VPRS 12309 General Ledger

This series comprises records which belonged to a municipal accounting system. An explanation of the types of funds managed by municipalities and the types of records found within accounting systems follows. Municipal Accounting Funds Municipal accounting has been subject to the provisions of the Local Government Act 1874 and subsequent local government legislation and to the Municipal Accounting Regulations. Under these provisions the income and expenditure of Victorian municipal councils is segregated into Municipal Funds, Loan Funds and a Country Roads Board Fund. The Municipal Funds are further broken down into the following three types of funds: General Fund Undertakings such as abattoirs, electricity supply etc Private Street Construction, Separate Rate and Special Improvement Charges. Municipalities are required to credit ordinary revenue to the Municipal Funds. Ordinary revenue is comprised of rates, tolls and rent of tolls, grants and all other moneys not being the proceeds of a loan. The General Fund is the principal fund of the council and its accounts show the main items of municipal income and expenditure. The Municipal Accounting Regulations require separate accounting records to be kept for the three types of Municipal Funds. Accounting Records Accounting systems comprise a structured collection of records which together document financial transactions. At the most basic level the flow of information between the integral components, or records, within the system is indicated by the following diagram: Source Documents