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9 CRR-NY 1647-7.5NY-CRR

STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK

TITLE 9. EXECUTIVE DEPARTMENT

SUBTITLE S. DIVISION OF HOUSING AND COMMUNITY RENEWAL

CHAPTER III. LOW RENT HOUSING

SUBCHAPTER D. ACCOUNTING MANUAL FOR PUBLIC HOUSING AGENCIES

PART 1647. OPERATING PERIOD ACCOUNTING

SUBPART 1647-7. CLOSING THE BOOKS

9 CRR-NY 1647-7.5

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.

9 CRR-NY 1647-7.5

Current through September 15, 2021

End of Document

IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.