Ma’am Clark

Q. What do you think are the main functions and responsibilities of a tax
accountant?

> The main function and responsibility of a tax accountant is to ensure that all tax
should be filed on or before its due date to avoid penalty. And it is also the tax
accountant’s responsibility to ensure the accuracy of the data to be filed.

Q. Do you have a daily routine as a tax accountant?

 My daily routine is to make a necessary summary report for tax filing, depend on
the type of tax to file.

Q.As a tax accountant, what are some hardships or challenges you often
encountered?

>The primary challenge I encountered was when transitioning period. I was an internal
audit before, and the work of an internal audit has a huge difference from tax accountant.

>Second is the pressure. Because being a tax accountant, you should know when the
due date of the taxes you are filing.

Q.What are the advantages and disadvantages of being a tax accountant?

 1st is the disadvantage. I think the disadvantage of being a tax accountant, is that
you will encounter pressures and you’re always conscious with the date, since all
taxes to be filed have their own due date.

 But at the same time, it could also be an advantage because once you encounter
that kind of pressure at work, the next time you have that kind of work or task, you
will no longer feel that way. Or I could say, it will be a bit easy on you.
And also, once you became a tax accountant or you master this field there’s a lot of
opportunity especially to you, accountancy students.

Q.May mga protocols po ba kayo na inilatag ng higher ups?

 Most of the protocols naman is like the standard procedures naman. In preparation
of summary, and filing of tax is within procedures naman.

Q.What can you say about your working environment?

 As I said earlier, this kind of work has a lot of pressure, but with the help of my co-
workmates and our manager, I can, somehow, finish the task easily.

Q.Are you using a program or system specifically in filing tax?

  When preparing the tax. We have this system, QNE software. But as of now, I
cannot generate the necessary tax, because sometimes the report for that month is
not yet done.
 Second is the Electronic Filing and Payment System or EFPS. It is where I file the
tax and prepare for payment.

Q. In preparation of tax related transactions, what are the key considerations and
documentation requirements for preparing tax-related transactions, such as
deductions, credits, and filings, to ensure compliance with relevant tax laws and
regulations?

 When preparing summary for tax filing, these are some of the documents I need:
 Summary of cash disbursement for the return period.
 Summary of cash receipts for the return period.
 Summary of documentary stamp used for the return period.

Q. Can you discuss, what are the importance of having accurate record-keeping and
documentation in the preparation of tax-related transactions?

 It is necessary to have an accurate record or documentation especially on tax-

related transactions in the reason of we avoid amendment of tax. Because it can
also be a reason for BIR questioning.

Q. What role does tax planning play in preparing for tax transactions, and how can our
school or companies optimize their tax position while ensuring compliance with
applicable laws and regulations?

 Our Institution is a BIR tax compliance. And that is one the responsibility of the tax
accountant to prepare summary report, file tax and comply with the necessary
requirements needed by the BIR.

Q. In terms of financial adjustment, what are the procedures and your task?

 My task in financial adjustment is encoding of adjustment in the system, so that it

will reflect in the student’s statement of account (SOA)
 The procedure of it starts in cash department where they fill-out the financial
adjustment form based on the necessary adjustments. Secondly they will pass it
to Audit department for checking. Once checked it will be given to me for
encoding.

Q. Why it is necessary for the school or corporation to make financial adjustment at

the end of reporting period?

 It is necessary to make adjustments in student’s account to ensure the accuracy

of the student’s tuition fee.
 To inform the students. Since there are different kinds of adjustment made in
their account, the student as well, will be informed of what kind of adjustments
appeared in their SOA.
Q. How do you determine if there is a need for financial adjustment? Are there factors
you considered?

 Yes, there are factors to be considered in determining financial adjustment.

There are 2 kinds of financial adjustment no.1 is for refund- once the student has
overpayment and request to take the money, it will be processed for refund. No.
2 is for posting- here is where debit and credit in student’s account happened.
Most of the adjustments for postings are discounts, scholarships and other fees
requested by their department head.
 Financial adjustments subject for refund are being determined by the cash
department since the students will come to ask about their overpayment and
later ask for refund. After accomplishing the fin.adj. Form, the cash dept. then
now give it to audit department for checking. Once checked it will be transferred
to me for encoding in the system.
 On the other hand, financial adjustments subject for posting will be coming from
department head to be approved by the President and afterwards the letter will
be transferred to cash to process.

Q. What are the potential risks associated with failing to make necessary financial
adjustments in a timely manner?

> The problem occurs when, sometimes the adjustment needed to fulfill the payment
of student (like scholarship) is not yet arrived from the ChED. Then another semester will
come, as a result the student balances increase.

Q. How do you ensure those adjustments are made in accordance with accounting
principles and regulatory requirements?

> All financial adjustments were made within procedures and with proper
documentation.

Q. What do you want to say for those who are planning to apply as a tax accountant?

> If you want to be a tax accountant, I would say that it will be an advantage if you
have a knowledge (brief or broad will do).
> You should also train yourself to be organized and work under pressure since you
will be dealing with some due dates.