Records Of Dealers, Preservation Of

(1) Every dealer must keep and preserve such adequate and complete records as are required by law to determine the amount of Sales and Use Tax for which he may be liable: it is advisable for every dealer to keep and preserve such records for a period of six years. Such records shall include and show: (a) A daily record of all cash and credit sales, including sales under any type of financing or installment plan in use; (b) A record of the amount of all merchandise purchased, including all bills of lading, invoices, and copies of purchase orders; (c) A record of all deductions and exemptions allowed by law and/or claimed in filing Sales or Use Tax returns, including exemption and resale certificates; (d) A record of all tangible personal property used or consumed in the conduct of his business; (e) A true and complete inventory of the value of the stock on hand taken at least once yearly. STATE SALES AND USE TAX RULES CHAPTER 1320-05-01 (2) If an assessment has been made and an appeal to the Commissioner or to a Court is pending, books and records, as above specified, relating to the period covered by such proposed assessment, must be preserved until the final disposition of the appeal.