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Check Collection and Endorsement Exchange Rate Differences report is a report showing the exchange rate differences between the check entry and collection dates. The report is used to calculate and manage the exchange rate difference invoice to be created and the VAT to be paid according to the exchange rate differences.

Path: BI - Report > Standard Reports > Check Collection and Endorsement Exchange Rate Differences Report

In check collection transactions carried out domestically in foreign currency or indexed to foreign currency, exchange rate differences occur in turnover. The issue of invoicing favorable or unfavorable exchange rate differences arising between the check entry and collection dates and VAT is an important issue among taxpayers. In practice, disputes arising from this issue can sometimes reach legal dimensions between taxpayers.

In practice, problems arise less on this issue for companies that make a small number of foreign currency transactions on a monthly basis. However, for a taxpayer who makes hundreds or even thousands of foreign currency transactions per month, keeping track of the maturity and collection dates for each foreign currency transaction, establishing a link between purchase and sale invoices issued with foreign currency checks, calculating, invoicing and accounting for the exchange rate differences on a transaction basis until the dates when these checks are endorsed or cashed is manually difficult and at a level that will cause a high level of errors.

With Workcube's Check Collection and Endorsement Exchange Rate Differences, the workload here is reduced to a great extent; cost, time and energy are saved.

Attention:

This issue is expressed as follows in the VAT Implementation General Communiqué

“In transactions where the price is expressed in foreign currency or indexed to foreign currency, if the price is paid partially or completely after the date on which the taxable event occurs, the exchange rate difference arising in favor of the seller is essentially a maturity difference. It must be taxed as an element of the base.

Accordingly, the seller issues an invoice for the favorable exchange rate difference that arises between the date of delivery or service and the date the price is collected, and VAT is calculated by applying the rate valid for these transactions on the date of delivery or service to the exchange rate difference shown in the invoice.

If an exchange rate difference occurs in favor of the buyer on the date the price is collected, the buyer issues an invoice to the seller based on the exchange rate difference amount. "

In the rulings issued by the Revenue Administration on various dates, it has been stated that in cases where the collection for sales in foreign currency or indexed to foreign currency is made by check and promissory note, if the check and promissory note received are endorsed in exchange rate calculations, the turnover date will be taken into account.

Istanbul Tax Office dated 04.07.2013 and Circular numbered 39044742-KDV.24-979: ".. Since the endorsement of the check drawn on behalf of your company by your company is valid for collection, the date of endorsement will be considered as the payment date and VAT will be calculated on the invoice to be issued by the taxpayer in whose favor the exchange rate difference has arisen, based on the exchange rate difference between the date of the taxable event and the date of payment (endorsement date). "

Report information appears as soon as the report is opened. At a glance, you can see which current account the check is associated with, on what date the check was entered and collected, and the difference between the check status and entry/collection transactions.

The history, notes and documents related to the check can be accessed by clicking on the relevant check in the Check Number field. After examining these details, the action to be taken is determined.

Type: The accounting period must be changed in order to view the check collection transactions and exchange rate differences in the previous accounting periods. Make sure that the user has authorization for previous accounting periods.

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04.07.2013 tarih ve 39044742-KDV.24-979 bu teblig hala geçerli mi? Yoksa çekin verildigi/alindigi tarihteki kur esas alinarak , borç veya alacak durumu bu duruma göre hesaplanacak.

Aydin ERSÖZ - 07/11/2024

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Check Collection and Endorsement Exchange Rate Differences

This is a report showing the exchange rate differences between the check entry and collection dates. It is used to calculate and manage the exchange rate difference invoice and VAT payable according to the exchange rate differences.

Type: Report Version: Catalyst v11 Licence: Standard Author: Workcube Core