5.10.050 Recordkeeping required of all sellers.
A. Premises licensed under this chapter shall keep and preserve suitable records of all sales made by the seller and such other books or accounts as may be necessary to determine the amount of tax which it is obliged to collect, including records of the gross daily sales, together with invoices of purchases and sales, bills of lading, bills of sale or other pertinent records and documents as will substantiate and prove the accuracy of a tax return.
B. All sellers within the city who sell marijuana must have a cash register and must record each retail sale on a cash register that provides, at a minimum, a daily “Z” or “Z-total” report, or equivalent.
C. “Suitable records of all sales made” as used in subsection A of this section shall mean at a minimum a daily “Z” or “Z-total” report or equivalent (a “Z” or “Z-total” report is the report generated by the cash register at the end of each business day, which calculates, at least, the totals for each department key, total sales and total receipts – although some cash registers have more detailed “Z” or “Z-total” reports). Whatever records are kept must reflect the total daily purchases of taxable items. If no taxable sales are made on a business day, the records kept shall so reflect “zero” sales on that day. Records must also be kept to substantiate any claimed deductions or exclusions authorized by law. Records may be written, stored on data processing equipment, or may be in any form that the city may readily examine.
D. Records shall be kept in a systematic manner conforming to accepted accounting methods and procedures. Such records include:
1. The books of accounts ordinarily maintained by a prudent business person. Records and accounting information stored on computers must be provided to the city in a readable form when requested by the city;
2. Documents of original entry such as original source documents, prenumbered sequential source documents, prenumbered sequential receipts, cash register tapes, sales journals, invoices, job orders, contracts, or other documents of original entry that support the entries in the books of accounts;
3. All schedules or working papers used to prepare gross and taxable sales results, including receipts or invoices showing exempt sales.
E. Records must show:
1. Gross receipts and amounts due from all taxable and exempt sales; and
2. The total purchase price of all goods and other property purchased for sale, resale, consumption, or lease.
F. Every seller shall preserve suitable records for the period specified in 3 AAC 306.775 or three (3) full calendar years, whichever is greater.
G. The city finance department may examine and audit any relevant books, papers, records, returns or memoranda of any seller, may require the attendance of any seller, or any officer or employee of a seller, at a meeting with the finance director or their designee, and may require production of all relevant business records, in order to determine whether the seller has complied with this chapter. [Ord. 16-18 § 2.]