Maintaining The Bank’s System OF Accounts, Part 2

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S  J Tubrazy

Care must be taken that the amounts in all vouchers draft and deposit receipts are filled in both in words and figure in such a way that no opportunity is afforded for fraudulent transactions.

Credit slips should be signed by the depositors whenever possible and in all other cases invariably be signed in full if cash or initialed if transfer by an authorized checking official of the bank after the authority for the credit has been recorded on the vouchers. The signatures or initials must be in such a position on the slips that they clearly indicate to what they refer.

Counter folios of pay-in-slips in respect of cash must be signed in full, the relative credit slips being also signed in full by the official passing them through his scroll. In the case of transfer it is sufficient to initial the pay-in-slips and the relative counter folio.

Checques, drafts etc, for payment in cash must be signed in full by the passing officials, those for transfer must be initialed. The drawer’s signature on checques and drafts and those of the issuing officials on payment orders and deposit receipts must always be cancelled but so that the signatures become illegible. Signatures on checques etc, for transfer will be cancelled by the passing officials on those for cash payment by the paying cashier.

All debits to charges, stamp, stationary, profits and loss account, suspense or sundry deposit account must be signed by the manager and all debits to constituent account by an authorized checking official. Other debit vouchers unless for cash payments may be initialed.

All debit vouchers must be branded with the cash or transfer paid date stamp bearing the current day’s date and all vouchers, debit and credit must be cancelled with a cancellation stamp or an oblique stroke of indelible checking pencil by the supervising officials who check them the following morning through the clean cash book, subsidiary day book of credits to accounts and other books the totals of which are incorporated in the clean cash book.

All cheques, drafts etc, whether drawn on the branch or on other offices or banks which are received for credits to an account must be branded with the banks crossing stamp immediately on receipt and entered direct into subsidiary day book of credit to accounts.

Signatures and endorsements on cheques, bills, drafts etc, in a language other than English must be translated into English and verified by the passing officials having proficiency in the language in which such instrument is drawn or signed. Where the passing official does not have the desired proficiency the translation and verification should be done under the initials of the head cashier.


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