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Books refer to the financial records of a company and include files, invoices, accounting records, sales records, profit calculations etc. These financial records keep a list of accounts including incomes and expenses of the company up to date. Financial books and records are necessary for the corporation in view of preparation of annual statements to the appropriate authorities. 

In Georgia, corporations must keep proper books and records of all income, expenditures and receipt of all kinds and must submit for inspection all the books together with a proper statement of the authority’s financial position at the end of its fiscal year to the state auditor. These books will then be inspected by the state auditor each year. 

Under California Law (Cal Fin Code § 14756) any director, officer, agent, or employee of a credit union who (1) knowingly concurs in making or publishing any written report, exhibit, or statement of the credit union’s affairs or financial condition containing any material statement which is false, or (2) having the custody of the credit union’s books, willfully refuses or neglects to make any proper entry in those books as required by law, or (3) refuses to allow the books to be inspected or extracts to be taken therefrom by the commissioner or the commissioner’s deputies or examiners, is guilty of a felony.

[Last updated in November of 2021 by the Wex Definitions Team]