General
- Journal ledger, general ledger, inventory ledger, share book, resolution book of the board and book of general assembly meeting and discussion are defined as commercial books.
- Every merchant must keep the commercial books and must show the commercial transactions, financial position and financial performance in the commercial records. The books must be kept in such a manner that will provide all necessary views regarding the company's financial position and financial performance in case of any inspection conducted by third party experts. The nature of transactions as recorded in the commercial books must be transparent and traceable.
- A merchant is obliged to keep copies of all of the company's business related documents as photocopy, carbon copy, microfiche and electronic copy in written hard copy form, in electronic form or visual form.
- A joint communiqué jointly published by the Ministry of Customs and Trade and the Ministry of Finance will set out the principles regarding how commercial books in hard copy form or electronic form will be kept, recording time of the books, renewal of certification as well as opening and closing certification of books.
Opening and closing certification
- The books that are kept in hard copy form such as journal ledger, general ledger, inventory ledger, share book, resolution book of the board and book of general assembly meeting and discussion must be certified by a notary for opening during the incorporation of the company or before such books are used. In the subsequent periods, the opening certification of these books should be notarized until the end of the month prior to the first month of the financial period in which these books will be used. The share book and the general assembly register may be used in the subsequent period without being certified by the notary for opening provided that such books have adequate pages.
- The closing certification of the journal ledger and resolution book of the board must be made by the notary until the end of the third month of the subsequent financial period.
- The opening of books may be certified by the Trade Registry Directorate when the companies are registered with the trade registry.
- In cases where the opening certification is made by the notary, the notary must request the trade registry certificate.
- In cases where the commercial books are kept in electronic form, notary certification is not required in the opening of such books and in the closing of the journal ledger and resolution book of the board.
Bookkeeping obligation
The accounting books will be kept in accordance with the provisions of Tax Procedural Law. This means that from a bookkeeping point of view there is no change compared to the old TCC.
