Inventory List of Unused Official Receipts – How To Issue This to BIR

Inventory List of Unused Official Receipts, How do I issue this to BIR?

Have you heard of this new requirement from BIR in relation to the RR 7-2024? If not, let us break it down for you to easily understand what to do with them.

But first what is the purpose of the Inventory List, and why do we need to issue this to BIR?

The new RR 7-2024 states that all unused official receipts shall be converted to invoice by striking through the word “Official Receipt” and, in its place, stamp “Invoice,” “Cash Invoice,” “Charge Invoice,” “Credit Invoice,” “Billing Invoice,” “Billing Invoice,” or “Service Invoice.” Which stamp you use will depend on the transaction but we generally recommend just using “Sales Invoice” as its generic enough to cover most, if not all, cases.

Simply put, all taxpayers must report to the BIR the number of unused Official Receipts remaining so that the BIR can qualify or acknowledge them for use as Invoices until all unused OR are completely used. After that, you will need to have new invoices actually printed out already. Taxpayers need to turn over the Inventory List to the BIR within 30 days of RR 7-2024 taking effect.

What should be the format for the Inventory List?

The inventory list shall include the following:

• Taxpayer details (Name, TIN, Business Address, ATP OCN, RDO Branch Code)
• Description and Type of Official Receipts
• No. of Booklets
• Ending serial number of the OR
• Signature over printed name of the taxpayer

Here is a template for inventory of unused receipts.

But if you don’t have time to prepare for the inventory list, you can ask for an accountant to do it on your behalf. Reach out to our team at customercare@taxumo.com to connect you with one of our accountant partner to assist you on the inventory list.

How do I submit the inventory list to BIR?

According to RMC 66-2024, Taxpayers can submit their inventory list on or before July 31, 2024 with either 2 options.

1. Taxpayer can submit an email on Inventory List through Taxpayer Registration-Related Applications (TRRA) Portal: Click here to submit your inventory list

2. Taxpayers can email the Inventory List directly to the compliance section of their respective RDO. Click here to check the email of your RDO

Is there a way to manage my Invoice transactions on my Books of Accounts easier?

We all know that as a taxpayer, once you register with BIR, you will also be issued with Books of Accounts. But we know how time-consuming this can be for businesses, especially if you have a lot of transactions.

So we made a way in Taxumo for this process to be easier.

All you need to do is to type in your Income and Expenses on our Cashflow, and from here we would be able to generate the Books of Accounts automatically for you.

And the best part is – there’s a way for you not to hand write this down one-by-one on your Books of Accounts, you can apply for a loose leaf accreditation with your RDO. Connect with one of our Accountant Partners here https://www.taxumo.com/taxumo-consult/ if you want to learn more about this.

We can also help you in generating your Invoice soon! Join our waitlist for the release of this new feature