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New Zealand law explained for everyone

Partnership Law Act 2019

Financial reporting, dissolution of partnership, and other miscellaneous provisions - Financial reporting for large partnerships

59: Accounting records

You could also call this:

"Partners must keep detailed money records for their business"

If you're part of a big partnership, you and the other partners need to keep good records of all the money coming in and out. You have to make sure these records are always up to date and correct. These records should show all the deals your partnership makes.

You need to keep these records so that you can make proper financial statements that follow the rules of accounting. If someone needs to check your financial statements, these records will help them do that easily.

You and your partners also need to set up a good way to look after these records and keep them safe.

When you write down these records, you can do it in two ways. You can write them down in English, or you can keep them in a way that's easy to turn into written English if you need to.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS206074.

Topics:
Business > Industry rules
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"Words used when talking about partnership money and business"

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60: Financial statements must be prepared, or

"You must create special money reports for big partnerships"

Part 4Financial reporting, dissolution of partnership, and other miscellaneous provisions
Financial reporting for large partnerships

59Accounting records

  1. The partners of a large partnership must ensure that, at all times, accounting records are kept that—

  2. correctly record the transactions of the partnership; and
    1. will enable the partnership to ensure that the financial statements of the partnership comply with generally accepted accounting practice; and
      1. will enable the partnership’s financial statements to be readily and properly audited (if those statements are required to be audited).

        1. The partners of a large partnership must establish and maintain a satisfactory system of control of its accounting records.

        2. The accounting records must be kept—

        3. in written form in English; or
          1. in a form or manner in which they are easily accessible and convertible into written form in English.

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