N.Y. Comp. Codes R. & Regs. tit. 9 § 1647-7.6
Once the books have been closed at the end of the fiscal year and the year-end financial reports to be submitted to the division have been prepared on the basis of such closings, the books of account shall in no event be re-opened for the purpose of making adjustments. Items of income and expense applicable to a given year which have been discovered subsequent to the closing of the books for that year shall be charged or credited to account 2710, Prior Years Adjustments, if they amount to $50 or more each. Items of less than $50 each shall be classified and handled as items of current income or expense, and charged or credited to the applicable income (3000 group) or expense (4000 group) account. Entries may be made by the local agency to account 2710, Prior Years Adjustments, without prior division approval. The local agency shall request, in writing, the division's written approval of its disposition of items in 2710 as a charge or credit to the current year's operations, giving all pertinent information. The division, however, reserves the right to direct other disposition. Prior years adjustments in account 6010 which have been approved by the division as a charge or credit to current year' s operations shall be closed out at the end of the fiscal year along with the other income and expense accounts.
N.Y. Comp. Codes R. & Regs. Tit. 9 § 1647-7.6