N.Y. Comp. Codes R. & Regs. tit. 9 § 1642-4.6

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

Section 1642-4.6 - Collection losses

(a) Credits to tenants accounts for past-due accounts written off will appear in the tenants charge and credit book through the analysis of miscellaneous credit tickets on the daily statements of operations and will be segregated from other credits. A miscellaneous credit ticket authorizing a write-off of an uncollectible account should not be prepared until the division has approved the local agency's resolution authorizing the write-off. Such approval will not be forthcoming unless the division is satisfied that the local agency has exhausted all means of collection to the maximum extent practicable.

(b)

(1) A separate journal voucher shall be prepared for each month to record the amount of past due balances that are to be written off to collection losses as recorded in column 15 of the tenants charges and credits book. The journal voucher shall be prepared as follows:

Debit: Account 4770, Collection Losses $XXX

Credit: Account 1122, Tenants Accounts Receivable $XXX

(2) The journal voucher shall set forth the following with respect to each account written off: the tenants' account number, name of tenant, date vacated, amount to be written off, a reference to the resolution of the local agency authorizing the write-off, and a reference to the date of the division's letter of approval.

(3) When an account is written off, the card or ledger sheet shall be transferred to another book or file maintained for this purpose. A control card or ledger sheet shall be kept which will reflect the entries made to the individual accounts.

(c) In the event that collections are made on accounts previously charged to collection losses, a miscellaneous charge ticket shall be prepared charging the tenant's account with the amount previously declared uncollectible. The miscellaneous charge ticket shall be entered in column 15 of the tenants charge and credit book as a negative entry. Items of this nature shall be incorporated in a journal voucher charging account 1122, Tenants Accounts Receivable, and crediting account 4770, Collection Losses. The amount received from the former tenant shall be recorded in column 14 of the tenants charge and credit book together with the other cash receipts for the day and an appropriate entry made on the control card or ledger sheet for collection losses.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 1642-4.6