The two sets of books problem, solved once
A foreign-owned Turkish company has to satisfy two audiences at the same time: the Turkish tax authority, which wants the statutory books kept exactly as Turkish rules require, and your head office, which wants numbers in its own chart of accounts, its own currency and its own format.
Most local providers do the first well and the second badly. We set up the mapping at the start, so the group reporting pack falls out of the same ledger rather than being rebuilt by hand every month.
What we do each month
- Posting of expense invoices
- Integration of sales invoices
- Posting of petty cash documents and their payments and collections
- Posting of bank records and monthly reconciliation of bank accounts
- Posting of import files
- Posting of fixed assets and depreciation according to Turkish accounting rules
- Posting of the periodic accruals and valuations required by Turkish tax law, including foreign exchange valuation
- Supplier reconciliations — main and foreign suppliers quarterly, the remainder semi-annually
- Customer reconciliations — main customers quarterly, the remainder semi-annually
- Preparation of the annual balance sheet and income statement for local regulatory purposes
e-Invoice, e-Archive and e-Ledger
Turkey's electronic document regime is mandatory for most companies once turnover or activity thresholds are crossed, and voluntary registration is common before that. We handle activation, integration with your invoicing process, monthly e-ledger creation and certification, and the archiving obligations that follow.
This is one of the areas where a foreign-owned company most often discovers a problem late — usually when a customer refuses an invoice that was not issued in the required electronic form.
What you get back
A clean monthly trial balance on an agreed date, reconciled and reviewed, plus the underlying reports your controller will ask for. If your group needs the figures restated under IFRS or US-GAAP, that is our reporting service and it runs off the same close.