N.Y. Comp. Codes R. & Regs. tit. 16 § 321.5

Current through Register Vol. 46, No. 25, June 18, 2024

Section 321.5 - Accounting to be on accrual basis

(a) The utility is required to keep its accounts on the accrual basis. This requires the inclusion in its accounts on an estimated basis of all known transactions of appreciable amount which affect the accounts, even though bills covering such transactions have not been received or rendered. When the bills are received or rendered, appropriate adjustments shall be made.

(b) Also when payments are made for items such as insurance, rents, taxes, or interest, the amount applicable to future periods shall be charged to account 1132, Prepayments, and spread over the periods to which applicable by credits to account 1132, Prepayments, and charges to the accounts appropriate for the expenditure.

N.Y. Comp. Codes R. & Regs. Tit. 16 § 321.5