Long Short Term Accounts

There are long and short term accounts in the Chart of Accounts used in Turkey. Entries can be tracked as short or long in different accounts such as 300.XX, 400.XX for credits used, 121.XX, 222.XX for promissory notes taken, 120.XX, 220.XX for customers.

Long / Short Term application automatically decides whether the record will be recorded in a long-term or short-term account by checking the posting date and due date of the relevant record in accounting records such as Customer, Vendor, Cheque / Promissory Note, Credit and Leasing, and completes the accounting process.

Two different methods are applied in the management of Long / Short term processes. In the first method, all postings due after the end of the fiscal year in which the current posting date is found are tracked in long-term accounts.

In the second method, there is a rule that the due date passes one year from the posting date. In this method, the posting date is checked. If the posting is due later than one year from the posting date, these postings are considered long-term.

Records transferred to long-term can be automatically transferred to short-term accounts periodically with the help of batch operations, and users will be freed from manual workload.