Accounting system and accountability, review, closure and definition of accounts in the municipal treasury of valencia. The capitols del quitament of 1559-1571

Abstract

This paper analyzes the regulations that modernized the accounting management of the municipal estate of Valencia in the second half of the 16th century. Said regulations were known as Capitols del Quitamen, in our case those in force between 1559 and 1571. These were elementary budgets whose objective was to keep the city free of financial obligations, with the supervision of the Catorze del Quitament. The accounting modernization was achieved by implementing a new system based on the application of the double entry in the newly created Mayor and Manual of the Negotiation, similar to those of the Municipal Public Bank since 1519, as well as the rendering of accounts to the Rational and continuous review the Mayor and the eight auxiliary books of the local treasury, also in charge of the Rational with the collaboration of the Catorze del Quitament; and the definition of the eight high positions of said hacienda.