Guide · Taxation
Books of accounts required for doctors
Every doctor registered with the BIR must keep books of accounts and register them before use. At a minimum that's a set of journals and a ledger; VAT-registered doctors keep additional subsidiary books. They record your income and expenses and are exactly what the BIR examines in an audit.
The basic set
Most doctors keep a cash receipts journal, a cash disbursements journal, a general journal, and a general ledger — capturing money in, money out, and the running balance of each account.
For VAT-registered doctors
Once VAT-registered, you also keep subsidiary sales and purchases journals that track output and input VAT per transaction.
Manual, loose-leaf, or computerized
Books can be manual, loose-leaf, or computerized; the last two need a BIR permit to use. Medtax keeps your books updated electronically and helps you stay compliant whichever format you keep.
Requirements follow current BIR bookkeeping regulations. Confirm the exact set for your registration with your account manager.