Recording and Documentation of Receipts and Expenditures Sample Clauses
The "Recording and Documentation of Receipts and Expenditures" clause requires parties to maintain accurate and complete records of all financial transactions related to the agreement. This typically involves keeping detailed logs of money received and spent, supported by receipts, invoices, or other documentation, and may require periodic reporting or audits. The core function of this clause is to ensure transparency and accountability in financial dealings, helping to prevent fraud, mismanagement, or disputes over the use of funds.
Recording and Documentation of Receipts and Expenditures. Accounting procedures must provide for accurate and timely recording of receipt of funds by source, expenditures made from such funds, and of unexpended balances. Controls must be established which are adequate to ensure that expenditures under this Contract are for allowable purposes and that documentation is readily available to verify that such charges are accurate.
Recording and Documentation of Receipts and Expenditures. Subgrantee's accounting procedures must provide for accurate and timely recording of receipt of funds by source, of expenditures made from such funds, and of unexpende balances. These records must contain information pertaining to grant awards, obligations, unobligated balances, assets, liabilities, expenditures and program income. Controls must be established which are adequate to ensure that expenditu charged to the subgrant activities are for allowable purposes. Additionally, effective control and accountability must be maintained for all grant cash, real and personal property, and other assets. Accounting records must be supported by su source documentation as cancelled checks, paid bills, payrolls, time and attendance records, contract documents, grant award documents, etc.