Updates in Retail Sales Transactions for VAT

We’ve added some improvements when it comes to identifying information such as TIN and address in retail transactions.

Changing for the Better

In our initial release, we require users to have TIN and addresses for all sales and purchase information, but due to the fact that some transactions and businesses focuses more on retail, we realized that we had to change some things!

The Case of Retail Sales

Imagine yourself as an owner of a business that involves retail (e.g. clothing, department store, groceries, restaurants etc.).

Customers would come and go to your store, buying products and services, but at the end of the day, you would never know their address and TIN numbers.

How it Works?

One of the changes we’ve implemented was to not automatically populate the TIN and address fields for retail sales.

After clicking your VAT return  (Dashboard > Value Added Tax Return), you’ll see 3 tabs, namely: 

• Sales

• Purchases

• Capital Goods

Customer’s TIN and addresses are still required. But this time, we’ve added options to:

(1) Use Default Tax Identification Number (TIN) where users can enter a default generic TIN.

Ex: 000-000-000-XXX (where XXX corresponds to the branch)

(2) Use Default Organization Address for users to stay at ease with their pushed organization address, or simply type the address of the organization.
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New RDO Codes Available

We’ve added 7 new RDO (Regional District Office) codes to our list in JuanTax. 

What’s Included?

Included in the list are the following RDO Codes:

• RDO Code - 121 (Excise LT Audit Division 1)

• RDO Code - 122 (Large Taxpayers Division - Makati)

• RDO Code - 123 (Large Taxpayers Division - Cebu

• RDO Code - 124 (Excise LT Audit Division II)

• RDO Code - 125 (Regular LT Audit Division 11)

• RDO Code - 126 (Regular LT Audit Division III)

• RDO Code - 132 (East Davao City)

With the list of RDO codes expanding, users can now choose freely on what RDO code to use, and as the search parameter continues to widen up, the more users can look for their designated tax filing offices.

You can access the full list of these RDO codes by going to Settings > General Settings > Revenue District Offices, and choose the RDO code that you need for your organization in JuanTax.
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Unique TIN Notifications

Another feature included in our list of latest releases is the ability of JuanTax to notify users of duplicate TINs (Tax Identification Number).

Once you connect Xero to JuanTax, all information is automatically pushed to your JuanTax account. This includes transactions, organization details, contacts, among others.

In this release, we will now prompt you of any duplicate TINs.

JuanTax Amortization Schedule

We’re also thrilled to announce that we also added another exciting feature for JuanTax! It’s called the Amortization Schedule and it’s another first, courtesy of our tax software.

The Amortization Schedule

Did you see the Amortization tab in your VAT report? 

Yes, that feature alongside tabs like Sources and Summary? That’s one of our newest surprise which is added to our tax software. We made sure that this feature of JuanTax can easily be accessed by you as our user.

We believe that some businesses are experiencing troubles when it comes to managing assets, and want themselves to keep updated on how much input tax should be deducted, based on the life span of their asset.

Our amortization schedule feature in JuanTax can do automatic calculations as well as handle amortization of input taxes related to the purchase of capital goods that exceeds over 1 million pesos (1,000,000 PHP)

What’s In the New Feature?

The amortization schedule has two tabs namely:

• Summary

• Detail

The Summary tab gives an overview of all capital goods, total cost (net of VAT), total input tax, input tax used, months remaining and balance of excess input tax.

While the Detailed tab contains the amortization for each asset that belongs to the schedule.