NAC706.654. Accounting method and period.

     1. Each entry in the uniform system of accounts for taxicab operations must be made by the “double-entry” method of bookkeeping and each account must be maintained on an “accrual basis.” If bills covering such transactions have not been received or rendered, the amounts must be estimated and accruals based on these estimates or orders must be recorded. Appropriate adjustments must be made when phone bills, utility bills or other bills are received.

     2. Each company shall keep its books on a monthly basis so that for each month all applicable transactions are entered in the books of the company.

     3. Each company shall close its books for regulatory purposes at the end of each calendar year.

     [Taxicab Auth., Uniform System of Accounts Reg. Gen. Instructions § 2, eff. 12-24-70; A 11-16-79]