Section 110.30  Balance Sheet Accounting

There are three major groups of balance sheet accounts:  assets, liabilities, and fund balance. All transactions must be recorded in the general ledger either individually or in summary form. Even though a majority will be recorded in more than one ledger, there are some which will be recorded in only the general ledger. This type of transaction requires a descriptor indicating the fund and the specific accounts to be affected.

(Source:  Amended at 13 Ill. Reg. 7610, effective May 4, 1989)