N.J. Admin. Code § 5:30-9.5

Current through Register Vol. 56, No. 21, November 4, 2024

Section 5:30-9.5 - Accounting and control

(a) Electronic receipt transactions shall be transmitted or otherwise sent to the processor on a daily basis at the close of the business day, or if done automatically by computer program, prior to the close of the business day of the processor.

(b) Electronic receipt transactions shall be considered a form of cash receipt and shall be subject to all local unit accounting, internal control, and auditing requirements relating to cash receipts, including, but not limited to, daily reconciliation, cash counts, reporting to the governing body, and account testing.

(c) The local unit shall retain printed documentation of all electronic receipt transactions for a period of time as required by the relevant State records retention law with regard to cash receipts or the local unit's contract with the processor, whichever is longer.

(d) All refunds of electronic receipt transactions shall be performed in accordance with all other statutory requirements related to the refunds of monies to the local unit.

(e) The local unit shall secure authorization of the processor of all credit or debit card transactions prior to execution.

N.J. Admin. Code § 5:30-9.5