As a business owner in the Philippines, you will have to register with the BIR which requires you to maintain accounting books as a basis of your income tax declarations.
Cash Receipts Book - record book of cash sales of goods and services or cash payments received from receivables.
Cash Disbursements Book - record book of cash payments for expenses and purchases of goods and services.
General Journal - record book of other non-cash transactions like liquidation of expenses or adjustments to account balances. Month-end adjusting journal entries like accrued expenses and depreciation are recorded on this book.
General Ledger - record book of account balances for the month and yearly transactions.
Sales Journal - record book of sales of goods and services with output tax.
Purchase Journal - record book of purchase of goods and services with input tax.
Some tips or advise when recording entries on the cash receipts, cash disbursements, general journal. The debit amounts should always equal with the credit amounts. That is in accordance with the accrual basis and double-entry method of accounting principles.
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