To Accounting staff
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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?
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
PAGSASANAY SA TAGUMPAY (Training for Success)
SETTING THE STANDARDS IN INTERMENT SERVICE
Innovation creates more wealth and more customers
Jorge U. Saguinsin
Be a BIDDA now
RRURAC (Read, Reflect, Understand, Realize Act, Check)
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