Month-end close for a Turkish subsidiary: one close for two masters
A day-by-day checklist that meets both the Turkish statutory cycle (26th, 28th, month-end) and a working-day-5 group reporting deadline, with the controls that save the most time.
A Turkish subsidiary closes its books for two masters: the Turkish statutory and tax cycle, with fixed filing days, and the group reporting calendar, which usually wants numbers by working day three to five. This checklist shows how to run both from one close.
Before month-end
- Confirm the group FX rates and the CBRT rates you will use. For Turkish tax valuation of foreign currency balances, the Tax Procedure Law refers to the CBRT buying rate; the group usually prescribes its own closing and average rates. Keep both in one rate table.
- Send intercompany balance confirmations to every group entity by the last working day.
- Agree cut-off for goods in transit and services received, and remind purchasing to request missing e-invoices from suppliers.
Working day 1 to 2: transactions and cash
- Import all incoming and outgoing e-invoices and e-archive invoices for the month from the e-invoice portal or your integrator, and reconcile them to the purchase and sales ledgers. Missing or duplicate e-invoices are the most common VAT error.
- Reconcile every bank account, including TRY, EUR and USD sub-accounts, credit cards, POS collections and blocked deposits.
- Post payroll from the payroll provider's journal: gross pay, employee and employer contributions, income tax, stamp tax and net pay.
Working day 2 to 3: accruals and valuation
- Revalue foreign currency receivables, payables, loans and cash at the month-end rate. In TRY books, FX differences are often the largest single P&L line; show them separately in the management pack.
- Book accruals for services received without invoices, unused leave, bonuses and severance.
- Run depreciation. Remember that tax inflation adjustment is suspended for 2025 to 2027, so tax depreciation is on historical cost while the IFRS pack restates under IAS 29.
- Match intercompany balances and clear differences before the group deadline.
Working day 3 to 5: group reporting
- Map the Turkish uniform chart of accounts to the group chart through a maintained mapping table.
- Prepare IFRS adjustments: IAS 29 restatement, IFRS 16 leases, expected credit losses, provisions and deferred tax.
- Write a short commentary: nominal growth, real growth and growth in the parent currency (use the real growth and FX bridge), cash, and the top three risks.
By the 26th and 28th: Turkish filings
- 26th: withholding and social security return and stamp tax return for the previous month.
- 28th: VAT return. Reconcile input and output VAT to the ledger and to the e-invoice data before filing.
- Month-end: social security payment and Ba/Bs forms for the previous month, and e-ledger berat files for the month three months earlier.
- Quarterly: provisional corporate tax on the 17th of the second month after the quarter (no fourth-quarter return).
The dates move when they fall on a public holiday or when the Revenue Administration extends them. Check the compliance calendar for the next ones.
Controls that save the most time
- A single owner for the rate table, the mapping table and the intercompany matrix.
- Four-eyes review of every tax return before filing, with the reconciliation attached.
- A monthly check that the VAT return, the Ba/Bs forms and the e-invoice data tell the same story; tax audits compare them automatically.
- A close calendar shared with the external accountant, with named owners and dates for every step.
General information based on practical experience, not tax or accounting advice. Sources for deadlines: PwC Worldwide Tax Summaries, Türkiye (reviewed 09.09.2026) and GİB circulars. Last checked 4 November 2026.
For information only; not tax, legal or investment advice. Rules change, so check the official source before acting.