BIR Form 2551Q, or also known as Quarterly Percentage Tax Return are taxes imposed on individuals/businesses who sell/lease goods or services that are exempted from Value Added Tax (VAT) with annual sales not exceeding 3,000,000 PHP.
You need to specify Percentage Tax as your tax type before generating a report.
To start generating your 2551Q report follow these steps:
STEP 1: Access your dashboard and go to Percentage Tax Return, then proceed to the 2551Q tab
STEP 2: Click the plus icon (Generate Report)
STEP 3: Select the Month and Year of your report then hit Generate
You can start adding transactions by either:
A. Adding them manually
B. By importing CSV format transaction
STEP 4: After generating the report, you also need to choose between radio buttons on whether you wanted to utilize either Graduated or 8% Income Tax Rate.
Adding Transaction(s) Manually
STEP 1: Click on the Sources tab and on the upper right part of the screen, click the (+) or Add Transaction icon.
NOTE: In case that your customer isn't a part of your contacts, you can easily add them by clicking the Add New Contact link.
STEP 2: It will prompt you to a form where you could fill out all the important information such as Contact Type, TIN, and Address. Click the Save button to proceed to the next step.
STEP 3: Once added, you can start adding the details of the transaction into the Description field to understand the transaction better. Select the Tax Type, Tax Code, and Account by clicking the drop-down arrows to choose the appropriate rate or code. Note that taxes are automatically computed based on the Tax Type chosen.
After saving, your transaction will appear in the 2551Q grid. You can edit, delete, bulk edit, export, search and navigate through your transactions list.
You can also access a preview of the actual report by clicking on the Report tab next to Sources.