N.Y. Comp. Codes R. & Regs. tit. 9 § 1642-2.6

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

Section 1642-2.6 - Unvouchered disbursements

Exceptions to the rule that all disbursements of a local agency shall be vouchered and shall (with the exception of petty cash items) be made by check arise as follows:

(a) Bank debits. Bank debits include service charges made by banks and bad checks, and are supported by debit memos included with the bank statements and, in the case of a bad check, by the check itself, to which is ordinarily attached a slip stating the reason the check is returned. Bank debits are recorded in the cash disbursements-voucher register (see par. 303.5 [FN*]), account 1122, Tenants Accounts Receivable, being charged therein for bad checks received from tenants and for charges made by the bank in connection with such check and the applicable cost or expense account being charged for other bank debits representing service charges. No accounts payable vouchers are prepared for bank debits, inasmuch as no checks are to be drawn by the local agency. The supports for the entry in the cash disbursements-voucher register shall be the bank debit memo filed with the bank statement for the particular month.

(b) Proceeds of temporary loan note issue. In connection with the refinancing of a temporary loan note issue (see Part 1643, Financing) the paying agent will ordinarily apply the proceeds of the new issue directly to the payment of principal and interest on the maturing issue in accordance with the authorization contained in a letter of instruction. In such event, the proceeds applied will not pass through the local agency's bank account and no accounts payable vouchers are prepared inasmuch as no checks are to be drawn by the local agency. The entries to record the direct application of the proceeds of an issue of temporary loan notes are described in Part 1643, Financing, and are supported by the underlying financing documents, bank statements, correspondence, etc.

(c) Proceeds of bond issue. The proceeds of a bond issue and premiums thereon, if any, may, similarly, be applied by the State Comptroller directly to the payment of principal and interest on maturing temporary indebtedness. In such event, similarly, no accounts payable vouchers are prepared inasmuch as no checks are to be drawn by the local agency. The entries to record the direct application by the Comptroller of the proceeds of a bond issue and the premium thereon, if any, are described in Part 1643, Financing, and are supported by the underlying contract for State aid and correspondence and authorization from the division.

[FN*] So in original. Should probably refer to "§ 1642-3.3 ".

N.Y. Comp. Codes R. & Regs. Tit. 9 § 1642-2.6