NRS-17964 | General Fund journal [Municipality of Hillgrove]

This series contains a general journal for the Municipality of Hillgrove. Such accounting records were created under s.38 of An Act for establishing Municipal Institutions 1858 (22 Vic. No. 13), and subsequent legislation. This legislation specified that a council keep books of accounts, which were to be made available to auditors. The council was also to prepare a detailed account of expenditure and revenue to be published in June and December. Municipal accounting regulations also governed the format and type of records to be maintained. This volume formed part of a standard public sector accounting system which, in addition to journals (general and subsidiary), generally comprised cash books and ledgers (general and subsidiary). The purpose of journals in the accounting system was to chronologically record payments. The journal was a book of original entry, each entry involving two accounts, a debit and a credit, which was considered a “balanced” entry. At regular intervals journal entries were posted to the ledger. General journals were maintained to record specialist transactions such as transfers from one account to another and to correct errors. The general journal contained all accounts maintained by the council, including rates, street accounts, maintenance and repairs.