17 NCAC 07B .4801          VENDOR'S RECORDS

Every vendor must keep adequate and complete records as required by G.S. 105‑164.31 to determine the amount of sales and use tax for which he may be liable.  Vendors having both cash and credit sales may elect to report their tax liability on either the cash or accrual basis of accounting provided their records are kept in such a manner that they can determine their tax liability correctly on the basis used.  If a taxpayer wishes to change from one basis of reporting to another, he must apply to the Secretary of Revenue for permission to make such change.


History Note:        Authority G.S. 105‑164.22; 105‑262;

Eff. February 1, 1976;

Amended Eff. October 1, 1993.