Loose leaf updating service
If the entire contents of the loose-leaf are replaced on a yearly basis, misfiling ceases to be a problem.An additional concern is the fact that pages of loose-leafs do go missing, either due to misfiling or someone taking the pages out to photocopy and neglecting to replace them.Recently, it has been observed that there is a confusion on the venue for filing the application for PTU loose-leaf books of accounts due to the transfer of venue for filing PTU for CAS to the National Accreditation Board (NAB.) The loose-leaf books of accounts is a recording of transactions through encoding of details in the computer and generating copies by printing this out using the approved loose-leaf format to be bound as the bookkeeping record of the taxpayer. 68-2017 clarified that although the use of loose-leaf books is computer-aided, this is considered manual recording, hence its PTU should not be filed with the NAB. 13-82, a sworn statement specifying: (1) the books to be used, invoices/receipts and other accounting records together with the serial numbers of principal and supplementary invoices/receipts to be printed; and (2) commitment to permanently bind the loose-leaf forms within 15 days after the end of each taxable year or upon the termination of its use.Currently, the application for PTU loose-leaf books of accounts is within the jurisdiction of the regional director through its legal division, pursuant to RMC No. In line with BIR’s aim to promote ease of doing business, the processing of application and issuance of the PTU loose-leaf books of accounts will now be done by the concerned revenue district office (RDO), considering the geographical location of the regional offices (RO) compared to the RDO. The PTU loose-leaf books issued to the taxpayer’s head office (HO) will cover all registered branches at the time of issuance.
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.
Gallup's interviewers will be looking for the institution's "primary user." Please share this letter with the person in your institution who most often uses the loose-leaf service.
Thank you for your cooperation in helping us improve one of our most important regulatory resources.
Given that this consolidated legislation can be found online for free, and with the added bonus of (generally) being more current than the text in the loose-leaf, a release that contains only legislative material is not considered a good use of money.
Both staff time and the library budget dollars can be better used elsewhere.