The accounting system of Magdalen College, Oxford, in 1812

Abstract

This paper adds to the knowledge of pre–1850 accounting. Based on original, archival research, it looks at the accounting system of Magdalen College, Oxford, England, in 1812, in a contemporary context. This system was based on a medieval charge/discharge system and had remained largely unchanged for hundreds of years. Its main purposes, at Magdalen, were to prevent fraud, promote accountability and facilitate the calculation of an annual dividend distributed to fellows. The system comprised two main books and six subsidiary books. There was an annual rough balance sheet (Transmissio) and audit. Possible reasons why the college was still using a charge/discharge system in 1812 are examined.