BIR Ruling

March 7, 1972 Theo H. Davies & Co., Far East, Ltd. 222 Buendia Avenue Makati, Rizal Attention: Atty . J . P . Lukban Manager, Tax Department Gentlemen : This refers to your letter dated February 2, 1972 stating that your Trading Division carries several product lines, and makes a daily sales of roughly P200,000.00; that the sales are being individually invoiced and posted in the sales books with details as to customer, the amount of sale, and the invoice number; that this procedure proved a tedious process requiring waste of manpower in view of the number of invoices to be posted, which averages daily from 400 to 700 invoices. In view of the foregoing, you are requesting permission to post to the sales book only the total sales for the day, with the condition that the sales invoices which have been posted on the basis of the aforesaid procedure will be tied and bundled on a day-to-day basis. In reply, I have the honor to inform you that it appearing that the foregoing procedure of posting your daily sales to the sales book is a substantial compliance of the provisions of Revenue Regulations No. V-1 otherwise known as the Bookkeeping Regulations, your request is hereby granted. Very truly yours, MISAEL P. VERA Commissioner of Internal Revenue