Common use of Accounting Systems Clause in Contracts

Accounting Systems. A. Vendor shall establish and maintain an accounting system to identify and support all expenditures billed to the Council under this Agreement. The accounting system shall be in accordance with Generally Accepted Accounting Principles (GAAP). B. The accounting system shall record all income and expenses for Vendor’s total program of which services provided under this Agreement are a part. All expenditures and income must be supported by vouchers and receipts that detail the reason for the transaction. The accounting system at a minimum shall consist of a chart of accounts, cash receipts journal, cash disbursements journal and general ledger. C. All records shall be maintained for a period of (5) years after receipt of the final payment under this Agreement or after Subcabinet review whichever is later. In the event, Vendor ceases to operate prior to the expiration of the five-year period; Vendor shall surrender all records pertaining to this Agreement to the Council.

Accounting Systems. A. Vendor shall establish and maintain an accounting system to identify and support all expenditures billed to the Council under this Agreement. The accounting system shall be in accordance with Generally Accepted Accounting Principles (GAAP). B. The accounting system shall record all income, including any supporting income and expenses for Vendor’s total program of which services provided under this Agreement are a part. All expenditures and income must be supported by vouchers and receipts that detail the reason for the transaction. The accounting system at a minimum shall consist of a chart of accounts, cash receipts journal, cash disbursements journal and general ledger. C. All records shall be maintained for a period of (5) years after receipt of the final payment under this Agreement or after Subcabinet review whichever is later. In the event, Vendor ceases to operate prior to the expiration of the five-year period; Vendor shall surrender all records pertaining to this Agreement to the Council.

Accounting Systems. A. Vendor shall establish and maintain an accounting system to identify and support all expenditures billed to the Council under this Agreement. The accounting system shall be in accordance with Generally Accepted Accounting Principles (GAAP). B. The accounting system shall record all income and expenses for Vendor’s total program of which services provided under this Agreement are a part. All expenditures and income must be supported by vouchers and receipts that detail the reason for the transaction. The accounting system at a minimum shall consist of a chart of accounts, cash receipts journal, cash disbursements journal and general ledger. C. All records shall be maintained for a period of (5) years after receipt of the final payment under this Agreement or after Subcabinet review whichever is later. In the event, Vendor ceases to operate prior to the expiration of the five-five year period; Vendor shall surrender all records pertaining to this Agreement to the Council.