<html> <head> <title>Rule 20:04:32:41 Accounting records.</title> <META NAME="Keywords" Content="Administrative Rules 20:04:32:41"> <META NAME="Description" Content="Administrative Rules 20:04:32:41 Accounting records."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>20:04:32:41.&nbsp;&nbsp;Accounting records.</b> A satellite provider must keep accurate, complete, legible, and permanent records of each transaction relating to revenue that is taxable or subject to fees under SDCL chapter <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=42-7">42-7</A> and this article in a manner approved or required by the executive secretary. A licensee who keeps permanent records in a computerized form or on microfiche must provide the executive secretary's designee, on request, with a detailed index to the microfiche or computer record.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A satellite provider must keep general accounting records on a double entry system of accounting, maintaining detailed, supporting, subsidiary records, including the following:</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;Detailed records identifying revenues, expenses, assets, liabilities, and equity for each establishment;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp;Detailed records of each returned check;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)&nbsp;&nbsp;Information received from the tote company in regards to pari-mutuel wagering; and</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)&nbsp;&nbsp;Journal entries prepared by the licensee and its independent accountant.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each licensee must create and maintain a record sufficient to reflect accurately gross income and expenses relating to its pari-mutuel operations.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 26 SDR 92, effective January 16, 2000.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=42-7-56">42-7-56(9)(11)(13).</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=42-7-56">42-7-56(9)(11)(13)</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=42-7-58.1">42-7-58.1.</A></p> </div> </body> </html>