A general ledger Clause Samples

A general ledger clause establishes the requirement for maintaining a comprehensive record of all financial transactions related to the agreement. This clause typically obligates one or both parties to keep accurate and up-to-date books, detailing debits, credits, and balances for all relevant accounts. By mandating proper record-keeping, the clause ensures transparency and accountability, facilitating audits and resolving potential disputes over financial matters.
A general ledger. After a transaction is entered in a journal, that information also should be transferred to the proper accounts contained in the general ledger. The general ledger summarizes chronologically the activity and financial status of all the accounts of an organization. The process of transferring transaction information from a journal to a ledger is known as “posting.” The entries in the journal and ledger should be cross-indexed to permit the tracing of any recorded transaction (i.e., an “audit trail”). Periodically, a “trial balance” is performed, to test the mathematical accuracy of the ledger and to prepare a statement of the financial position of an organization as of a particular date.
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Related to A general ledger

  • Provisions of General Application (a) All accounting terms not specifically defined herein shall be construed in accordance with GAAP. (b) The terms defined in this Article include the plural as well as the singular. (c) The words "herein," "hereof" and "hereunder" and other words of similar import refer to this Agreement as a whole. All references to Articles and Sections shall be deemed to refer to Articles and Sections of this Agreement.

  • Establishment of Portfolios and Classes (a) The Trust shall consist of one or more separate and distinct Portfolios, each with an unlimited number of Shares unless otherwise specified. The Trustees hereby establish and designate the Portfolios listed on Schedule A attached hereto and made a part hereof ("Schedule A"). Each additional Portfolio shall be established by the adoption of one or more resolutions by the Trustees. Each such resolution is hereby incorporated herein by this reference and made a part of the Governing Instrument whether or not expressly stated in such resolution, and shall be effective upon the occurrence of both (i) the date stated therein (or, if no such date is stated, upon the date of such adoption) and (ii) the execution of an amendment either to this Agreement or to Schedule A hereto establishing and designating such additional Portfolio or Portfolios. The Shares of each Portfolio shall have the relative rights and preferences provided for herein and such rights and preferences as may be designated by the Trustees in any amendment or modification to the Trust's Governing Instrument. The Trust shall maintain separate and distinct records of each Portfolio and shall hold and account for the assets belonging thereto separately from the other Trust Property and the assets belonging to any other Portfolio. Each Share of a Portfolio shall represent an equal beneficial interest in the net assets belonging to that Portfolio, except to the extent of Class Expenses and other expenses separately allocated to Classes thereof (if any Classes have been established) as permitted herein. (b) The Trustees may establish one or more Classes of Shares of any Portfolio, each with an unlimited number of Shares unless otherwise specified. Each Class so established and designated shall represent a Proportionate Interest (as defined in Section 2.5(d)) in the net assets belonging to that Portfolio and shall have identical voting, dividend, liquidation, and other rights and be subject to the same terms and conditions, except that (1) Class Expenses allocated to a Class for which such expenses were incurred shall be borne solely by that Class, (2) other expenses, costs, charges, and reserves allocated to a Class in accordance with Section 2.5(e) may be borne solely by that Class, provided that the allocation of such other expenses, costs, charges, and reserves is not specifically required to be set forth in a plan adopted by the Trust pursuant to Rule 18f-3 under the Act, (3) dividends declared and payable to a Class pursuant to Section 7.1 shall reflect the items separately allocated thereto pursuant to the preceding clauses, (4) each Class may have separate rights to convert to another Class, exchange rights, and similar rights, each as determined by the Trustees, and (5) subject to Section 2.6(c), each Class may have exclusive voting rights with respect to matters affecting only that Class. The Trustees hereby establish for each Portfolio listed on Schedule A the Classes listed thereon. Each additional Class for any or all Portfolios shall be established by the adoption of one or more resolutions by the Trustees. Each such resolution is hereby incorporated herein by this reference and made a part of the Governing Instrument whether or not expressly stated in such resolution, and shall be effective upon the occurrence of both (i) the date stated therein (or, if no such date is stated, upon the date of such adoption) and (ii) the execution of an amendment to this Agreement establishing and designating such additional Class or Classes.

  • PROCEDURE FOR DEALING WITH SAFETY ISSUES OR INCIDENTS 11.1 The Employer, the Employees and the Union agree that for the purposes of s. 81 of the WHS Act matters about work health and safety arising at the workplace shall be resolved in accordance with this procedure. 11.2 The Parties agree that for the purposes of this procedure and s. 81(3) of the WHS Act the following persons shall be the representatives of the following parties: (a) the Principal Contractor (as defined in the WHS Act) - Site Manager or any other person nominated by the Principal Contractor (b) the Employers - the Site Manager or any other person nominated by the Employer(s) (c) The Employees - the Union or other representatives. (Collectively referred to as "Nominated Parties”) 11.3 The Nominated Parties agree that representatives shall be entitled to: (a) inspect any work system, plant, substance, structure, or other thing relevant to resolving the issue (b) consult with relevant Employees in relation to resolving the issue (c) consult with the relevant PCBU (as defined in the WHS Act) about resolving the issue (d) inspect and take copies of any document that is directly relevant to resolving the issue; and (e) advise any person whom the representative reasonably believes to be exposed to a serious risk to his or her health and safety, emanating from an immediate and imminent exposure to a hazard of that risk. 11.4 The Nominated Parties and/or their representatives may commence the procedure by informing, either by themselves or their representative, the other Parties and/or representatives that: (a) there is an issue to be resolved; and (b) the nature and scope of the issue. 11.5 As soon as the Parties and/or their representatives are informed of the issue, the Nominated Parties and/or their representatives must meet or communicate with each other to attempt to resolve the issue. 11.6 The Nominated Parties and/or their representatives must have regard to all relevant matters including: (a) the degree and imminent risk to the Employees or other persons affected by the issue. (b) the number and location of Employees and other persons affected by the issue. (c) the measures both temporary and permanent that must be implemented to resolve the issue. (d) who will be responsible for implementing the resolution measures. (e) whether the hazard or risk can be isolated; and (f) the time that may elapse before the hazard or risk is permanently corrected. 11.7 Once the issue is resolved details of the issue and its resolution must be set out in writing with all Nominated Parties and/or their representatives to be satisfied that the agreement reflects the resolution of the issue with a copy given to all Nominated Parties and/or their representatives to the issue. The issue, once resolved, shall be recorded in the next safety committee meeting minutes with the agreed resolution. 11.8 The Nominated Parties and/or their representatives must make reasonable efforts to achieve a timely and final resolution of the issue. If within a reasonable time there is still no resolution, any of the Nominated Parties attempting to resolve the issue may then ask Work Health and Safety Queensland, and/or the QBCC, where applicable, to arrange for an inspector to attend the workplace to assist in resolving the issue. 11.9 Direction to cease work (a) If - (i) an issue concerning health or safety arises at a workplace or from the conduct of the undertaking of the Employer; and (ii) the issue concerns work which involves an immediate threat to the health or safety of any person; and (iii) given the nature of the threat and degree of risk, it is not appropriate to adopt the processes set out in clause 11.7 above (b) the Employer and/or the health and safety representative for the designated work group in relation to which the issue has arisen may, after consultation between them, direct that the work is to cease. (c) During any period for which work has ceased in accordance with such a direction, the Employer may assign any Employees whose work is affected to suitable and safe alternative work. 11.10 Fundamental to this process is a standing invitation for Union representatives to attend site to assist with all matters relating to health and safety. 11.11 Employees are not required to work in circumstances where the employee or a Union representative reasonably believes a safety law is being, or will be, contravened. Consultation between the relevant parties will occur throughout this procedure including with senior representatives of the Employer and the Union.

  • WAGES AND CLASSIFICATIONS 42.01 The classification and wages for persons covered by the Collective Agreement shall, during the term of the Agreement, be as set out in Schedule "D" attached hereto. 42.02 Where a Child and Youth Worker II or III, who has a minimum of three (3) years continuous service in his/her current position wishes, for the purposes of career development and experience to apply for a Child and Youth Worker position which is classified one level lower, s/he may apply to the Chief Human Resources Officer to have this position considered as a secondment for a maximum of one (1) year through which s/he will retain his/her current salary. (a) If a new job is established by the Employer, the Joint Job Evaluation Committee will evaluate the job. In circumstances where it is impossible for either party to convene the Joint Job Evaluation Committee, or a rating cannot be agreed upon prior to the posting of a newly created job, the Employer will set the initial wage rate. It is agreed that the newly created job will be reviewed by the Joint Job Evaluation Committee no later than three (3) months after the date that the new job is posted, unless otherwise agreed. Any increase in rate of pay resulting from such a review shall be retroactive to the start date(s) of the employee(s) in the new position. In the event that the rate of pay decreases, any decrease shall not apply to present incumbents. If the parties are unable to agree upon the rate of pay, the procedure set out in Article 42.04 shall apply. At the request of either party, all newly created jobs shall be re-reviewed by the Joint Job Evaluation Committee within twelve (12) months of the start date of the new job. Any increase in rate of pay resulting from such a review shall be retroactive to the start of the new job. In the event that the rate of pay decreases, any decrease shall not apply to present incumbents. If the parties are unable to agree upon the rate of pay, the procedure set out in Article 42.04 shall apply. (b) Where the duties and responsibilities of an employee’s job are changed by the Employer in a substantive manner, so that a job is no longer properly classified and the rate should be changed, either the employee or the Employer may request that the job be reviewed by the Joint Job Evaluation Committee. Any such request must be made within six (6) months of the changes to the duties and responsibilities being made by the Employer. The job will be reviewed by the Joint Job Evaluation Committee no later than three (3) months after the request. It is understood that the cumulative effect of small changes may result in change “in a substantive manner”. Any increase in rate of pay resulting from such a review shall be retroactive to the date that the request was made which resulted in a re- classification. In the event that the rate of pay decreases, any decrease shall not apply to present incumbents. If the parties are unable to agree upon the rate of pay under a changed job as referred to above, the procedure set out in Article 42.04 shall apply with the appropriate changes. No job will be reviewed under section (b) more than once every twelve

  • Repair and classification Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification free of overdue recommendations and conditions.