Current account
A current account — the customer or supplier subledger account, called cari hesap in Türkiye — is the ledger account that holds every debit and credit movement with a single counterparty, in date order. Its balance shows whether you are net receivable from, or net payable to, that party, and it is the account a local entity is asked to evidence when the group closes.
If you run an entity in Türkiye, the current account is the local name for what your group chart of accounts calls the customer or supplier subledger: one card per counterparty, carrying invoices, payments, credit notes, exchange differences, withholding and recharged costs in date order, with each card visible separately in the subsidiary ledger. Consolidated reporting sees only the receivable or payable total that comes out of those cards. The evidence behind that total is produced from the card itself, and the printout used for it is the account statement — the document sent to, or requested from, the other side during reconciliation.
The reconciliation question is whether your card for a counterparty and their card for you are mirror images: your payable is their receivable. In practice the two rarely show the same number, and the reasons are usually local and specific — an invoice falling in different months on each side, a credit note posted by one party and still pending with the other, a foreign-currency invoice translated at a different rate, gross and net mixed up on an invoice subject to VAT withholding, or a collection booked to the wrong account. iFinances matches ledger records against bank statements and invoice data in a single table, splits partial payments, allocates lump-sum payments across invoices, and prints a written reason next to every match, which is the form of explanation a group or statutory auditor asks to see. Data can be uploaded as Excel or CSV, or taken through the direct connection your system offers; which route is used is decided together during setup.
Two things are regularly confused. First, two balances being equal is not the same as being reconciled: two errors with opposite signs can cancel out, so the real question is whether the lines match. Second, the accounting term differs from its legal namesake. In Türkiye, Article 94 of the Turkish Commercial Code (TTK) governs a written current-account agreement, under which an account summary not objected to within one month is treated as accepted. That consequence depends on a written agreement meeting the form requirement of Article 89; where no such written agreement exists, silence in response to a reconciliation letter may not produce the same effect on its own.
Example
A local entity closing the month reports 860,000 TRY due from a customer, while the customer's own records show 795,000 TRY. Three items account for the 65,000 TRY gap: 5,000 TRY of collections booked to the wrong account, a 20,000 TRY credit note not yet posted on your side, and a 40,000 TRY invoice the customer recorded in the following month. Explained line by line, the gap stops being a reconciling balance and becomes something the group can read — one posting error and two timing items, each with the document behind it — and the reconciliation letter is signed with those three notes attached. The figures are illustrative.
Ledger and accounts
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