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Accounting & Finance Workflow
Accounting & Finance Workflow
Management
Management
Billing and Payments
Billing and Payments
Request Access to GM or OM
Request Access to GM or OM
Request Access to GM or OM
Request Access to GM or OM
Request Access to GM or OM
Request Access to GM or OM
Request Access to GM or OM
Request Access to GM or OM
Request Access to GM or OM
Inventory Management Guide
Inventory Management Guide
Equipment & Furniture Inventory
Product Refill and Usage Logs
Products Inventory Report
Cash Receipts
Cash Receipts
Cash Disbursements
Cash Disbursements
Step-by-Step Accounting Process
Step-by-Step Accounting Process
BIR-Compliant • Double-Entry • PFRS-Aligned • For PH Businesses •
1. Source Document Collection
Collect valid and dated documents as the basis for accounting entries.
Type of Transaction
Sales
Purchases
Payroll
Withholding Tax
Bank Transactions
Asset Acquisitions
Loans
Required Documents
Official Receipt (OR) / Sales Invoice (SI)
OR / SI / Statement of Account
Payslips, Time Records, Payroll Sheet
BIR 2307 / 2316
Bank Statements, Check Vouchers
OR / SI, Delivery Receipts, Property Tagging
Loan Agreement, SOA
2. Transaction Logging
Input raw data into structured logsheets (manual or via Google Forms).
Log Type
Log Type
Revenue Log
Expense Log
Journal Log
Inventory Log
Purpose
Purpose
Cash & credit income, client payments
Purchases, bills, expenses
Non-cash entries: depreciation, adjustments, accruals
Inventory movement for COGS tracking
3. Journal Entry Mapping
Apply double-entry accounting to classify each transaction properly.
Transaction
Cash Sale
Purchase
Asset Acquisition
Loan Proceeds
Owner Investments
Accrued Expense
Depreciation
Debit
Cash
Cash in Bank
Expense / Asset
Equipment
Cash
Cash Expense
Depreciation Expense
Cash
Sales Revenue
Cash / AP
Cash / AP
Loan Payable
Capital
Accrued Liablity
Accumulated Depreciation
4. Posting to BIR Books of Accounts
Transactions must be posted to the 7 standard BIR books.
Book
CRJ (Cash Receipts Journal)
CDJ (Cash Disbursements Journal)
Sales Journal
Purchase Journal
General Journal
General Ledger
Subsidiary Ledgers
Entry Type
Cash Income/sales
Cash/check expenses
Credit sales
Credit purchases
Adjustments, depreciation, asset acquisitions
All accounts summarized by code
AR, AP, Inventory (if applicable)
5. Reconciliation
Regular reconciliation ensures accuracy and prevents discrepancies.
Area
Bank Ledger
AR / AP
Inventory
Tax Payables
Trial Balance
Reconciled Against
Bank Statement
Aging reports
Physical count
Filed returns vs books
Ledger vs Journals
6. Financial Report Generation
Summarize books into standard financial statements.
Report
Income Statement (P&L)
Balance Sheet
Cash Flow Statement
Trial Balance
Aging of AR / AP
Purpose
Track income and expense performance
Snapshot of assets, liabilities, equity
Where the money comes/goes
Ledger balances before closing
Outstanding receivables and payables
7. Tax Compliance
All accounting data flows into BIR-compliant tax filing and reporting.
7.1 For VAT-Registered Businesses
Frequency
Monthly
Quarterly
Monthly
Quarterly
Quarterly
Annually
Annually
Annually
Optional
BIR Form
2550M
2550Q
0619E
1601-EQ
1701Q / 1702Q
1701 / 1702
1604-E + Alphalist
2316
SLSP
Description
VAT Declaration - taxable and exempt sales, input/output VAT
VAT Return with zero-rated and exempt sales
Expanded Withholding Tax (EWT) remmittance
EWT summary
Income tax return (individual / corporate)
Final income tax return
Annual EWT return and list of payees
Employee tax certificate
Summary List of Sales/Purchases (if required)
7.2 For Non-VAT (Percentage Tax) Businesses
Frequency
Quarterly
Monthly
Quarterly
Quarterly
Annually
Annually
Annually
BIR Form
2551Q
0619E / 0619F
1601-EQ / 1601-FQ
1701Q / 1702Q
1701 / 1702
1604-E + Alphalist
2316
Description
Percentage Tax Return (3% or 1% under CREATE)
Expanded or Final withholding tax remittance
EWT/FWT summary
Quarterly income tax return
Final income tax return
Final EWT summary and payee list
Employee tax certificate
8. Year-End Closing & Adjustments
Action
Close Revenue/Expense Accounts
Post Year-End Adjustments
Prepare Post-Closing Trial Balance
Submit Annual FS to BIR/SEC
Purpose
Transfer net income to Retained Earnings
Depreciation, accruals, tax adjustments
Clean base for next fiscal year
Audited FS if Corporation
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