A lottery accounting system includes a system management bureau that is electronically linked with a plurality of independent lottery vendors, each vendor being preferably supplied with a handheld compute device. In use, the compute device is programmed by the system management bureau to receive selected ticket information from every active instant lottery ticket book offered for sale by the vendor and, in turn, calculate gross instant lottery ticket sales made by the vendor during a specified period. The compute device is also programmed to calculate the compiled net revenue of instant and online lottery ticket sales accrued during a particular time period and, in turn, reconcile the compiled net revenue with the actual amount of cash collected by the vendor. The resultant data can then be reviewed by authorized personnel to track cash discrepancies.