N.Y. Comp. Codes R. & Regs. tit. 9 § 5329.30

Current through Register Vol. 46, No. 45, November 2, 2024

Section 5329.30 - Accounting and financial records

(a)Record of transactions.

An operator shall maintain complete, accurate and legible records of all transactions pertaining to such licensee's revenues, expenses, assets, liabilities and equity in conformance with generally accepted accounting principles. The failure of an operator to maintain such records according to such principles shall be a violation of this section.

(b)Accounting requirements.

The accounting records maintained by an operator shall be maintained using a double-entry system of accounting with transactions recorded on the accrual basis and supported by detailed subsidiary records. Such subsidiary records shall include, at a minimum, each of the following:

(1) detailed general ledger accounts identifying all revenue, expenses, assets, liabilities and equity for such operator;

(2) a record of all investments, advances, loans and accounts receivable balances due to such operator;

(3) a record of all loans and other accounts payable by such operator;

(4) a record of all accounts receivable written off as uncollectible by such operator;

(5) records that identify total winnings paid out:

(i) on each wager; or

(ii) by another accounting period pre-approved in writing by the commission;

(6) records required by such operator's system of internal controls;

(7) work papers supporting the monthly reconciliation of cash accountability; and

(8) other records that the commission may require, in writing, to be maintained.

(c)Retention period.

Notwithstanding anything in this section to the contrary, each accounting record shall be kept by an operator for a period of not less than five years from date of creation of such record.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 5329.30

Adopted New York State Register June 26, 2019/Volume XLI, Issue 26, eff. 6/26/2019