Cal. Code Regs. Tit. 4, § 12312 - Record Retention and Maintenance; General Provisions

Each licensee must:

(a) Maintain all records required by this article for a minimum of seven years.

(b) Maintain accurate, complete, and legible records of all transactions pertaining to financial activities. Records must be maintained in sufficient detail to support the amount of revenue reported to the Bureau in renewal applications.

(c) Maintain accounting records identifying the following, as applicable:

(1) Revenues, expenses, assets, liabilities, and equity for the cardroom business licensee or TPPPS business licensee.

(2) Records of all players' banks, dealers' banks, credit transactions, returned checks, and drop for each table (either by shift or other accounting period).

(3) Records required by the licensee's written system of internal controls.

(4) Records, separated by gaming activity, of all jackpot monies contributed by the cardroom business licensee, jackpot monies collected from patrons, and monies withdrawn for either jackpot administrative fees or payment to patrons.

(d) Maintain a uniform chart of accounts and accounting classifications in order to ensure consistency, comparability, and effective disclosure of financial information. The chart of accounts must provide the classifications necessary to prepare a complete set of financial statements including, but not limited to, a statement of financial position (balance sheet), a detailed statement of operations (income statement or profit and loss statement), a statement of changes in equity, a statement of cash flow, and other statements appropriate for the particular licensee. A chart of accounts must be submitted with an initial license application for review and approval by the Bureau.

(e) Keep a general ledger, which documents all accounting transactions completed and posted to accounts listed in the chart of accounts referred to in subsection (d) of this section. General accounting records shall be maintained on a double-entry system of accounting with recorded transactions supported by detailed subsidiary records including, but not limited do, ledgers, invoices, purchase orders, and other source documents.

Notes

Cal. Code Regs. Tit. 4, § 12312

1. New section filed 2-2-2015; operative 7-1-2015 pursuant to Government Code section 11343.4(b)(2) (Register 2015, No. 6).
2. Amendment of first paragraph and subsections (c)(1), (c)(4) and (d) filed 12-12-2020; operative 1-1-2021 pursuant to Government Code section 11343.4(b) (Register 2020, No. 51). Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20.
3. Editorial correction of inadvertently omitted subsection (e) (Register 2021, No. 26).

Note: Authority cited: Sections 19811, 19824, 19840, 19841, 19853 and 19984, Business and Professions Code. Reference: Sections 19826, 19841, 19857 and 19984, Business and Professions Code.

1. New section filed 2-2-2015; operative 7-1-2015 pursuant to Government Code section 11343.4(b)(2)(Register 2015, No. 6).
2. Amendment of first paragraph and subsections (c)(1), (c)(4) and (d) filed 12-12-2020; operative 1/1/2021 pursuant to Government Code section 11343.4(b) (Register 2020, No. 51). Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20.