The main characteristics of a bank’s system of book-keeping are as follows :-
(a) Voucher posting - Entries in the personal ledger are made directly from vouchers instead of being posted from the books of prime entry.
(b) Voucher summary sheets - The vouchers entered into different personal ledgers each day are summarised on summary sheets, totals of which are posted to the control accounts in the general ledger.
(c) Daily trial balance - The general ledger trial balance is extracted and agreed every- day.
(d) Continuous checks - All entries in the detailed personal ledgers and summary sheets are checked by persons other than those who have made the entries. A considerable force of such check is employed, with the general result that most clerical mistakes are detected before another day begins.
(e) Control Accounts - A trial balance of the detailed personal ledgers is prepared periodically, usually every two weeks, agreed with general ledger control accounts.
(f) Double voucher system - Two vouchers are prepared for every transaction not involving cash - one debit voucher and another credit voucher.
MAIN CHARACTERISTICS OF A BANK’S BOOK-KEEPING SYSTEM
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