N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1642-3.8
A separate income analysis ledger, using the 3000 group of detailed income accounts, and controlled (subsequent to the date of substantial completion) by an account or accounts in the general ledger (depending on whether single or multiple general ledger controls are being operated) shall be maintained for each project, beginning with the first day of the initial operating period, to record the income derived from project rentals and other sources of revenue. Separate income analysis ledgers, using the 3000 group of detailed income accounts to record the rental and other income derived from the operation of the respective properties, and controlled by the respective development cost subaccounts, shall also be maintained for each related program and for the project site prior to demolition and construction. The division may further require, depending on the circumstances, that separate income analysis ledgers be maintained, prior and subsequent to construction, for each site included in a multiple development project, in which case the local agency will be so advised. The income analysis ledger set up to record rent and other revenues from the operation of the site prior to demolition and construction may also be used subsequent to construction, but it is preferable to set up a new income analysis ledger upon the initial occupancy of the newly constructed buildings and to carry this ledger forward into the operating period. During the initial operating period, account 1470.3 shall control both the income and the expense analysis ledgers. If desired, however, the local agency may set up one account, say 1470.3 (3000), to control the income during the initial operating period, and another account, say 1470.3 (4000) to control the expense. These accounts may then be closed at the end of each month into account 1470.3, which will then operate as a profit and loss account. The general ledger controls, i.e., account 3000, the Income Control Account, and account 4000, the Expense Control Account, come into operation only with the date of substantial completion of the project proper. Postings to income analysis ledgers will originate almost exclusively from journal vouchers. Occasional postings may originate from the books of original entry. The income analysis ledger may consist of a card or a loose leaf sheet for each income account, as per Exhibit 14 of Appendix S-8, or, alternatively, of a loose-leaf sheet providing columns for each of the necessary accounts, as per Exhibit 15 of Appendix S-8. The former is recommended as providing a continuous record of all transactions affecting a particular income classification exclusively and as affording a better control during the operating period, inasmuch as space is provided for recording the quarterly and annual budget figures for the particular income classification. Income analysis ledger sheets are provided by the local agency, stock forms for either specimen, or forms which may be adapted, may be procured at most stationers, either without printing or overprinted. At the end of each calendar month, after all postings have been made, the income analysis ledger is footed and the total for each account as of the end of that month is determined. The aggregate cumulative totals to date, as determined by a monthly trial balance, shall agree with the balances reflected in the respective control accounts. During the operating period, the cumulative totals are stated on a quarterly and on an annual basis as indicated by the specimen forms. This procedure produces, in readily available form, the controlled figures for previous, current, and cumulative income required in preparing form DH-621, the operating budget-income control statement filed with the periodic reports to the division. After footing the income analysis ledger for the month, transactions for the succeeding month may be recorded immediately following. It will not be necessary to head up a new income analysis ledger sheet for each new month, if space remains on the sheet for the previous month. Alternative procedures for determining and recording previous, current, and cumulative income, as by a different columnar arrangement of the income analysis ledger sheet or by a machine bookkeeping, may be adopted by the local agency. Where loose-leaf sheets are used, the income analysis ledger should be kept in the same binder with the related expense analysis ledger. Where the division has directed the maintenance of separate income analysis ledgers for the various sites included in a multiple development project, consideration may be given to their consolidation when the project as a whole has been substantially completed and bonds have been issued.
N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1642-3.8