As a registered taxpayer, you are required by the BIR to keep around, depending on your tax types, 2 - 6 Books of Accounts manually. These are the columnar ledgers you normally see sold in office supply stores.

By default, those Books of Accounts are MANUAL books of accounts. This means that you'll be updating these books BY HAND. The BIR expects that you keep those books constantly updated.

A looseleaf books of accounts is different because basically, you can print out "equivalent" reports that can stand as your books of accounts. You do need to make sure that you print them all out (annually) and have them hard-bound. You then submit these hard-bound books of accounts AND, if you want to continue using looseleaf books of accounts, a Form 1900 with your registration details (for renewal purposes) on the 15th of January every year.

In case you don't know, Taxumo has a Books of Accounts functionality that you can use for your Looseleaf Books of Accounts. It comes with every subscription plan of Taxumo. 

Did this answer your question?