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 1642-3.9 - Expense analysis ledger

Current through Register Vol. 46, No. 28, July 10, 2024
A separate expense analysis ledger, using the 4000 and
						  6000 groups of detailed expense 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 all expenses, operating and
						  nonoperating, chargeable to project revenues. Separate expense analysis
						  ledgers, using the 4000 group of detailed expense accounts to record the
						  expenses chargeable to the revenues derived from the operation of the
						  respective properties, 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 expense 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 expense analysis ledger set up to record the expenses
						  chargeable to revenues derived from the operation of the site prior [to]
						  demolition and construction may also be used during the initial operating
						  period, but it is preferable to set up a new expense analysis ledger upon the
						  initial occupancy of the newly constructed buildings and to carry this ledger
						  forward into the operating period. The control of the expense analysis ledger
						  during the initial operating period by account 1470.3 has been described in
						  section 1642-3.8. Account 4000, the Expense
						  Control Account, in the general ledger comes into operation only with the date
						  of substantial completion and controls all expenses, both operating (4000
						  group) and nonoperating (6000 group) thereafter. Individual postings to the
						  expense analysis ledger shall be made directly from the accounts payable and
						  journal vouchers. Occasional postings may originate from the books of original
						  entry. The expense analysis ledger, like the cost and income analysis ledgers,
						  may consist of a card or a loose-leaf sheet for each expense account, as per
						  Exhibit 16 of Appendix S-8, or, alternatively, of a loose-leaf sheet for each
						  subgroup of expense accounts with columns for the individual accounts, as per
						  Exhibit 17 of Appendix S-8. The former is recommended for the reasons described
						  in section 1642-3.8. Expense 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 month, after all postings have been
						  made, the expense analysis ledger is footed and the total for each account as
						  of the end of that month is determined, and a trial balance to agree with the
						  controls taken exactly as for the income analysis ledger (see §
												1642-3.8). It will not be necessary
						  to head up a new expense 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 expenses, as by a
						  different columnar arrangement of the expense analysis ledger sheet or by
						  machine-bookkeeping, may be adopted by the local agency. The suggested forms
						  may be expanded, if the local agency desires, by providing separate columns for
						  labor and materials under the individual expense classifications. Where
						  loose-leaf sheets are used, the expense analysis ledger should be kept in the
						  same binder with the related income analysis ledger. Where the division has
						  directed the maintenance of separate expense 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.