BIR Form 2550Q, also known as Quarterly Value-Added Tax Return is a form of sales tax imposed on sales or exchange of goods and services in the Philippines. Serving as a form of indirect tax, VAT are passed on to the buyer which consume the product/service.
Start generating your 2550Q report in JuanTax by following these steps:
In your dashboard, go to Value Added Tax then proceed to 2550M/Q. After that, click the Generate Report (plus icon).
In filing a Quarterly VAT Return...
After choosing the Month and Year of the report, you need to confirm that you're filing a quarterly return by confirming it in the radio button. After that, click the Generate button.
After generating the report, you would automatically be prompted to the SLSP tab, where you could start adding your transactions.
In the SLSP Data Tab...
The grid of the SLSP Data tab has many icons which lets you Add, Delete, Import, Export as well as Edit ATC and transactions. You can also refine search and navigate through your list of transactions.
Adding Transactions for VAT
You can start adding transactions by either: (1) Adding them manually or by (2) By importing CSV format transactions.
Adding Transaction(s) Manually
Proceed to the SLSP DATA tab and click either the plus icon (Add Sales Transaction(s))or the CREATE SALES TRANSACTION button.
In case that your customer isn't a part of your contacts, you can easily add them by clicking the Add as New Contact link. It will prompt you to a form where you could fill out all the important information such as Contact Type, TIN and Address. Click Save button to continue.
Once added, you can already start adding other information such as Description, Reference No., Date, Tax Type, Category, Amount and ATC. Hit SAVE buitton to continue.
Importing Transactions through CSV
You can also import your transactions in bulk for your 2550Q report. All you need to do is to have a CSV file containing your transaction information. Click the Import Sales Transaction(s) button to begin.
Once you are prompted to the Import CSV transactions modal, you need to click the download links in order to obtain a copy of the file.
There are two files available:
a. CSV file - This is the actual CSV file containing fields such as Date, Tax Type,Category, Amount, Customer TIN, Customer Name, First Name, Last Name, Middle Name, Description, Reference No., ATC, Address Line, City and Zip Code.
b. ATC Codes - As for the ATC field in the first CSV file, you can choose within the ATC codes present in this CSV spreasheet.
Once you had completed the CSV file, you may now proceed on importing it to your 2550Q report. You need to go back to the Import Transaction(s) modal and click the Browse button.
Locate for your CSV file and click Open.
After that, you need to click Next button.
Map the fields of your CSV file with the appropriate transaction fields.
Make sure to review the mapped transactions before continuing, and once finished, click DONE.
Once you've imported some transactions, there would be instances that fields such as Address would become incomplete, since it's not part of the CSV file, but no worries because you can easily fill this one in JuanTax.
Mark the checkbox of the entry, then click the Edit Contact to start editing your contact.
Modify some of the information in the window such as Contact Type, Name, TIN, Email address, and Address Line. Click Update button to continue.
Preview of the Report
You can also access a preview of the actual report by clicking on the Report tab next to Summary.
Filing the Report
Simply file your report by following the guidelines mentioned in this article through our Help site.
Paying the Return
Follow the steps in this article for you be to able to pay your filed tax return in JuanTax.