Ill. Admin. Code tit. 92 § 1710.92

Current through Register Vol. 48, No. 50, December 13, 2024

Section 1710.92 - Accounting and Maintenance of Books and Records

a) Each relocator shall comply with generally accepted accounting principles for use in the keeping and recording of their accounts and bookkeeping records.

b) As generally accepted accounting principles, the Commission incorporates by reference "Accounting Standards" (June 1992) of the Financial Accounting Standards Board.

c) Each relocator shall keep its general accounting books and all other books, records and memoranda which support in any way the entries to such accounting books and analyses of general ledger account balances so that it can furnish at any time full information as to any account. Moreover, it shall support each entry to each account with such detailed information as will provide a ready analysis and verification of the facts recorded therein. All expenditures must be definitely supported by vouchers, payrolls, receipted bills, canceled checks, receipts for petty cash payments, or other evidence of the expenditures incurred. All revenues must be supported by freight bills or, in the case of income from a lease, other documentation which evidences the revenue received.

d) The books referred to in this Section include not only books of account in a limited technical sense but all other correspondence, memoranda, etc., that will be useful in developing the history of or facts regarding any transaction.

e) Any relocator engaged directly or indirectly in any other than a relocation business shall keep separate and distinct records for the relocation operation.

f) Each carrier shall keep its books on the basis of an accounting year of 12 months ending on December 31 of each year.

g) Each relocator shall preserve such books, accounts, records or memoranda for a period of at least 3 years.

h) Each relocator shall maintain its books and records for 3 years at its principal place of business or at the office of its accountant. The Commission shall at all times be notified of the location at which the books and records are being kept.

Ill. Admin. Code tit. 92, § 1710.92

Amended at 22 Ill. Reg. 16200, effective August 31, 1998