Common use of Recording and Documentation of Receipts and Expenditures Clause in Contracts

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. Accounting procedures must shall provide for accurate and timely recording of receipt of funds by source, expenditures made from such funds, and of unexpended balances. Controls must shall be established which are adequate to ensure that expenditures under this Contract contract are for allowable purposes and that documentation is readily available to verify that such charges are accurate.