Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-01 - Insurance Division
Chapter 0780-01-27 - Operation of State Chartered Building and Loan Associations
Section 0780-01-27-.26 - ACCOUNTING PRACTICES

Universal Citation: TN Comp Rules and Regs 0780-01-27-.26
Current through September 24, 2024

Each association shall maintain adequate and accurate books of accounts, including a General Ledger and such registers and subsidiary records as may be essential. No system or method of accounting is prescribed other than the double entry system. The General Ledger shall be posted with pen and ink or by other permanent methods which shall show the necessary dates, explanatory details and posting references. All Journal Entries, Cash and Check Disbursements shall be substantiated by properly approved vouchers and the records posted in such manner as to distinguish between cash and non-cash items. The accounting procedures used shall truly, accurately and honestly reflect the affairs of the association.

Authority: T.C.A. §45-1303.

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