Lessee’s Financial Records. Lessee will establish an operating entity that is unique to the operations of the Lessee in the Premises, as well as one or more bank accounts through which deposits of Gross Revenues generated from such operations will be made. The bank in which such deposits are made shall be based in the United States or shall have a large local presence. The said deposits of Gross Revenues will not be comingled with those from any other operations of the Lessee outside of the Premises or any other affiliated organizations. In addition and/or alternatively, Lessee will use an accounting system that will separately provide for a detailed accounting of Gross Revenues. The detailed accounting shall not be commingled with the Lessee’s other operations; and, should comply with federal income tax returns and state sales and use tax returns. Accordingly, Lessee shall prepare and keep full, complete and proper financial records and source documents in accordance with generally accepted accounting principles, of the Gross Revenues, whether for cash, credit or otherwise, of each separate department at any time operated in the Premises. The financial records and source documents to be kept by Lessee shall include, but shall not be limited to true copies of: (1) records of inventories and receipts of merchandise; (2) profit and loss statements; (3) variance reports; (4) arrearage reports; (5) balance sheets; (6) financial journals and sales summary records; (7) general ledgers; daily dated cash register tapes; (8) daily dated cash register summary tapes (“z” tapes); (9) prenumbered sales slips, including those for mail or telephone orders; daily sales and/or point of sale (pos) reports; (10) financial statements;
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Lessee’s Financial Records. Lessee will establish an operating entity that is unique to the operations of the Lessee in the Premises, as well as one or more bank accounts through which deposits of Gross Revenues generated from such operations will be made. The bank in which such deposits are made shall be based in the United States or shall have a large local presence. The said deposits of Gross Revenues will not be comingled with those from any other operations of the Lessee outside of the Premises or any other affiliated organizations. In addition and/or alternatively, Lessee will use an accounting system that will separately provide for a detailed accounting of Gross Revenues. The detailed accounting shall not be commingled with the Lessee’s other operations; and, should comply with federal income tax returns and state sales and use tax returns. Accordingly, Lessee shall prepare and keep full, complete and proper financial records and source documents in accordance with generally accepted accounting principles, of the Gross Revenues, whether for cash, credit or otherwise, of each separate department at any time operated in the Premises. The financial records and source documents to be kept by Lessee shall include, but shall not be limited to true copies of: (1) records of inventories and receipts of merchandise; (2) profit and loss statements; (3) variance reports; (4) arrearage reports; (5) balance sheets; (6) financial journals and sales summary records; (7) general ledgers; (8) daily dated cash register tapes; (8) 9) daily dated cash register summary tapes (“z” tapes); (910) prenumbered pre-numbered sales slips, including those for mail or telephone orders; (11) daily sales and/or point of sale (posPOS) reports; (1012) financial statements;; (13) bank statements; (14) records of daily bank deposits from transactions at or from the premises; (15) duplicate validated bank deposit slips; (16) purchase invoices; (17) inventory and receiving records; (18) pricing schedules or other materials showing price markups; (19) federal, state, and local income tax returns; (20) state and local sales tax reports; (21) settlement statements of transactions with subtenants, concessionaires, and licensees; and any and all records that may be examined or required by an independent accountant in performing an audit of Lessee’s Gross Sales or which may be requested by Lessor. If Lessee subleases the Premises or provides a license to a third party in accordance with Article X herein, and Lessee’s operations require its sub-lessees (or licensees) to pay a security deposit and/or advance rent, Lessee shall deposit such security deposit/advance rent monies into a separate bank account and shall not commingle these monies with any other bank account used in its operations as described herein. Pertinent original sales records shall include, without limitation: (i) sales reports of back office systems fed from point of sale terminals, (ii) cash register tapes, including tapes from temporary registers, if any, (iii) serially pre-numbered sales slips, (iv) the original records of all mail, internet and telephone orders at and to the Premises, if any, (v) settlement report sheets of transactions with any person conducting business on the Premises, if any, (vi) original records indicating that merchandise returned by customers was purchased at the Premises by such customers, (vii) memorandum receipts or other records of merchandise taken out on approval,
Appears in 1 contract
Samples: Lease Agreement
Lessee’s Financial Records. Lessee will establish an operating entity that is unique to the operations of the Lessee in the Premises, as well as one or more bank accounts through which deposits of Gross Revenues generated from such operations will be made. The bank in which such deposits are made shall be based in the United States or shall have a large local presence. The said deposits of Gross Revenues will not be comingled with those from any other operations of the Lessee outside of the Premises or any other affiliated organizations. In addition and/or alternatively, Lessee will use an accounting system that will separately provide for a detailed accounting of Gross Revenues. The detailed accounting shall not be commingled with the Lessee’s other operations; and, should comply with federal income tax returns and state sales and use tax returns. Accordingly, Lessee shall prepare and keep full, complete and proper financial records and source documents in accordance with generally accepted accounting principlesprinciples generally accepted in the United States, of the Gross Revenues, whether for cash, credit or otherwise, of each separate department at any time operated in the Premises. The financial records and source documents to be kept by Lessee shall include, but shall not be limited to true copies of: (1) records of inventories and receipts of merchandise; (2) profit and loss statements; (3) variance reports; (4) arrearage reports; (5) balance sheets; (6) financial journals and sales summary records; (7) general ledgers; (8) daily dated cash register tapes; (8) 9) daily dated cash register summary tapes (“z” tapes); (9tapes);(10) prenumbered sales slipsslips which are pre-numbered, sequentially numbered or otherwise by any method, including those for mail or telephone orders; daily sales and/or point of sale (posPOS) reports; (1011) financial statements;; (12) bank statements; (13) records of daily bank deposits from transactions at or from the premises; (14) duplicate validated bank deposit slips; (15) purchase invoices; (16) inventory and receiving records; (17) pricing schedules or other materials showing price markups; (18) federal, state, and local income tax returns; (19) state and local sales tax reports; (20) settlement statements of transactions with subtenants, concessionaires, and lessees; and any and all records that may be examined or required by an independent accountant in performing an audit of Lessee’s Gross Sales or which may be requested by Lessor. Pertinent original sales records shall include, without limitation: (i) sales reports of back office systems fed from point of sale terminals, (ii) cash register tapes, including tapes from temporary registers, if any, (iii) serially pre-numbered sales slips, (iv) the original records of all mail, internet and telephone orders at and to the Premises, if any, (v) settlement report sheets of transactions with any person conducting business on the Premises, if any, (vi) original records indicating that merchandise returned by customers was purchased at the Premises by such customers, (vii) memorandum receipts or other records of merchandise taken out on approval, (viii) detailed original records of any exclusions or deductions from Gross Revenues, (ix) sales tax records, and (x) such other sales records, if any, which would normally be examined by an independent accountant pursuant to accepted auditing standards in performing an audit of Lessee’s sales.
Appears in 1 contract
Samples: Lease Agreement
