Current through Register Vol. 54, No. 44, November 2, 2024
(a) Each month, sales summaries shall be
prepared which shall include quantities and dollar values for each separate
category of product. The dollar values shall equal dollars recorded in
appropriate sales accounts and shall be supported by invoices and statements.
The quantities, converted to pounds, shall equal applicable figures recorded in
appropriate sections of the monthly Milk Dealer's Reports. Sections of these
monthly summaries shall consider the following:
(1)
Type product
-Homogenized, 2.0%, Orange Juice, Iced Tea, and so on.
(2)
Type container-Paper,
plastic, glass, and so on.
(3)
Size container-Gallon, quart, 1/2 pint, and so on.
(4)
Type sale-Retail,
wholesale delivered, wholesale dock, bulk, subdealer, and so on.
(5)
Location of delivery
-PMMB Area, out-of-State, United States Government land, and so on.
(b) The following documents shall
be available on request to PMMB auditors in the event the Board has directed an
audit of the financial activity of a dealer:
(1) All journals-Sales, purchases, cash
receipts, cash disbursements, and so on.
(2) All ledgers-General, subsidiary,
equipment, and so on.
(3) Other
inventory, equipment, and so on, records such as Kardex files, 3 x 5 files, and
so on.
(4) Delivery slips, sales
invoices, statements, and so on.
(5) Supporting documents and worksheets for
computing discounts, rebates, and so on.
(6) Check books, bank statements, and
cancelled checks.
(7) Cash receipt
and disbursement records required by PMMB Regulations.
(8) Monthly Milk Dealer's Reports and all
supporting documents.
(9) Chart of
accounts.
(10) Independent
accountant's financial statement and certification.
(11) All leases and other agreements with
customers as required by PMMB Regulations.
(12) Information concerning salaries earned
by executives from other affiliated or unaffiliated organizations.
(13) All Federal and State payroll tax
returns.
(14) Sales tax
returns.
(15) Federal and State
corporate returns including consolidated returns if appropriate.
(16) Copies of Internal Revenue Service audit
reports for previous years.
(17)
Worksheet reconciliation of Net Income between Federal Tax return and PMMB
Financial Statement.
(18) Other
supporting documents not listed in this subsection.
(c) In the event more ledger accounts are
maintained that are combined into one PMMB account for financial reporting
purposes, separate schedules indicating the detailed amounts and their totals
as entered in the Financial Report must be available for use by PMMB auditors.
Adding machine tapes are not acceptable unless each account number or title has
been entered on the tapes by the side of each amount.
