BIR Form 2550M, or also known as Monthly Value-Added Tax Declaration 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.
The first thing that you need to do is 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.
Creating Transactions in Xero
STEP 1: Start creating your transaction in Xero by going to Business>Invoices
STEP 2: Then click the New Invoice button, then go to New 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
Back in JuanTax....
STEP 5: To generate your value added tax report in JuanTax, just go 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)
STEP 7: Choose the Month and Year of the report, then hit Generate button
Once you've finished generating the report in JuanTax, your transaction from Xero would automatically be pushed into your 2550M report.
