N.Y. Comp. Codes R. & Regs. tit. 9 § 1642-3.9
A separate expense analysis ledger, using the 4000 and 6000 groups of detailed expense 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 all expenses, operating and nonoperating, chargeable to project revenues. Separate expense analysis ledgers, using the 4000 group of detailed expense accounts to record the expenses chargeable to the revenues derived from the operation of the respective properties, 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 expense 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 expense analysis ledger set up to record the expenses chargeable to revenues derived from the operation of the site prior [to] demolition and construction may also be used during the initial operating period, but it is preferable to set up a new expense analysis ledger upon the initial occupancy of the newly constructed buildings and to carry this ledger forward into the operating period. The control of the expense analysis ledger during the initial operating period by account 1470.3 has been described in section 1642-3.8. Account 4000, the Expense Control Account, in the general ledger comes into operation only with the date of substantial completion and controls all expenses, both operating (4000 group) and nonoperating (6000 group) thereafter. Individual postings to the expense analysis ledger shall be made directly from the accounts payable and journal vouchers. Occasional postings may originate from the books of original entry. The expense analysis ledger, like the cost and income analysis ledgers, may consist of a card or a loose-leaf sheet for each expense account, as per Exhibit 16 of Appendix S-8, or, alternatively, of a loose-leaf sheet for each subgroup of expense accounts with columns for the individual accounts, as per Exhibit 17 of Appendix S-8. The former is recommended for the reasons described in section 1642-3.8. Expense 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 month, after all postings have been made, the expense analysis ledger is footed and the total for each account as of the end of that month is determined, and a trial balance to agree with the controls taken exactly as for the income analysis ledger (see § 1642-3.8 ). It will not be necessary to head up a new expense 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 expenses, as by a different columnar arrangement of the expense analysis ledger sheet or by machine-bookkeeping, may be adopted by the local agency. The suggested forms may be expanded, if the local agency desires, by providing separate columns for labor and materials under the individual expense classifications. Where loose-leaf sheets are used, the expense analysis ledger should be kept in the same binder with the related income analysis ledger. Where the division has directed the maintenance of separate expense 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 § 1642-3.9