What is a summary list of sales and purchases?

The summary listing of sales and purchases is also called SLSP, is one of the documentary requirements that the Bureau of Internal Revenue requires that all VAT-registered taxpayers submit as an annex to their VAT returns.

A quarterly summary list of sales and purchases is required to be submitted by VAT taxpayers on or before the 25th of the month after the end of every taxable quarter. The summary list of sales and purchases is also known as RELIEF DAT files.

All VAT payers with total quarterly sales or receipts greater than 2,500,000 pesos must submit a quarterly sales summary list of sales. However, quarterly purchases of more than 1,000,000 pesos to submit a quarterly summary list of purchases.

To give you an idea, these files support the Bureau of Internal Revenue's third-party information program by cross-referencing the information presented on the taxpayer's sales and purchasing list.

When a seller has declared a sale, but the buyer does not announce a purchase, the Bureau of Internal Revenue BIR will use the SLSP to identify the taxpayers who underreport their tax.

The data generated from the summary list of purchases and sales reports compare the sales and purchases of all taxpayers who presented the exact requirements.

There are two ways to present your summary listing of sales and purchases. First, you can manually deliver the BIR in magnetic form using a 3.5-inch floppy disk, CD or USB, in the provided format, along with the complete VAT Relief transmittal form.

Alternatively, you can send a compressed DAT file to esubmission@bir.gov.ph, pending confirmation and approval from BIR.

Please note, however, that failure to submit the summary listing of sales and purchases in the prescribed manner will result in a fine of 1000 peso for each failure unless such failure is due to reasonable cause and not deliberate ignorance and the total amount collected for all those failures during the taxable year must not exceed 25,000 pesos.

Bureau of Internal Revenue provides a downloadable program in which taxpayers can enter details to verify details. Daily or weekly encoding will help taxpayers avoid increasing the number of invoices or receipts.

For a summary list of sales, you need to furnish details such as the buyer's name registered with the Bureau of Internal Revenue, Taxpayer Identification Number of the buyer, nature of sales, amount of sales, and the VAT Amount.

For a summary list of purchases, you need to submit the supplier's name registered with the Bureau of Internal Revenue, Taxpayer Identification Number of the seller, nature of the purchase, amount of purchase, creditable input VAT, or non-creditable input-VAT.

With the accounting system, taxpayers can automatically generate SLS and SLP reports with just a few clicks, as the system captures all the encoded data. There are many accounting software in the market, and choosing the best can be challenging.

It would help if you had accounting software that is BIR compliant and does the job of submitting the SLSP quickly for you. You can try a 60-day free license of the accounting software offered by QNE Software PH.