New York City's Department of Finance (Volume 1); C Submitted to the Hon. Herman A. Metz, Comptroller, by the Bureau of Municipal Research (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated.1908 Excerpt: ... Section V. Description of the Present System of Revenue Account and Criticism Relating Thereto. General theory of The books and records of account for receipts at present rtccipr flccouQuJ 11 kept in the accounting divison of the Department of Finance, as well as the procedure followed, are fully described in Exhibit E. These books and records are counterparts of the expenditure account before described. The system is essentially one for cash and fund accounting. There is no consistent attempt made to establish in the central records and accounts themselves a basis for audit of receipts or expenditures; therefore the control that may be exercised is incomplete and at many points ineffectual. The general accounting theory of the system in the Comptroller, s office is: 1. That money received must be charged to the Chamber lain and credited to a proper fund. 2. That money disbursed must be charged to a fund and credited to the Chamberlain. Administrative and controlling relations, except those which have to do with accounting for cash, are largely ignored. Tn so far as the receivable accounts are carried in the bookkeeping division of the Comptroller, s office, they are through the general journal to the ledger from reports in the form of accounts current or by certificate and journal entry, the detailed accounts of revenues receivable supporting such accounts current being carried in the office or by the agency whose action is to be controlled. That is to say: The Comptroller charges the collecting agency with the amount which such agency reports as collectable; he then credits the collecting agency with the amount which such agency reports as having been collected, checking the amount so reported with the receipt voucher sent to the Chamberlain. For an institu.