Guideline for e-Reconciliation in Turkey

What is Reconciliation?

Reconciliation is a way of intercommunication between two organizations that do business together. It demonstrates that collaborators agree with financial records and account balances after their transactions.

How to Prepare a Reconciliation?

At the end of the period that collaborators decide, they exchange the debit credit information. If the parties approve the accuracy of the information, they confirm the reconciliation with a wet signature and send it to others.

In case of inconsistency or mistakes in the reports, collaborators eliminate the problems by going over the reports again.

If the parties don't object to the documents in a month after getting them, they are considered as they accepted the final form.

What are the Main Types of Reconciliation in Turkey?

Current Statement Reconciliation

At the end of the year, firms that work together exchange debit credit information about current statements. This process includes correspondences and document sharing between them.

BA/BS Reconciliation

BA/BS reconciliation is the form that indicates received (BA) and sent (BS) invoices greater than 5.000 Turkish Liras (excluding value-added tax) in a month. These forms must be prepared and delivered to Tax Office.

What is e-Reconciliation?

Reconciliation is an important method to provide a safe business environment. It ensures both sides are satisfied with the result of this collaboration. However, it is troublesome for accountants to journalize manually and maintain constant communication between organizations. Furthermore, some information may be lost during tracking due to the lack of a centralized technology-based system. Here, e-Reconciliation is an excellent solution.

e-Reconciliation is a system that provides a secure, cheap, rapid, and easy reconciliation period in an electronic medium. How?

  • Required data, such as those previously inserted in Excel, can be easily transferred without using any other program, which saves a lot of effort.
  • Companies can carry out the confirmation-rejection process by only one portal with messages and status update notifications from other companies. This speeds the processes up.
  • The probability of making mistakes decreases; therefore, results become more consistent, accurate, and reliable.
  • Operating costs are decimated by saving papers and wiping long phone calls out.

In the sight of such opportunities, e-Reconciliation is a legal system with super-simplicity.

What is an SAP-Based e-Reconciliation Solution?

  • The SAP-based e-Reconciliation solution enables preparing a declaration, tracking the reconciliation process and the receipts whenever needed, and listing past reconciliations via SAP.
  • SAP e-Reconciliation process starts with sending an e-mail to the related person or organization. They can reach the reconciliation form by the link in the e-mail.
  • With the SAP-based e-Reconciliation solution developed by MDP Group, besides the main reconciliation types, which are Current Statement Reconciliation and BA/BS Reconciliation, Audit Reconciliation and Collocutor Firm Reconciliation can be created.
  • With the reconciliation form, receipts can be sent automatically, and the graphic reporting feature can be used via the portal.
  • MDP SAP-based e-Reconciliation application can work with non-SAP systems. 
  • MDP SAP-based e-Reconciliation application, which distinguishes thanks to rapid reporting, instant communication, and reconciliation archiving features, can be controlled by only one portal and provides an easy reconciliation process by sending mail notifications and reminders.



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