7.63


PIS

De Lux                                                     1,750.32/220       7.956

Lux                                                           1,989.00/250       7.956



For sales execs                 35%                       .07                 
                                                                   com/.50MA 

Zinnia                                                      934.50/150          6.23

Daffodil                                                 1,237.60/200        6.188


White Rose                                             1,887.20/300         6.29

Gladioli                                                   2,425.64/392        6.18

Cattleya                                                 3,001.18/485        6.18


Peace Lily                                               3,861.27/624        6.18

Carnation                                               5,538.26/895        6.18

Chrysanthemum                                    7,128/1,200          5.94


PIS


De Lux                                                     1,361.36/220          6.18

Lux                                                            1,547.00/25         6.188                                           

                             

Penalties from late payments

To   :   Holy Gardens Calamba

           Holy Gardens Pangasinan

WHAT :  PENALTIES IMPOSED BY BIR FOR LATE PAYMENTS

Objectives:

1.  To make more cash available for expansion of business and benefits to employees

2   To avoid waste and needless avoidable expense

3.  To develop more professionalism and work related maturity

Background/Reality

1.  I was asked to sign a check for penalty for VAT payment in Holy Gardens Greenhills.  It takes two to tango.  I understand a staff in Greenhills and staff in 3ffb were responsible for this.  Did we negotiate to reduce the penalty?   What caused the penalty -  delays miscommunication?

I could not accept the fact that penalties more than 100% of the cost of original VAT was to be charged and I am signing allowing this anomaly.

2.  We had seminar on CTRP of 1997 where penalties and criminal liabilities wiht non compliance were discussed.  Nothing happened with the seminar?

3.  We discussed and we emailed that our net operating profit (EBIT) is only 13% of the gross collection for hgmp.  Thus a P70,00 penalty requires P700,000 gross collection so that it can be recovered.

4.  If you were the business owner, would you allow such huge amount to be lost to BIR just because there were communications, and tardiness, and I hope not, laziness on our staff. You have money to pay, docs that are complete, and yet somebody just goofed

What do we do.

1. CCD the culprits

2.  Remind everyone that penalty is an anomaly.  It is not a normal occurrence in business.  Avoid.  Stop it.

3. DIN comes from daily practice and good habit.  Every one up and down the organization must practice coming to work and doing what is required on or before time.

FOR COMPLIANCE

Jorge  U. Saguinsin

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