New generation payment recording devices (YN ÖKC) allow retail taxpayers to fulfil their documentation obligations electronically, with data shared simultaneously with the Revenue Administration. This article provides a general overview of the application.
What Is a New Generation Payment Recording Device
New generation payment recording devices are devices that replace traditional cash registers, with financial memories capable of integrating with Revenue Administration systems. There are two main types: EFT-POS enabled and integrated devices.
Usage Obligation
For taxpayers engaged in retail sale of goods and services who are not required to issue invoices, the use of new generation payment recording devices is mandatory within the framework of certain procedures and principles. Financial memory reports from the devices must be transmitted to the Revenue Administration at specific intervals.
Criteria to Consider When Choosing a Device
- The business’s sales volume and integration needs
- Compatibility with existing accounting/inventory software
- Whether the device is listed among manufacturers approved by the Ministry of Treasury and Finance
Financial Memory and Archiving
Financial data produced by new generation payment recording devices must be retained for the periods stipulated by relevant legislation and kept available for submission to the relevant authorities upon request.
Conclusion
Obligations regarding new generation payment recording devices may vary depending on a business’s field of activity. Kumsay provides general guidance to clients on determining the appropriate device type and integration method for this process.
