Summary Lists of Sales and Purchases – How to Prepare with EasyFS

For businesses in the Philippines, compliance with Bureau of Internal Revenue (BIR) regulations is crucial. One such requirement is preparing Summary Lists of Sales and Purchases (SLSP), a vital document for Value Added Tax (VAT) reporting. This guide will walk you through the steps to prepare your SLSP efficiently, and how easyFS can simplify the process for you.

What is the Summary List of Sales and Purchases (SLSP)?

The SLSP is a report required by the BIR that details a VAT-registered taxpayer’s sales, purchases, and importation transactions. It is submitted along with the monthly VAT returns (Form 2550Q) and helps the BIR verify VAT compliance.

The SLSP includes two components:

• Summary List of Sales (SLS) – A record of all taxable sales transactions.
• Summary List of Purchases (SLP) – A record of all taxable purchases and importations.

Submitting these lists accurately and on time helps avoid costly penalties and ensures your business remains in good standing with the BIR.

Who is Required to Submit the SLSP?

All VAT-registered taxpayers, including corporations and sole proprietors, must prepare and submit the SLSP. This applies even if a taxpayer has no taxable sales or purchases within the quarter. In such cases, the SLSP should still be submitted as a “No Entry” report. Compliance with this requirement is non-negotiable, as it is closely tied to VAT reporting obligations.

Step-by-Step Guide in Preparing the SLSP

1. Gather the Necessary Data
   • For sales, record invoices and official receipts directly into the system. If you’re using a Point of Sale (POS) system integrated with easyFS, transactions are logged automatically.
   • For purchases, enter details of receipts and importation records into easyFS to ensure all taxable transactions are captured.
   • Using the traditional method of SLSP Filing, you would have been manually gathering data. But when you use easyFS, Invoices, receipts, Purchases, and Expenses are already tracked. This makes it easier for you because the system captures all relevant data. 
2. Organize and Categorize Transactions
   • With easFS, mistakes and lacking reports are not a problem because it  automatically organizes your transactions into Sales or Purchases. 
   • For purchases, easyFS detects the following: Purchases and importation records are categorized with the supplier’s details, VAT, and net purchase amounts.
   • Furthermore, the system also validates data, flagging missing or incomplete entries for correction.
3. Generate BIR-Compliant SLSP Reports
   • To generate the report, start by logging into your easyFS account. After logging in, you will be redirected to the easyFS dashboard, from there, click the “BIR CAS Reports”. Select the option to generate the Summary Lists of Sales (SLS) and Summary Lists of Purchases (SLP).  
   • Furthermore, easyfs compiles all recorded transactions into a single, BIR-compliant SLSP report, complete with Taxpayer Identification Numbers (TINs), Names of buyers and suppliers, and Total gross amounts and VAT details.
4. Validate and Review
   • Before submission, review the SLSP report generated by easyFS to avoid incorrect or missing information.
5.  Export and Submit the Report to BIR
   • Once the SLSP is validated, export it in the required format (e.g., Excel or CSV) directly from easyFS. The exported file is ready for upload to the BIR eSubmission portal.
   • Once finished downloading, log in to the BIR’s eSubmission portal, upload the file, and confirm submission.

easyFS in SLSP Preparation:

easyFS is a cloud-based accounting solution that streamlines the preparation of SLSPs by automating data tracking and ensuring compliance with BIR requirements.

• Automated Data Tracking: easyFS captures sales and purchase transactions in real-time, reducing manual data entry and minimizing errors.
• BIR-Compliant Reporting: The system generates SLSP reports formatted according to BIR standards, ready for submission.
• Seamless Integration: With easyFS, businesses can integrate their accounting processes, ensuring that all financial data is accurately reflected in the SLSP.

Penalties for Non-Compliance:

Failure to submit the SLSP or providing incorrect information can result in penalties. According to Revenue Memorandum Order No. 7-2015, penalties include fines of ₱1,000 per failure, not exceeding ₱25,000 per year for each category.

Why Choose easyFS for SLSP Preparation?

Efficiency: Automates data collection and formatting, saving you hours of manual work.

Accuracy: Reduces the risk of errors and ensures compliance with BIR standards.

Convenience: Access your SLSP and other financial reports from anywhere with cloud-based technology.

All-in-One Solution: Manage your accounting, VAT compliance, and reporting in a single platform.

Conclusion

Preparing the Summary Lists of Sales and Purchases (SLSP) is a critical part of VAT compliance for businesses in the Philippines. With easyFS, the process becomes seamless, accurate, and hassle-free. From automated data tracking to BIR-compliant reports, easyFS ensures that your business stays compliant while saving time and effort.

Don’t let SLSP preparation slow you down. Choose easyFS and focus on growing your business instead of stressing over compliance.

Get started with easyFS today and experience accounting made easy!