Instructions to maintain Ledger Heading in Banking System
The accounts in each ledger should be opened in consecutive serial order of number of accounts, space being allotted for each account in proportion to the estimated extent of the operations thereon.
The following particulars will recorded at the head of an account:-
(a) The full name of constituent with his description and address and mode of signature. Surname of European and Anglo-Pakistanis should be written first, the full Christian names following in smaller writing. A regular system of entering the names of Pakistanis must also be adopted and the index kept accordingly. The names of all partners of a firm authorized to operate on the firms and companies accounts.
(b) The account numbers and the numbers of power of attorney or letter of authority, if any and the dates of opening the accounts.
(c) Instruction as to who will operate in the case of a joint account and whether the account is with benefits ofsurvivorshipand also the number of the relative form.
(d) The first and last printed numbers of cheques for drawings on the account.
(e) All instructions received relative to the working of the account, with the nature and date of the authority for them, but not standing instructions to make remittances unless they are dependent upon the balance of the account or the receipt of dividends or other thereto.
(f) Other useful information relative to the account.
When a constituent is known to maintain an account at another office of the bank the fact should be noted in the ledger heading with a view to enabling the branch to advice the other office in the event of the constituent getting into difficulties.
When an account is carried forward to a new folio all particulars etc to which constant reference will be necessary must be carried forward. Unessential particulars need not be carried forward. Moreover it is not necessary to carry any particulars from the left hand page of a ledger to the opposite right hand page on which only the name of the account should be written with the drawing power, if any. All particulars etc must of course be carried into a new ledger.
All particulars must be individually initialed by an officer not below the rank of an assistant accountant at time they are entered in the first instance and by an authorized supervising official whenever they are carried forward to a new folio or ledger. Instructions which cease to be in force should be ruled through in red ink with the date and authority for cancellation under authentication of a supervising official.
At the head of current page of each cash credit or overdrawn current account the amount of the sanctioned limit and the authorized drawing power will be entered. In words as well as figures under the signature of the manager or accountant in order to guide the employee dealing with the relative cheque as to the extent to which payment may be made. The date of expiry of the sanctioned limit and the rate of interest to be charges should be marked at the head of the account and initialed in the first instance by the manager or accountant and subsequently by the checking official.
The drawing power recorded in the current account and cash credit account ledges must be periodically checked by the manager with the drawing power register, which will kept by him. When drawing powers fluctuate frequently sufficiently space must be ruled off beneath the ledger headings for the new drawing powers to be entered in words and figure as changes take place each entry to be dated and signed and the previously entered drawing power neatly ruled through. Operation on such accounts will be posted below the line ruling off the space.