Books of Accounts is classified into Manual Books of Account and Computerized Accounting Books/Record.
The following are required for keeping of books of accounts:
1. Corporation, companies, partnership or persons are required to keep books of accounts.
2. Quarterly sales, earnings receipts do not exceed P50,000 SIMPLIFIED Set of Bookkeeping Records.
3. Quarterly sales, earnings receipts exceed P50,000 - Journal and Ledger
4. Corporations, partnership, or persons whose gross quarterly sales, earnings, receipts exceed P150,000 shall have their Books of Accounts audited by independents CPA
The method of accounting use is Cash or Accrual Basis.
Besides, the preservation of Books of Accounts and other Accounting Records, all the books of accounts, including the subsidiary books and other accounting records or corporations, partnership, or persons, shall be preserved for a period of three (3) years beginning from the last entry in the book.
