To open a corporate bank account in the Philippines, bring your SEC or DTI registration, BIR Certificate of Registration, Mayor's Permit, a board resolution naming signatories and valid IDs. Banks apply know-your-customer checks under anti-money laundering rules, so the registered address and officers must match your other records.
A corporate bank account is more than a convenience. It is where customers pay, where payroll and taxes are settled and where the BIR and auditors expect to find the trail of the company's money. Paying business expenses from a founder's personal account weakens that trail and complicates the support for deductions.
Banks open corporate accounts only after the company has its SEC certificate, tax registration and local permit, which makes the account the practical test that all your registrations agree with one another.
Philippine banks apply know-your-customer checks under anti-money laundering rules. They typically ask for the SEC certificate of incorporation, the articles and by-laws, the latest General Information Sheet, the BIR Certificate of Registration, the Mayor's Permit, a board resolution that authorises the account and names the signatories, and valid government IDs for each signatory.
Banks may also ask for the beneficial owners behind the corporation, an explanation of the expected activity and, for foreign shareholders, extra identification documents. Decide the signing rule in advance: for example, any one of two named officers up to a set amount and both above it, and have the board resolution say so.
Philippine customers pay through several channels. Bank-to-bank transfers use InstaPay for real-time settlement and PESONet for batch settlement, QR Ph lets customers scan one code from different apps, and GCash and Maya serve merchants and individuals who hold e-money wallets. Cheques remain common for some corporate payers, and issuing a cheque that bounces can carry criminal exposure under Batas Pambansa 22.
Each channel has its own cut-off, fees and statement format, so the same sale may show up as a net amount after charges. Put the invoice number in the payment reference whenever the channel allows it, and record gross amount, fee and net amount separately so the books can be reconciled later.
The address on your SEC filings, BIR Certificate of Registration, Mayor's Permit and bank file should be identical. When the company relocates, update each agency, then the bank, then your customers. A common mistake is changing the address on invoices without changing the BIR record, which can draw questions about whether the invoice was issued by the registered business.
Changes of officers work the same way. Pass a board resolution, file the update with the SEC where required, and give the bank the new signatory specimens so that authority to move money follows the real management of the company.
Compare banks on account maintenance fees, online banking limits, support for batch payroll uploads, access to InstaPay and PESONet, and how they handle merchant QR collections. A trading company may want a separate collection account and an operating account, so that receipts and payments can be reconciled independently.
Foreign-owned companies often add a foreign-currency account for remittances from overseas clients. Ask the bank how it documents inward remittances, since the paperwork it issues may be the proof you later need for VAT zero-rating of service exports.
At month end, a shop may find a PHP 50,000 bank transfer, a series of GCash payments of PHP 1,200 to PHP 8,000 and several Maya credits that settle net of fees. Start from the invoice list, tick each invoice against a credit by reference, and move the unmatched credits into a short list for follow-up.
Differences usually come from fees, partial payments and customers who pay without a reference. Record fees as expenses rather than reducing the sale, so that the invoice amount and the VAT shown on it remain unchanged.
Auditors and the BIR may ask for bank statements, board resolutions and signature cards to confirm who controlled the money. Keep the resolutions in the corporate record book, along with the dated acknowledgment from the bank, and scan statements monthly rather than waiting for the year-end request.
If a signatory leaves the company on bad terms, notify the bank in writing immediately. Authority at the bank follows the documents on file, not the organisation chart.
Bring originals and photocopies of the SEC and BIR documents, the notarised board resolution, specimen signatures, tax identification numbers and two valid IDs for each signatory. Some banks require an initial deposit and a minimum average daily balance, so ask before the visit.
Expect an interview about the expected volume, main customers and countries you trade with. Prepare a brief description of your business and a sample invoice, because a clear answer shortens the review and reduces the chance of follow-up questions.
A training company issues forty invoices in a month, collects thirty by bank transfer and ten through GCash, and pays three suppliers through InstaPay. On the last day the bookkeeper exports the bank statement, downloads the wallet report, and lines up each credit against the invoice list. The two unmatched credits turn out to be one customer paying two invoices in a single transfer and a deposit with no reference.
Writing the explanation next to each exception takes ten minutes and saves hours when the auditor asks about them later.
4invoices.net issues PDF invoices with your payment details printed on them and keeps an archive, so you can look up which invoice a transfer refers to. Matching bank, GCash and Maya credits to those invoices is done in your own bank statements or accounting tool, as the product does not connect to banks or e-wallets and does not import or match payments.
4softerp.net can hold your multi-company bookkeeping, including the bank account list and balances you enter. Opening the account, updating signatories and notifying agencies of an address change are transactions you complete with the bank and the authorities.
GCash, Maya and bank-transfer receipts arrive across three separate channels, each requiring manual matching to open EIS invoices at month-end.
Match GCash, Maya and bank credits to invoices using your statements and the invoice number. 4invoices does not connect to GCash, Maya or banks and does not import or match payments.
After relocating to a new office, the company continues to issue invoices with the old registered address for six months, triggering BIR mismatch queries.
Update the registered address with BIR and SEC yourself, then change it in your invoice and contract templates by hand. The 4b2b products do not push address changes to any authority.
The treasurer resigns, but the bank still lists the former officer as an authorised signatory for months.
Pass a new board resolution as soon as officers change, deliver it to the bank and archive the acknowledgment so that your records show who could move funds on each date.
Banks typically ask for the SEC certificate, articles and by-laws, the latest General Information Sheet, the BIR Certificate of Registration, the Mayor's Permit, a board resolution authorising the account and naming signatories, and valid IDs of the signatories. Requirements differ between banks and may include proof of address or beneficial owner information, so ask your branch for its current list before you visit.
A corporation is a separate legal person, so its funds should sit in a corporate account in the corporation's name. Using a personal account blurs ownership, complicates audit and can raise questions with the BIR. Sole proprietors may in practice use a separate account in their own name for the business, but keeping business and personal money apart is still advisable.
Yes, GCash and Maya support merchant collections, and customers also pay by bank transfer through InstaPay and PESONet, the real-time and batch systems of the national retail payment network, or by scanning a QR Ph code. Each channel settles on its own schedule and has its own fees, so you should reconcile each against your invoices instead of treating them as one stream.
Update the registered address with the SEC, the BIR and the local government, and notify the bank and counterparties. Changing only one record leaves your documents in conflict, and a bank may flag a mismatch during its periodic review. Amend your invoice and contract templates at the same time so the old address stops circulating.
Banks must monitor accounts under anti-money laundering rules and may ask for documents when activity does not match the stated business, when ownership records are incomplete or when identification expires. Responding quickly with consistent documents usually resolves the query. Keeping your SEC, BIR and bank records identical makes these reviews shorter.
Issue PDF invoices and archive them. Bank, GCash and Maya matching is done in your own tools.
