N.Y. Comp. Codes R. & Regs. tit. 9 § 1642-3.2

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

Section 1642-3.2 - General ledger

(a) A general ledger shall be maintained by the local agency to control and classify all financial transactions pertaining to each State-aided project. It shall be confined to the accounts designated as general ledger accounts in Part 1641, Account Classification. This classification is sufficiently self-contained and embraces all accounts necessary for the preparation of financial statements. Postings to the general ledger shall be made only from the journal vouchers and from the books of original entry, namely; cash disbursements-voucher register and cash receipts register. A trial balance of the general ledger (§ 1647-7.4 ) shall be taken monthly, but the individual accounts shall not be ruled off except as directed otherwise herein.

(b) A separate ledger sheet shall be used for each account included in the classification of general ledger accounts. The heading of each ledger sheet shall contain the name of the local agency, the project number, the account number, and the description of the account. (See Exhibit 3, Appendix S-8.) Separate ledger sheets may also be used to control the operations of each site included in a multiple development project or in the alternative, a columnar analysis general ledger sheet may be used.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 1642-3.2