MUNICIPAL ACCOUNTS.

Taranaki Daily News, 4 October 1922, Page 6

MUNICIPAL ACCOUNTS.

METHOD OF BOOKKEEPING. ADDRESS TO STUDENTS. The system of keeping accounts, collecting and accounting of revenue, and the handling of the loan accounts of a municipality were explained by Mr. G. V. Matthews, accountant of the borough of New Plymouth, in an address to the Accountancy Students Society at New Plymouth last evening. Mr. Matthews went into details of all the accounts which were kept, his explanations being assisted by the copies of the borough accounts handed to his hearers, while he showed how the actual amounts were collected and then credited to the particular account concerned. The accounts were dealt with under the following headings: (J) General account, in which was the district fund account, in turn subdivided into the hospital, water abattoirs, cemetery, library and sundry subsidiary accounts; (2) loan accounts; (3) electric light: and (4)' tramways. These were the main accounts and were required to be kent by statute. The main sources of revenue in New Plymouth were ,rates and electric light and tramways. The electric light and tramway enterprises paid their own way, no special rate being required, and their accounts were kept in a separate set of books. After showing the different accounts, Mr. Matthews said their system was such that for the last three years the borough had been able to strike the balance at the end of each year at the first attempt.

Proceedings from the trading accounts and sinking funds were dealt with, explanation being made of the way ia which they were invested and charged. As soon as the sinking fund charge could be made the money was paid into the P.O. savings bank or other savings bank, but as soon as a reasonable sum had accumulated it was lent out on mortgage or invested in their own debentures or in war .certificates. Tn concluding, Mr. Matthews said that while it might be said that the system of keeping accounts was not the best, nevertheless they were required by statute to keep them in the manner he had shown.

Mr. Matthews was accorded a hearty vote of thanks for his address.