Browsed by
Tag: accounting

Review: One Asia Inc.

Review: One Asia Inc.

At the end of the year Philippine companies are required to file a General Information Sheet (GIS) with the Securities and Exchange Commission (SEC) and an Audited Finanical Statement with the SEC and the Bureau of Internal Revenue (BIR).

I’ve completed and filed GISs before but I’ve never had to come up with an AFS. Moreover as I am not an accountant I wouldn’t even know where to begin. So I hired One Asia Inc. to come up with the Alcoves AFS for 2014. Overall my review would be satisfied and I would consider contracting their services again. However I wasn’t satisfied sufficiently that it would be a sure thing that I would get One Asia Inc. for next year’s AFS.

Accounting - is there anything more dreary?
Accounting – is there anything more dreary?

Read More Read More

How to Compute VAT

How to Compute VAT

VAT or value added tax (GST in other countries) in the Philippines is 12% of the price of the good or service.

So you’d think a purchase worth PHP100 would have a VAT amount of PHP12.

Nope, you’re wrong. The correct VAT amount on a sale of PHP100 would be PHP10.71. Find out how to compute the proper VAT amount after the fold.

Read More Read More