New York Codes, Rules and Regulations › 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 1642 - Basic Instructions › Subpart 1642-3 - Books Of Account › Section 1642-3.8 - Income analysis ledger

Current through Register Vol. 46, No. 28, July 10, 2024
A separate income analysis ledger, using the 3000 group
						  of detailed income 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 the income derived from project rentals
						  and other sources of revenue. Separate income analysis ledgers, using the 3000
						  group of detailed income accounts to record the rental and other income derived
						  from the operation of the respective properties, and controlled by the
						  respective development cost subaccounts, 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
						  income 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 income analysis ledger set up to record
						  rent and other revenues from the operation of the site prior to demolition and
						  construction may also be used subsequent to construction, but it is preferable
						  to set up a new income analysis ledger upon the initial occupancy of the newly
						  constructed buildings and to carry this ledger forward into the operating
						  period. During the initial operating period, account 1470.3 shall control both
						  the income and the expense analysis ledgers. If desired, however, the local
						  agency may set up one account, say 1470.3 (3000), to control the income during
						  the initial operating period, and another account, say 1470.3 (4000) to control
						  the expense. These accounts may then be closed at the end of each month into
						  account 1470.3, which will then operate as a profit and loss account. The
						  general ledger controls, i.e., account 3000, the Income Control Account, and
						  account 4000, the Expense Control Account, come into operation only with the
						  date of substantial completion of the project proper. Postings to income
						  analysis ledgers will originate almost exclusively from journal vouchers.
						  Occasional postings may originate from the books of original entry. The income
						  analysis ledger may consist of a card or a loose leaf sheet for each income
						  account, as per Exhibit 14 of Appendix S-8, or, alternatively, of a loose-leaf
						  sheet providing columns for each of the necessary accounts, as per Exhibit 15
						  of Appendix S-8. The former is recommended as providing a continuous record of
						  all transactions affecting a particular income classification exclusively and
						  as affording a better control during the operating period, inasmuch as space is
						  provided for recording the quarterly and annual budget figures for the
						  particular income classification. Income 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 calendar month, after all postings have been
						  made, the income analysis ledger is footed and the total for each account as of
						  the end of that month is determined. The aggregate cumulative totals to date,
						  as determined by a monthly trial balance, shall agree with the balances
						  reflected in the respective control accounts. During the operating period, the
						  cumulative totals are stated on a quarterly and on an annual basis as indicated
						  by the specimen forms. This procedure produces, in readily available form, the
						  controlled figures for previous, current, and cumulative income required in
						  preparing form DH-621, the operating budget-income control statement filed with
						  the periodic reports to the division. After footing the income analysis ledger
						  for the month, transactions for the succeeding month may be recorded
						  immediately following. It will not be necessary to head up a new income
						  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 income, as by a different columnar arrangement of the
						  income analysis ledger sheet or by a machine bookkeeping, may be adopted by the
						  local agency. Where loose-leaf sheets are used, the income analysis ledger
						  should be kept in the same binder with the related expense analysis ledger.
						  Where the division has directed the maintenance of separate income 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.