BIR Ruling

August 27, 1973 Messrs. Salcedo, del Rosario Bito, Mica & Lozada P.O. Box 281 Manila Gentlemen : This is in reply to your letters dated June 5 and 16, 1973 requesting the approval of the handling and preservation of the "computer print-outs" under the computerized accounting system of your client, the first National City Bank. cdta After a comprehensive observation and study of the computerized accounting system of your aforesaid client by an official of this Bureau, this Office has authorized your said client to use computerized accounting and bookkeeping system. Under this system, accounts with your client's customers are recorded in the "computer print-outs"; that this computer print-outs for each day's transactions are bound in a single volume and a machine copy of our letter of authority dated December 21, 1972 will be attached to the inside cover of each volume; that the vaults of your client, while the bound volumes of the original print outs will be kept on file and made available for examination to authorized representatives of this Office in accordance with the Bookkeeping Regulations. It appearing under the foregoing circumstances that the handling and preservation of the computer print-outs under the approved computerized accounting and bookkeeping system of your aforesaid client is in substantial compliance with the provisions of Revenue Regulations No. V-1, as amended, your request is hereby granted. cdtech Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue TAN-1601-593-5 "TAXPAYERS SHOULD INDICATE THEIR TAN IN ALL COMMUNICATIONS TO THE BIR."