N.Y. Comp. Codes R. & Regs. tit. 9 § 1647-7.5

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

Section 1647-7.5 - General ledger closing entries

(a) After the pre-closing trial balance of the general ledger and the entry recording the subsidy to be taken into income have been made, a journal voucher shall be prepared individually closing out the 3000 and 4000 control accounts to account 2700, Income and Expense Clearance, as follows:

Debit: Account 3000, Income Control Account $XXX

Credit: Account 2700, Income and Expense Clearance $XXX

Debit: Account 2700, Income and Expense Clearance $XXX

Credit: Account 4000, Expense Control Account $XXX

(b) When this entry has been posted and post-closing trial balance of the general ledger has been made, accounts 3000 and 4000 shall be ruled off. The ruling off and bringing down of the balances in the other general ledger accounts at the end of the fiscal year is left to the discretion of the local agency, as is the ruling off and bringing down of the balances in the subsidiary ledgers other than the income and expense analysis ledgers.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 1647-7.5