Basic Accounting - Value-Added Tax (VAT) Entries (Part 3)

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Basic Accounting - Value Added Tax (VAT) Entries (Part 3)
Learn the basics of recording Value-Added Tax (VAT) entries.
Value-Added Tax (VAT)
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Опубликовано:

23 сен 2024

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Комментарии : 16

@jhoevelynnuelan65 3 года назад

If the Output Vat exceeds Input Vat, then we have VAT payable to BIR. On the other hand, if the Input Vat exceeds Output Vat. Where does the exceed portion of Input Vat go? Thanks po for answering Sirr:))

@FilipinoAccountingTutorial 3 года назад

hello jhoevelyn. If mas malaki ang input VAT, yung natirang input VAT pwede yun ipang offset sa mga susunod na output VAT from sales. Ang account for sobrang input VAT ay mapupunta sa "Creditable Input VAT". Hope it helps.

@jhoevelynnuelan65 3 года назад

@@FilipinoAccountingTutorial Sir, thanks for great help po

@kylacruz8186 4 месяца назад

Sir what if naman po 0 rated po? What would be the entry to claim input vat po?

@mariafebalmoria2246 Год назад

Regarding sa 10/25 transaction input vat or output vat PO sa freight out?

@charleneandres6595 Год назад

Tanong ko lang po, if nadiscountan po yung biniling office equipment masusubject po ba sa tax yung discount? Ex. A/P. xx Cash. xx OEquip. xx Input Tax ?

@reina4253 3 года назад

question lang po, if vat creditable po ba nasa credit side pa rin? thank you

@gleitchelfaithmiones8820 2 года назад

Good day Sir, just want to ask that if we record the VAT in the worksheet, does it belong to the income statement?

@FilipinoAccountingTutorial 2 года назад

Hello Gleithcel. VAT accounts do not belong in income statement because they are not part of income and expenses of the business. Hope it helps.

@anjelodevilla7119 2 года назад

Question po. Nakakapag-claim po ba ng input VAT from transactions where you purchase assets not to be sold/not for merchandise (e.g. Supplies, Furnitures & Fixtures, Equipment)? How about po sa payment of expenses other than freight (e.g. Repairs and Maintenance, Utilities Expense, Rent Expense)? Thank you po!

@FilipinoAccountingTutorial 2 года назад

All are Yes, Anjelo. Provided VAT registered din ung entity na bumili ng assets and nagincur ng expense.

@anjelodevilla7119 2 года назад

Thank you po! Big help po ang sagot nyo. May isa pa po akong question kung okay lang po. Magre-record pa rin po ba ng input VAT sa mga purchases na walang source file (invoice or receipt)?