J.C. Accounting Services

27/09/2025

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28/08/2025

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26/08/2025

𝐖𝐡𝐚𝐭 𝐈𝐬 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠?
Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business. It helps stakeholders understand the financial health and performance of an organization.

𝐅𝐮𝐧𝐝𝐚𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐂𝐨𝐧𝐜𝐞𝐩𝐭𝐬
These are the building blocks of accounting:
✅ 𝐀𝐜𝐜𝐫𝐮𝐚𝐥 𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐥𝐞: Transactions are recorded when they occur, not when cash is exchanged.
✅𝐂𝐨𝐧𝐬𝐢𝐬𝐭𝐞𝐧𝐜𝐲 𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐥𝐞: Use the same accounting methods over time.
✅𝐆𝐨𝐢𝐧𝐠 𝐂𝐨𝐧𝐜𝐞𝐫𝐧 𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐥𝐞: Assumes the business will continue operating.
✅𝐌𝐚𝐭𝐜𝐡𝐢𝐧𝐠 𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐥𝐞: Expenses are matched with related revenues in the same period.
✅𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐑𝐞𝐜𝐨𝐠𝐧𝐢𝐭𝐢𝐨𝐧 𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐥𝐞: Revenue is recognized when earned, not when received.

𝐓𝐡𝐞 𝐁𝐚𝐬𝐢𝐜 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐄𝐪𝐮𝐚𝐭𝐢𝐨𝐧
This equation is the foundation of double-entry bookkeeping:
𝐀𝐬𝐬𝐞𝐭𝐬 = 𝐋𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬 + 𝐎𝐰𝐧𝐞𝐫’𝐬 𝐄𝐪𝐮𝐢𝐭𝐲

𝐀𝐬𝐬𝐞𝐭𝐬: What the business owns (e.g., cash, inventory).
𝐋𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬: What the business owes (e.g., loans, accounts payable).
𝐎𝐰𝐧𝐞𝐫’𝐬 𝐄𝐪𝐮𝐢𝐭𝐲: The owner's claim after liabilities are subtracted from assets.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭𝐬
☑️ 𝓘𝓷𝓬𝓸𝓶𝓮 𝓢𝓽𝓪𝓽𝓮𝓶𝓮𝓷𝓽: Shows revenue, expenses, and profit/loss over a period.
☑️ 𝓑𝓪𝓵𝓪𝓷𝓬𝓮 𝓢𝓱𝓮𝓮𝓽: Snapshot of assets, liabilities, and equity at a specific date.
☑️ 𝓒𝓪𝓼𝓱 𝓕𝓵𝓸𝔀 𝓢𝓽𝓪𝓽𝓮𝓶𝓮𝓷𝓽: Tracks cash inflows and outflows from operations, investing, and financing.

𝐄𝐬𝐬𝐞𝐧𝐭𝐢𝐚𝐥 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐓𝐞𝐫𝐦𝐬
𝐑𝐞𝐯𝐞𝐧𝐮𝐞: Income from sales or services.
𝐄𝐱𝐩𝐞𝐧𝐬𝐞𝐬: Costs incurred to generate revenue.
𝐃𝐞𝐛𝐢𝐭𝐬 𝐚𝐧𝐝 𝐂𝐫𝐞𝐝𝐢𝐭𝐬: The dual entries used in double-entry accounting.
𝐉𝐨𝐮𝐫𝐧𝐚𝐥 𝐄𝐧𝐭𝐫𝐢𝐞𝐬: Initial recording of transactions.
𝐋𝐞𝐝𝐠𝐞𝐫: Where journal entries are posted and categorized.

Accounting Knowledge Concepts

26/08/2025

📢 Tax Deadline Reminder ‼️

19/08/2025

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15/08/2025

12/08/2025

𝐇𝐞𝐚𝐝𝐬 𝐮𝐩, 𝐭𝐚𝐱𝐩𝐚𝐲𝐞𝐫𝐬! 𝐌𝐚𝐲 𝐛𝐚𝐠𝐨𝐧𝐠 𝐃𝐒𝐓 𝐫𝐚𝐭𝐞𝐬 𝐬𝐚 𝐢𝐥𝐚𝐥𝐢𝐦 𝐧𝐠 𝐑𝐀 𝟏𝟐𝟐𝟏𝟒 (𝐂𝐌𝐄𝐏𝐀).

Quick guide:
• DS101 – 75% of 1% ng par value
• DS103 – 75% of 1% ng transaction value
• DS106 – 75% of 1% ng issue price (prorated kung < 1 year)

Habang ina-update ang eBIRForms/eFPS:
• Manual filing ng BIR Form 2000
• Magbayad sa kahit anong AAB
• Itago ang OR at stamped Form 2000

Note: Para ito sa original issue (issuers), hindi sa mga bumibili sa secondary market. Para sa iba pang impormasyon, coordinate with your RDO or bisitahin ang https://www.bir.gov.ph/.

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07/08/2025

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07/08/2025

Upcoming Tax submission and Filing

07/08/2025

Free Seminar

📊 𝐋𝐞𝐯𝐞𝐥 𝐔𝐩 𝐘𝐨𝐮𝐫 𝐄𝐱𝐜𝐞𝐥 𝐒𝐤𝐢𝐥𝐥𝐬—𝐅𝐨𝐫 𝐅𝐫𝐞𝐞! 💻

Join us for an online training via Zoom on
𝐁𝐚𝐬𝐢𝐜 𝐄𝐱𝐜𝐞𝐥 𝐓𝐨𝐨𝐥𝐬 𝐟𝐨𝐫 𝐈𝐧𝐯𝐞𝐧𝐭𝐨𝐫𝐲, 𝐒𝐚𝐥𝐞𝐬, 𝐚𝐧𝐝 𝐁𝐮𝐝𝐠𝐞𝐭𝐢𝐧𝐠
🗓️ August 19, 2025 (Tuesday)
⏰ 10:00 AM – 3:00 PM
🎙️ With resource speaker from the ICT Literacy and Competency Development Bureau, Department of Information and Communication Technology

🔗 Register now for FREE: https://forms.gle/ij79et7mxfJA3Uhv7

Don't miss this opportunity to improve your productivity and financial management skills using Microsoft Excel! 📈

💡Organized by DTI-NCRO through the Shared Service Facilities (SSF) Program, in collaboration with Marikina SSF Cooperators

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