How To Generate BIR 2550
BIR 2550 is a form of sales tax imposed on sales or exchange of goods and services. BIR 2550M, also known as Monthly Value-Added Tax Declaration and BIR 2550Q as Quarterly Value-Added Tax Return can be both generated in the QNE System
1. Using the Navigation Panel, Go to VAT Module > VAT Declaration
VAT Declaration Form can be observed to have items listed on the 1st Column (Description), and additional 12 Columns which represent the Months.
Refer to below table for the listed DESCRIPTION, with identification whether value for each month is automatically calculated by the system or is user-inputted (FIELD TYPE) and REMARKS for formula and other notes.
Note: VAT Declaration Field ID is only created for reference to easily recognize the values that will reflect in BIR Form 2550
2. To start, set the current working Year. The system will display all computed monthly Vatable and VAT Amounts based on the recorded transactions. Fill in all other needed fields.
3. Once VAT declaration has been finalized, Click Save or Save and Close.
BIR 2550 Form can now be generated.
4. Go to Reports > VAT Reports > BIR 2550
For BIR 2550M ‘Monthly Value-Added Tax Declaration’, Set the Report Type to MONTHLY, then select Taxable Month and Year then click Preview
Below shows the VAT Declaration Field IDs and its corresponding Field No. in BIR 2550M
Schedule 4 and 5 portions, amounts will be coming from VAT Declaration F1 – F3.2
For BIR Form 2550Q or Quarterly Value-Added Tax Return, change the filter Report Type to QUARTERLY and Set Period From & To then Click Preview
Below shows the VAT Declaration Field IDs and its corresponding Field No. in BIR 2550Q Form
The system will generate the Total Values based on the 3 months covered period.
Same Field IDs will be used but in a per Quarter basis
For further concerns regarding this matter, please contact support to assist you or create ticket thru this link https://support.qne.com.ph