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How do I submit my inventory list to BIR?

The soft copies of the Inventory List and the additional schedules and reports must be submitted via an accurately labeled DVD-R, along with a Notarized Certification signed by the authorized representative of the taxpayer. This Certificate is to certify that the information contained on the DVD-R is true and accurate.

What is the meaning of inventory list?

An inventory list is a comprehensive, itemized list that details every product your company has in stock, including raw materials, work-in-progress items, and finished goods. In general, an inventory list should include the product's name, SKU number, description, pricing, and quantity.

What is inventory list?

An inventory list is a comprehensive, itemized list that details every product your company has in stock, including raw materials, work-in-progress items, and finished goods. In general, an inventory list should include the product's name, SKU number, description, pricing, and quantity.

Who are required to submit Bir inventory list?

The Bureau of Internal Revenue issued Revenue Memorandum Circular No. 57-2015. This memorandum requires all those businesses to sell goods or items, real estate dealers or developers, manufacturers, retailers, wholesalers, and those involved in construction.

Why is inventory list important?

The inventory list is important because it shows you exactly what you have available for sale or use, how efficiently your business is turning inventory, which items are not selling or being used, and reduces your carrying costs. It's also important because it's needed for income tax reporting.

bir annual inventory list format download

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What is inventory list accounting?

An inventory list is a complete, itemized list of every product your business has in stock. This includes your raw materials, work-in-progress, and finished goods. An inventory list should include each item's SKU number, name, description, cost, and quantity in stock.

What should be included in an inventory list?

An inventory list is a comprehensive, itemized list that details every product your company has in stock, including raw materials, work-in-progress items, and finished goods. In general, an inventory list should include the product's name, SKU number, description, pricing, and quantity.

Who shall file inventory list to BIR?

The Bureau of Internal Revenue issued Revenue Memorandum Circular No. 57-2015. This memorandum requires all those businesses to sell goods or items, real estate dealers or developers, manufacturers, retailers, wholesalers, and those involved in construction.

How do you make an inventory list?

How to write an inventory report Create a column for inventory items. Similar to an inventory sheet template, create a list of items in your inventory using a vertical column. ... Create a column for descriptions. ... Assign a price to each item. ... Create a column for remaining stock. ... Select a time frame.

What is an inventory list used for?

An inventory list is a complete and itemized record of everything a company has in stock, be it for sale, for use or both. It can include raw materials, work-in-progress items and finished goods. Such a list helps to understand item availability and what the business is selling and has available to sell.

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