The Subsidiary Sales Journal is a specialized accounting record used to track and document all sales transactions made by a business. It provides a detailed record of each sale, including the customer name, invoice number, date of sale, description of items sold, and the corresponding amounts. The Subsidiary Sales Journal helps businesses manage accounts receivable and monitor sales performance.
How to Fill the Subsidiary Sales Journal for BIR Compliance
To ensure compliance with the Bureau of Internal Revenue (BIR) in the Philippines, the Subsidiary Sales Journal should be filled out accurately and consistently. Here’s a step-by-step guide:
Use a Bound Journal Book:
Use a bound and paginated journal book to maintain the integrity of records.
Column Headers:
Common columns in the Subsidiary Sales Journal include:
Date
Customer Name
Invoice Number
Reference Number
Description
Sales Revenue (Credit)
Accounts Receivable (Debit)
Other Accounts (if applicable)
Record Transactions Promptly:
Record each sales transaction as it occurs to ensure the journal is up-to-date.
Complete Information:
Ensure each entry includes the date, customer name, invoice number, reference number, a brief description of the sale, and the amounts credited and debited.
Debit and Credit Entries:
For each sale, debit the Accounts Receivable account and credit the Sales Revenue account.
Attach Source Documents:
Attach or reference source documents such as sales invoices and receipts for each entry.
Consistent Format:
Use a consistent format for all entries to ensure clarity and uniformity.
Sample Subsidiary Sales Journal Entries
Here’s an example of how to record transactions in the Subsidiary Sales Journal for BIR compliance, covering transactions for a fictional business, PBC, for the period January to March 2024.
Subsidiary Sales Journal of PBC
For the Period January to March 2024
| Date | Customer Name | Invoice Number | Reference Number | Description | Sales Revenue (Credit) | Accounts Receivable (Debit) | Other Accounts (if applicable) |
|---|---|---|---|---|---|---|---|
| Jan 15 | Customer A | INV-1001 | SAL-001 | Sale of products | 1,000,000 | 1,000,000 | |
| Jan 25 | Customer B | INV-1002 | SAL-002 | Sale of services | 400,000 | 400,000 | |
| Feb 10 | Customer A | INV-1003 | SAL-003 | Sale of products | 500,000 | 500,000 | |
| Feb 25 | Customer C | INV-1004 | SAL-004 | Sale of merchandise | 600,000 | 600,000 |
Detailed Entries:
January 2024
Date: January 15
Customer Name: Customer A
Invoice Number: INV-1001
Reference Number: SAL-001
Description: Sale of products
Sales Revenue (Credit): 1,000,000 PHP
Accounts Receivable (Debit): 1,000,000 PHP
Date: January 25
Customer Name: Customer B
Invoice Number: INV-1002
Reference Number: SAL-002
Description: Sale of services
Sales Revenue (Credit): 400,000 PHP
Accounts Receivable (Debit): 400,000 PHP
February 2024
Date: February 10
Customer Name: Customer A
Invoice Number: INV-1003
Reference Number: SAL-003
Description: Sale of products
Sales Revenue (Credit): 500,000 PHP
Accounts Receivable (Debit): 500,000 PHP
Date: February 25
Customer Name: Customer C
Invoice Number: INV-1004
Reference Number: SAL-004
Description: Sale of merchandise
Sales Revenue (Credit): 600,000 PHP
Accounts Receivable (Debit): 600,000 PHP
Key Points for BIR Compliance:
Accuracy:
Ensure all figures are accurate and match the supporting documents.
Timeliness:
Record transactions as they occur to keep the journal up-to-date.
Completeness:
Do not leave blank spaces or lines between entries to prevent unauthorized insertions.
Legibility:
Ensure all entries are clear and legible. Corrections should be done properly with a single line strike-through and initialed by the responsible person.
Supporting Documents:
Keep all related documents (invoices, receipts, etc.) organized and easily accessible for audit purposes.
By following these guidelines, the Subsidiary Sales Journal will meet BIR compliance standards and provide a reliable record of all sales transactions.
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