Acceptable Methods of Documenting Sales and Minimum Accounting Requirements Clause Samples

The "Acceptable Methods of Documenting Sales and Minimum Accounting Requirements" clause defines the standards and procedures a party must follow to accurately record and report sales transactions. It typically outlines the types of documentation that are considered valid, such as invoices, receipts, or electronic records, and may specify the minimum details that must be included, like dates, amounts, and customer information. By establishing clear documentation and accounting requirements, this clause ensures transparency, facilitates audits, and helps prevent disputes over reported sales or revenue.
Acceptable Methods of Documenting Sales and Minimum Accounting Requirements. 1. Electronic Cash Registers and computerized software systems At a minimum, the register and software will: a) Have a visual display that faces customers. b) Produce customer's copy of sales receipt. c) Contain a locked-in tape and sequential numbering system for such tapes. d) If the Concessionaire uses a computerized software system, the system will contain an electronic record of each daily transaction by point of sale and/or by collection station and provide sequential numbered printed receipts for each transaction. Additionally, each record of transaction will be date stamped and timed and identify the cashier making the transaction. e) Record and accumulate sales and sales tax amounts. The Concessionaire will: a) Provide daily supervision over employees using the registers. b) Clear or close all cash registers at the end of the day and retain all tapes. c) If the Concessionaire uses a computerized software system, the system will clear and close all transactions at the end of the day, maintain transactions electronically in the computer by date and time, and identify the person closing the system daily. d) Approve all refunds and voids or delegate this duty to an employee who normally does not handle cash. At a minimum, customer refunds will be documented by customer signed sales slips indicating receipt of the refund or alternative method for electronic and online transactions. The document will state the reason for the refund; identify the cashier making the refund; date stamp and time the refund; and be maintained electronically within the point of sale system. If the customer does not have his copy of the sales receipt, a pre-numbered refund receipt signed by the customer will be issued (see minimum requirements for pre-numbered receipts).
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