The Bookkeeping Regulations

March 17, 1947REVENUE REGULATIONS NO. V-1THE BOOKKEEPING REGULATIONSTO : All Internal Revenue Officers and Others Concerned CHAPTER IScope and Definition of TermsSECTION 1. Scope. — Pursuant to the authority granted in section 4 (j), of Commonwealth Act No. 466, otherwise known as the National Internal Revenue Code, the following regulations relative to the keeping of books of accounts, records, registers, and the issuance of invoices, receipts, tickets, and other supporting papers and documents by persons subject to internal revenue taxes, and the manner of recording business transactions are hereby promulgated and shall be known as Revenue Regulations No. V-1 or "The Bookkeeping Regulations". ScHADISECTION 2. Definition of Terms. — As used in these regulations, the following words and phrases shall be taken to mean as follows:"Persons" includes natural persons and partnerships, associations, companies or corporations, no matter how created or organized."Books of accounts" shall include the journal and the ledger and their subsidiaries, or their equivalents."Journal" is a book of original entry in which the happenings or transactions affecting the business of a taxpayer are...