S.D. Admin. R. 20:18:22:04 - Accounting records

A licensee must keep accurate, complete, legible, and permanent records of all transactions relating to revenue that is taxable or subject to fees under SDCL 42-7B 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 operations division, on its request, with a detailed index to the microfiche or computer record.

A licensee must keep general accounting records on a double entry system of accounting, maintaining detailed, supporting, subsidiary records, including the following:

(1) Detailed records identifying revenues, expenses, assets, liabilities, and equity for each establishment;
(2) Detailed records of all returned checks;
(3) Individual and statistical game records to reflect statistical drop, statistical win, and the percentage of statistical win to statistical drop by table for each table game and to reflect statistical drop, statistical win, and the percentage of statistical win to statistical drop for each type of table game, either by shift or by another accounting period approved by the executive secretary, and individual and statistical game records reflecting similar information for all other games;
(4) Slot analysis reports by each machine, which compare actual hold percentages to theoretical hold percentages;
(5) The records required by the internal control procedures applicable to the licensee;
(6) Journal entries prepared by the licensee and its independent accountant; and
(7) Any other records that the executive secretary requires to be maintained.

Each licensee must create and maintain records sufficient to reflect accurately gross income and expenses relating to its gaming operations.

If a licensee fails to keep the records used by it to calculate gross gaming revenue, the executive secretary may compute and determine the amount of taxable revenue on the basis of an audit conducted by the operations division of any information within the executive secretary's possession or on statistical analysis.

Notes

S.D. Admin. R. 20:18:22:04
16 SDR 57, effective October 1, 1989.

General Authority: SDCL 42-7B-7.

Law Implemented: SDCL 42-7B-1, 42-7B-2, 42-7B-3, 42-7B-4, 42-7B-5, 42-7B-7, 42-7B-9, 42-7B-11, 42-7B-17, 42-7B-28, 42-7B-29, 42-7B-30, 42-7B-41, 42-7B-43, 42-7B-45.

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