1. WHAT IS CBOS BOOKKEEPING SERVICE ?
    1. Recording of transaction in the books based on BIR standards and requirements. THE FIRM does not involved in any internal transactions of the Company. THE FIRM procedure is designed for  government reports and within the Scope of Work provided below.
  2. SCOPE OF WORK
    1. Recording or uploading of transaction provided by the client to the accounting software used.
    2. File BIR Returns as follows
      1. Monthly BIR Filing
        1. Form 1601C – Monthly withholding tax on Compensation Return
        2. Form 0619E – Monthly Withholding tax on Expanded Return
        3. Form 2550M – Monthly VAT Return
      2. Quarterly BIR Filing
        1. Form 2550Q – Quarterly VAT Return
        2. Form 1701Q/1702Q – Quarterly Income Tax Return
        3. Form 1601EQ – Quarterly Withholding tax on Expanded
        4. Form 2551Q – Quarterly Percentage Tax Return
      3. Annual BIR filing * – subject to annual fees
        1. Form 1604CF – Annual Summary of Withholding tax on Compensation
        2. Form 1604E – Annual Summary of Withholding tax on Expanded
    3. Filing of BIR Returns thru EFPS filing, if applicable only. THE FIRM authorization is limited to maker only.
    4. Submission of Monthly Reports
      1. Corporate Taxpayer
        1. Income Statement
        2. Balance Sheet
        3. Changes in Equity
        4. Cash Flow Statement
        5. Comments & Recommendations
      2. Individual Taxpayer
        1. Income Statement
        2. Balance Sheet
        3. Cash Flow Statement
        4. Comments & Recommendations
    5. Writing of Books of Accounts per quarter only after filing of 1701Q / 1702Q
    6. Year- end reports
      1. Trial balance
      2. Depreciation Schedule
      3. General Ledger
  3. NON INCLUDED IN SCOPE OF WORK BUT CAN BE DONE AND BILLED SEPARATELY
    1. Analyzation and Interpretation of the Books of the Client ( ACCOUNTING FUNCTION)
    2. Review Procedure
    3. Audit Procedure
    4. Renewal of Books of Account unless annual fees is paid
    5. Advisory Services
    6. Bank Reconciliation
    7. Proceed to Payment of BIR returns filed thru EFPS filing
    8. Processing of Employee Benefits (subject to separate fee)
      1. Payment
      2. Submission of Report
    9. In-house FS for bank and other institution
    10. GIS Filing for SEC
    11. Change of Stockholders, change of address
    12. Tax Clearance
    13. SEC Monitoring
    14. Payroll Services
    15. ITR of Stockholder
    16. BIR Representation for LOA or LN
  4. NECESSARY INFORMATION TO BE PROVIDED BY THE CLIENT
    1. Provide Sales report as follows
      1. Taxable Sales
        1. Date of Invoice/OR
        2. Sales Invoice / OR
        3. Name of Buyer/Customer
        4. Peso Value of Sales
        5. Output Tax
      2. Zero-Rated Sales
        1. Date of Invoice /OR
        2. Sales Invoice/OR number
        3. Name of Buyer/Customer
        4. AWB/BL No.
        5. Sales Receipts in Foreign Currency
        6. Conversion Rate
        7. Peso Value of Sales
        8. Date of Remittance
        9. Name of Bank
        10. Bank Credit Memo no. / Wire transfer
      3. Exempt Sales
        1. Date of Invoice / OR
        2. Peso Value Sales
        3. Sales Invoice/ OR number
        4. Name of Buyer/ Customer
        5. Reason for Basis of Exemption
    2. Provide Company expenses with complete details as follows :
      1. Registered Name of Supplier
      2. TIN
      3. Invoice Number
      4. Official Receipt Number
      5. Date of Official Receipt
      6. Amount of Purchase
      7. Input Tax
      8. Total Invoice Price
    3. Provide per billing Invoice per Client, if applicable
    4. Provide list of assets purchased and disposed of; Land, Vehicle, Equipment
    5. Provide E- sales report from POS
    6. Provide payroll summary per month
      1. TIN of employees
      2. Address of employees
      3. SSS, PHIC, HDMF number of employees
    7. Provide Importation list with complete details as follows
      1. Date of Invoice
      2. Name of Supplier
      3. Items imported
      4. AWB/BL Number
      5. Date of Arrival
      6. Complete details of composition of landed cost/cost per book entry
      7. VAT paid
      8. Date of Official Receipt
      9. Official Receipt Number
    8. Copy of Lease Contracts
    9. Copy of Loan Agreements; Bank Loan, Personal Loan, Advances to Stockholders
  5. PAYMENT
    1. During the term of this Agreement, THE CLIENT shall pay THE FIRM the monthly service fees under this agreement before the 10th of each month of the current month.
    2. Non-payment may cause delay in the filing of return. Any penalties incurred thereof shall be charged to THE CLIENT.
    3. If NO PAYMENT is received for the grace period given. All software access will be suspend and NO returns will be filed accordingly. Any penalty incurred due to non-payment of monthly service fee is the FAULT of THE CLIENT.
  6. COMPANY’S RESPONSIBILITY
    1. Reminder of Company Responsibility per SEC
      1. The company and its management is responsible for the fair presentation of the financial statement including its schedules attached in accordance with the prescribed financial reporting framework indicate therein, and for such internal control as management determines  is necessary to enable the preparation of monthly and annual financial statements that are rom material misstatement, whether due to fraud or error.
      2. The Board of Directors and Management is responsible for overseeing Company’s financial reporting process.
      3. The Board of Directors and Management reviews and approves all tax return filed and its financial statement including all schedules therein.  
    2. Reminder of Company Responsibility per BIR
      1. The Company BOD and its Management is responsible for all information and representations contained in the financial statement. Furthermore, the BOD and its Management is responsible for all information and representations contained in all the other taxes filed for the reporting period, including but not limited to the value added tax and or percentage tax returns, withholding tax returns, documentary stamp tax returns and any and all other tax returns.
  7. STANDARD OF PERFORMANCE
    1. THE FIRM will follow up and remind the Company up to 5 times only thru email, Phone call and text messaging for anything to be filed, paid and submitted for Government compliance.
    2. THE FIRM will have 3 days return period after the documents was received in the office. ( the count will start the day after the documents was received)
    3. The 3 days rule will not apply if the Company provide the data 3 days before deadline.
    4. THE FIRM hereby agrees that it shall follow the highest professional standards in performing all services to be provided under this agreement.
  8. TERM
    1. This agreement is effective on the date written above and shall be in effect until the end of the 30 days period following the written termination notice.

3 Comments

  • Evangeline Tecson
    Posted January 2, 2019 7:38 am 0Likes

    I wanted to know if you conduct training on Xero accounting?

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