He shall maintain a complete and modern system of accounting that will, at all times, reflect the financial condition of the city, and shall keep separate accounts for each specific item of appropriation made by the council to each department, and require all warrants to state specifically against which items the warrant is drawn. Each account shall show in detail the several appropriations made by the council, the amount drawn on each appropriation, the unpaid contracts charged against it, and the balance standing to the credit of the same.
53 P.S. § 12425