N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1647-7.3

Current through Register Vol. 46, No. 45, November 2, 2024

Section 1647-7.3 - Trial balances of subsidiary ledgers

(a) At the close of the fiscal year, the income and expense analysis ledgers shall be totalled. The sum of the balances of all the accounts in the income analysis ledger shall equal the balance in account 3000, Income Control Account, and the sum of the balances of all the accounts in the expense analysis ledger shall equal the balance in account 4000, Expense Control Account. The ruling off of the income and expense ledger accounts may be deferred until the pre-closing trial balance of the general ledger has been made. Once the income and expense analysis ledgers have been ruled off, entries for the subsequent fiscal year may be made immediately following. It will not be necessary to establish new ledgers for the ensuing year.

(b) All other subsidiary ledgers shall similarly be proved to be in balance with the general ledger accounts which they support.