Mo. Code Regs. tit. 11 § 45-8.040

Current through Register Vol. 49, No. 23, December 2, 2024

Section 11 CSR 45-8.040 - Accounting Records

PURPOSE: This rule establishes standards for accounting records.

(1) Each licensee shall maintain complete, accurate, legible and permanent records of all transactions pertaining to its revenues and expenses, assets, liabilities and equity. The commission, from time-to-time, may direct licensees to alter the manner in which these records are maintained.

(2) The accounting records shall be maintained in accordance with generally accepted accounting principles using a double entry system of accounting, with transactions recorded on the accrual basis and supported by detailed, supporting and subsidiary records.

(3) To insure consistency, comparability and effective disclosure of financial information, the commission shall prescribe a uniform general ledger chart of accounts and accounting classifications. The prescribed chart of accounts shall be the minimum level of detail to be maintained for each accounting classification by each licensee.

(4) The detailed, supporting and subsidiary records shall include as a minimum the following:

(A) Detailed records identifying all revenues, expenses, assets, liabilities and equity for each licensee;

(B) Records of all investments, advances, loans and receivables due the licensee;

(C) Records related to investments in property and equipment;

(D) Records of all loans and other amounts payable by the licensee;

(E) Records of all patron checks initially accepted by the licensee, deposited in licensee's bank accounts, returned to the licensee as uncollected and ultimately written-off as uncollectible;

(F) Journal entries prepared by the licensee or the independent certified public accountant selected by the commission pursuant to 11 CSR 45-8.060(10);

(G) Tax workpapers used in preparation of any state or federal tax return;

(H) Records which identify table drop, table win and percentage of table win to table drop for each table game, and those records accumulated for each type of table game, either by shift or other accounting period approved by the commission, and accumulated on a month-to-date and year-to-date basis;

(I) Records which identify actual tokens-in/out, drop, payouts, fills, win amounts and percentages, and differences between theoretical and actual win amounts and percentages for each electronic gaming device on a per-day basis or other accounting period approved by the commission and accumulated on a month-to-date and year-to-date basis;

(J) Records of the cost for complimentary goods and services. Complimentary goods or services provided to patrons in the normal course of business shall be recorded at an amount based upon the full retail price normally charged for those goods or services;

(K) Records of the purchase, receipt and destruction of gaming chips and tokens;

(L) Records required to fully comply with all the federal financial recordkeeping requirements as enumerated in 31 CFR 103 ;

(M) Records of the number of persons admitted on the riverboat;

(N) Records required by the licensee's internal control system; and

(O) Any other records that the commission requires be maintained.

(5) If a licensee fails to maintain records used by it to compute taxes or fees due the state or any political subdivision of the state, the commission may compute and determine the amounts due on the basis of an audit conducted by the commission, available information, statistical analysis, or a combination of these.

(6) Each licensee shall permit the commission or commission agents access to its books and records upon request.

11 CSR 45-8.040

AUTHORITY: sections 313.004, 313.805 and 313.825, RSMo Supp. 1993.* Emergency rule filed Sept. 1, 1993, effective Sept. 20, 1993, expired Jan. 17, 1994. Emergency rule filed Jan. 5, 1994, effective Jan. 18, 1994, expired Jan. 30, 1994. Original rule filed Sept. 1, 1993, effective Jan. 31, 1994.

The secretary of state has determined that the publication of this rule in its entirety would be unduly cumbersome or expensive. The entire text of the material referenced has been filed with the secretary of state. This material may be found at the Office of the Secretary of State or at the headquarters of the agency and is available to any interested person at a cost established by state law.

*Original authority: 313.004, RSMo 1993 and 313.805 and 313.825, RSMo 1991, amended 1993.