Series GRS0808 - BANNOCKBURN SHIRE COUNCIL - Annual Statements of Accounts

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GRS0808

Title

BANNOCKBURN SHIRE COUNCIL - Annual Statements of Accounts

Date(s)

  • 1895 - 1993 (Creation)

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(1862 - 1994)

Administrative history

The District was created on 31 October 1862. It was proclaimed a Shire on 30 June 1864. Bannockburn Shire and the Meredith Shire united on 15 September 1915. Part of the Steiglitz Riding was severed and annexed to Lara Riding of the Corio Shire on 31 May 1916. Local Government Reform 1993-1995 The Fyansford area was annexed to the City of Greater Geelong on 18 May 1993.

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Not yet assessed

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Note

Function / Content This series comprises records that 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 records was as follows: from source documents (such as invoices and receipts), income and expenditure were recorded in cash books and journals. From cash books and journals, sub-totals for expenditure and revenue were consolidated into subsidiary ledgers. Figures in subsidiary ledgers were used to compile totals of income and expenditure that were recorded in the general ledger. Categories of income and expenditure were then aggregated under account segments for use in financial statements. The flow of information, however, is not always this straightforward. Source Documents Examples include receipt books, cheque butts, vouchers etc. Information is extracted from these documents and entered chronologically, in full or summary form, into cash books or journals. This process is called journalizing. Cash Books A cash book is a combination of a book of original entry (ie. a journal) and the ledger account for cash (often including the bank account). As a book of original entry it is used to record receipt and payment transactions in chronological order. Following a standard format, cash (and cheque) receipts are entered on the lefthand side of the book, and cash (and cheque) payments are recorded on the righthand side. These amounts are then 'posted' to the relevant ledger accounts which are identified either by ledger folio numbers or account numbers. As the cash book is also a replacement of the ledger account for cash, it is balanced at regular intervals. Journals (Specific and General) The prime function of a journal is to facilitate the 'posting' of credit and debit transactions into the appropriate ledger accounts. Like the cash book the journal is a book of original entry which records transactions in chronological order. Specific journals are often maintained to summarise information about similar types of transactions, including cash transactions, eg. cash receipts journal, wages and stores journal. General journals, on the other hand, provide a convenient record of other transactions, including adjustments to ledger accounts (to correct errors for example) and the sale or purchase of assets. Journals may also be used to record the posting of amounts from one account to another (particularly common at the end of a financial year). The relevant accounts are identified either by the ledger folio number or an account number. Ledgers (Subsidiary and General) Ledgers comprise a record of changes (debit and credit transactions) concerning one or more accounts. Th

Alternative identifier(s)

PROV

VPRS 15095

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