What is Electronic Ledger Application?
With the electronic ledger studies, it has been made possible to keep, preserve and submit the journal and general ledger, which are obligatory to be kept on paper within the scope of the Tax Procedural Law and the Turkish Commercial Code, in electronic environment, and to carry out the certification procedures regarding their opening and closing in electronic environment. With the electronic ledger application;
• The obligations related to the creation of ledger records will be revised in accordance with changing technological and administrative needs, and the immutability, integrity and provenance of these books will be guaranteed.
• Obligations to print, certify and store on paper will be eliminated.
• Remote supervision will become possible.
• International joint audit will be enabled.
• A common format and standard will be provided for the managerial, internal and external audit needs of international companies operating in different legal environments.
Benefits of Electronic Ledger
• Reduced printing, paper and postage costs
• Significant reduction of archiving costs
• Preventing tree cutting by saving paper and making a significant progress in the realization of the “Paperless Office” vision
• Elimination of many cost elements for taxpayers such as preparation of data in the required formats, allocation of personnel for this work, transfer of data to the relevant units when the competent authorities want to access the book records
• Improving the management and audit activities of these enterprises by having a standardized data format for internal and external audits of enterprises
• Savings in compliance costs of multinational companies subject to different legal regulations in different countries through the use of XBRL technology, an internationally recognized digital information flow tool in the field of accounting and financial reporting
• Thanks to the XBRL-GL data format, information can be provided in a standardized data format for other public and private sector institutions that request information and reports from companies for various reasons (such as evaluation of loan requests by banks).
