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.
When it Comes to Xero Integrated Versions of JuanTax...
You first need to create a sales transaction in Xero. This transaction would automatically be pushed into your JuanTax account once you integrate the tax software with your account in Xero.
Adding Transactions Within Xero
STEP 1: Start creating your transaction in Xero by going to Business>Invoices
STEP 2: Click the New Invoice button, then go to Invoice
STEP 3: Populate the fields of the invoice then click the Approve button
STEP 4: Pay the amount by populating fields such as Amount Paid, Date Paid, Paid to and Reference before clicking the Add Payment button
Go back to JuanTax....
STEP 5: Start generating your VAT report by going to your dashboard and proceed to Value Added Tax Return
STEP 6: After that, click on the 2550M/Q, then click the Generate Report (plus icon).
In filing a Quarterly VAT Return...
STEP 7: 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.
Once you've finished generating the report in JuanTax, your transaction from Xero would automatically be pushed into your 2550Q report.