Arkansas Code
Chapter 59 - Arkansas Municipal Accounting Law
§ 14-59-109. Prenumbered receipts

(a) All funds received are to be formally receipted at the time of collection or the earliest opportunity by the use of prenumbered receipts or mechanical receipting devices.
(b)
(1) In the use of prenumbered receipts, the following minimum standards shall be met:
(A) If manual receipts are used, receipts are to be prenumbered by the printer and a printer's certificate obtained and retained for audit purposes. The certificate shall state the date printing was done, the numerical sequence of receipts printed, and the name of the printer;
(B) The prenumbered receipts shall contain the following information for each item receipted:
(i) Date;
(ii) Amount of receipt;
(iii) Name of person or company from whom money was received;
(iv) Purpose of payment;
(v) Fund to which receipt is to be credited; and
(vi) Identification of employee receiving money.

(2) If manual receipts are used, the original receipt should be given to the party making payment. One (1) duplicate copy of the receipt shall be maintained in numerical order in the receipt book and made available to the auditors during the course of annual audit. Additional copies of the receipt are optional with the municipality and may be used for any purposes they deem fit.

(c) If an electronic receipting system is used, the system shall be in compliance with the Information Systems Best Practices Checklist provided by the Legislative Joint Auditing Committee.