account – Muhasebe News

Do we have to pay the salaries of foreign personnel through the bank?

MuhasebeNews — Fri, 13 Dec 2019 13:00:14 +0000

Do we have to pay the salaries of foreign personnel through the bank?

We couldn’t open a bank account for the foreign employee. Work permit has been approved by the Ministry, Social Security Insurance has been made, but banks don’t open a salary account due to the fact that the employee didn’t enter and exit to/from country with his/her passport. Do we have to pay the salary through the bank?

If the number of employees exceeds 5, the wages, including of foreign workers, must be paid through a bank.

Source: İSMMMO
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

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Should we include the spendings made until the storage of the goods to the cost account?

MuhasebeNews — Tue, 26 Feb 2019 13:33:54 +0000

There are additional payments for the commercial goods we bought, such as the loading, shipping, discharge, insurance of these goods.
Should we include these payments in the cost of these goods?

In accordance with Article 274 of Law on Tax Procedure, the goods will increase in value through the cost price. According to this Provision, the transportation expenses for the goods (to the workplace/ storage/store) must be included in the costs of the goods.

On which account should we follow the profit and loss of stock exchange securities

MuhasebeNews — Tue, 26 Feb 2019 12:47:17 +0000

Is a company who holds the earnings of the stock exchange securities subject to Corporate Tax?

Dividend incomes are followed on the 641 Account. They are transferred to 690 Accounts at the end of each term. If there is a tax deducted at source due to the earnings, it is set off from the calculated corporate tax.

How Receivables are evaluated?

MuhasebeNews — Thu, 17 May 2018 11:51:16 +0000

How Receivables are evaluated?

1-How receivables are evaluated?
Receivables are evaluated with carrying value.
On the other hand, the receivables based on deposit money or loan contract, are taken into consideration with the interests to be calculated.
Documented debts can be returned to the pervious condition of the amounts of the valuation day.

****If interest rate is explained in the note, this rate will be accepted however if not explained,* official discount rate decided by Central Bank will be executed.

******* Banks or bankers and insurance companies return their receivables into the previous condition by executing official discount rate decided by Central Bank or return them to the pervious condition of the amounts of the valuation day.

2- HOW THE ESTABLISHMENT AND FORMATION EXPENSES ARE EVALUATED?
Establıshment and formatıon expenses are evaluated along with value in account.
Value in account cannot be more than the establıshment and formatıon expenses.

********Expenses for establishing of the institution, opening a new branch, or business expansion are these kind of expenses.*

******* Activation of Establıshment and formation expenses is optional.

********Good will of real person or entities is also evaluated value in account.*

3- HOW CASH IS CHECKED?
Cash is valued by nominal value; foreign currency is executed article 208 of tax procedure law.

4- HOW DEBT IS EVALUATED?
Debts are evaluated along with value in account. Debts based upon deposit money or loan contract are taken into account with the interests calculated to the valuation day.

5- HOW UNDUE DEBT IS EVALUATED?
Undue debt is evaluated in accordance with the valuation day rate.
If interest rate is explained in the note, this rate will be accepted however if not explained, official discount rate decided by Central Bank will be executed.

******* Banks or bankers and insurance companies return their receivables into the previous condition by executing official discount rate decided by Central Bank or return them to the pervious condition of the amounts of the valuation day.

6-HOW BOND VALUATION IS DONE?
Join stock company and state-owned economic enterprise have to evaluate their bonds over nominal par.

7-HOW RESERVE VALUATION IS DONE?
Cash cover is a certain amount of money whose amount isn’t known properly and it is separated for the coverage of the loss.

********Cash cover is evaluated by means of pacifying value in account.*
********Special provisions regarding amortization records are conserved.*

8- HOW ECONOIMIC ASSETS WHOSE VALUES AREN’T KNOWN, ARE EVALUATED?
Economic assets whose values aren’t known are evaluated along with tax values of buildings and terrains, while the others are along with fair value if it exists or with value in account or precedent value.

Source: Tax Procedure Law
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

What are the books/ accounts that corporate tax payers have to keep?

MuhasebeNews — Wed, 07 Mar 2018 14:03:11 +0000

What are the books/ accounts that corporate tax payers have to keep?

For the corporate tax payers;

Stock Companies and Limited Partnerships whose capital is shared:

a) General Journal
b) Self Balancing Ledger
c) Inventory Register
d) Board Decision Book
e) Stock Ledger
f) General Meeting Book and Negotiation Book

On the condition that the missing books are registered, General Meeting Book and Negotiation Book and Stock Ledger which are used currently, can be used without opening confirmation. (Commercial Book Notification Temporary Article 3/1)

Limited Companies:

a) General Journal
b) General Ledger
c) Inventory Register
d) Stock Ledger
e) General Meeting Book and Negotiation Book

On the condition that the missing books are registered, General Meeting Book and Negotiation Book and Stock Ledger which are used currently, can be used without opening confirmation. (Commercial Book Notification Temporary Article 3/1.

On the condition that the missing books are registered, General Meeting Book and Negotiation Book and Stock Ledger which are used currently, can be used without opening confirmation. (Commercial Book Notification Temporary Article 3/1)

Tax payers who keep electronic accounts get the books that they have to keep, confirmed except for general journal and general ledger.

Source:Turkish Trade Law
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

account – Muhasebe News

Do we have to pay the salaries of foreign personnel through the bank?

Do we have to pay the salaries of foreign personnel through the bank?

Should we include the spendings made until the storage of the goods to the cost account?

On which account should we follow the profit and loss of stock exchange securities

How Receivables are evaluated?

***If interest rate is explained in the note, this rate will be accepted however if not explained, official discount rate decided by Central Bank will be executed.

*** Banks or bankers and insurance companies return their receivables into the previous condition by executing official discount rate decided by Central Bank or return them to the pervious condition of the amounts of the valuation day.

2- HOW THE ESTABLISHMENT AND FORMATION EXPENSES ARE EVALUATED? Establıshment and formatıon expenses are evaluated along with value in account. Value in account cannot be more than the establıshment and formatıon expenses.

***Expenses for establishing of the institution, opening a new branch, or business expansion are these kind of expenses.

*** Activation of Establıshment and formation expenses is optional.

***Good will of real person or entities is also evaluated value in account.

3- HOW CASH IS CHECKED? Cash is valued by nominal value; foreign currency is executed article 208 of tax procedure law.

4- HOW DEBT IS EVALUATED? Debts are evaluated along with value in account. Debts based upon deposit money or loan contract are taken into account with the interests calculated to the valuation day.

*** Banks or bankers and insurance companies return their receivables into the previous condition by executing official discount rate decided by Central Bank or return them to the pervious condition of the amounts of the valuation day.

6-HOW BOND VALUATION IS DONE? Join stock company and state-owned economic enterprise have to evaluate their bonds over nominal par.

7-HOW RESERVE VALUATION IS DONE? Cash cover is a certain amount of money whose amount isn’t known properly and it is separated for the coverage of the loss.

What are the books/ accounts that corporate tax payers have to keep?

What are the books/ accounts that corporate tax payers have to keep?

For the corporate tax payers;

Stock Companies and Limited Partnerships whose capital is shared:

a) General Journal b) Self Balancing Ledger c) Inventory Register d) Board Decision Book e) Stock Ledger f) General Meeting Book and Negotiation Book

On the condition that the missing books are registered, General Meeting Book and Negotiation Book and Stock Ledger which are used currently, can be used without opening confirmation. (Commercial Book Notification Temporary Article 3/1)

Limited Companies:

a) General Journal b) General Ledger c) Inventory Register d) Stock Ledger e) General Meeting Book and Negotiation Book

On the condition that the missing books are registered, General Meeting Book and Negotiation Book and Stock Ledger which are used currently, can be used without opening confirmation. (Commercial Book Notification Temporary Article 3/1.

On the condition that the missing books are registered, General Meeting Book and Negotiation Book and Stock Ledger which are used currently, can be used without opening confirmation. (Commercial Book Notification Temporary Article 3/1)

Tax payers who keep electronic accounts get the books that they have to keep, confirmed except for general journal and general ledger.

****If interest rate is explained in the note, this rate will be accepted however if not explained,* official discount rate decided by Central Bank will be executed.

******* Banks or bankers and insurance companies return their receivables into the previous condition by executing official discount rate decided by Central Bank or return them to the pervious condition of the amounts of the valuation day.

2- HOW THE ESTABLISHMENT AND FORMATION EXPENSES ARE EVALUATED?
Establıshment and formatıon expenses are evaluated along with value in account.
Value in account cannot be more than the establıshment and formatıon expenses.

********Expenses for establishing of the institution, opening a new branch, or business expansion are these kind of expenses.*

******* Activation of Establıshment and formation expenses is optional.

********Good will of real person or entities is also evaluated value in account.*

3- HOW CASH IS CHECKED?
Cash is valued by nominal value; foreign currency is executed article 208 of tax procedure law.

4- HOW DEBT IS EVALUATED?
Debts are evaluated along with value in account. Debts based upon deposit money or loan contract are taken into account with the interests calculated to the valuation day.

******* Banks or bankers and insurance companies return their receivables into the previous condition by executing official discount rate decided by Central Bank or return them to the pervious condition of the amounts of the valuation day.

6-HOW BOND VALUATION IS DONE?
Join stock company and state-owned economic enterprise have to evaluate their bonds over nominal par.

7-HOW RESERVE VALUATION IS DONE?
Cash cover is a certain amount of money whose amount isn’t known properly and it is separated for the coverage of the loss.

a) General Journal
b) Self Balancing Ledger
c) Inventory Register
d) Board Decision Book
e) Stock Ledger
f) General Meeting Book and Negotiation Book

a) General Journal
b) General Ledger
c) Inventory Register
d) Stock Ledger
e) General Meeting Book and Negotiation Book