The " our " accounts bookkeepers devote their morning to posting tickets, striking balances, checking cable books, and checking outgoing mail, and their afternoon to the incoming mail, special attention being given to this on account of value dates.
The books consist of the "our " account general ledgers, the control ledger, and certain subsidiary books or cards.
1. The Control Ledger. In the control ledger all tickets per taining to the "our " accounts are entered in bulk, and then a balance is struck which should prove with that of the general bookkeeper's department. It also acts as a check on the account current balances in the "our " accounts general ledgers.
2. The "Our" Accounts General Ledgers. In these all trans actions affecting "our " accounts are itemized.
The General Ledger This ledger is divided into parts, the accounts being segre gated for convenience. The accounts include among others the following: 1. Acceptances Based on Imports and Exports (see pages 1276-128o).
2. Letter of Credit Sundries.
3. Customers' Liability under Letters of Credit (see pages 1277-128o).
4. Customers' Liability Account of Acceptances Based on Imports and Exports (see pages r 277-128o).
5. Anticipated Payments under Commercial Letters of Credit (see page 128o).
6. Bills Remitted Depot (see page 1208). This account consists of bills purchased by the bank and remitted abroad to correspondents to be held at its disposal.
7. Funds Received for Foreign Tellers' Drafts (see pages i244-1246). This account represents drafts received for proceeds of collections sent to the bank's correspondents. The amount of this draft or check is placed in this account until it is paid. It is a clearing account for transfers of payment.
8. Bills Payable Long Bills Account (see page 1223-1224). This account contains the long bills drawn by the bank and sold to customers here in the United States.
9. Funds Retained on Bills Awaiting Collection Account (see page '213). From time to time the bank takes bills from its customers here on various foreign countries, and, instead of pay ing them the full face amount, only advances them a certain per cent. The rest is placed in this account until the collection is made.
io. Brokerage Account (see page 1186). The money to be paid to brokers, which they have earned by buying and selling exchange through this bank, is accounted here. ,
1. Suspense Account. This is a debit balance account representing money due to the bank from customers which it has paid out for their account.
12. Unpaid Exchange Account (see page 1222). In the sale of exchange this account takes the place of cash or check in pay ment of same and is therefore a debit account. When the funds come through in payment of the exchange, the receiving teller credits Unpaid Exchange, which settles the transaction.
13. Sundries Account. This is a credit account composed of money that has been sent to the bank for the credit of parties that either do not have an account here or are not known. Upon proper identification this money is paid to these persons and the account is charged. This account also represents money on the disposition of which the bank has received definite instructions.
14. Bills Discounted, Bills Remitted, Sundry Account; Bills Discounted, Bills Remitted, South American Account; Bills Dis counted, Bills Remitted, Special Account. (See pages 1205-121o, 1213, 1214.) These and similar accounts are explained by their titles. Such account is charged when a bill is bought from a customer, and it is credited upon receipt of payment from the correspondent who received the offsetting debit.
Other Books Joint Account Book (see pages i2oo—r2o1). It frequently happens that transactions of a special nature are made on a joint account basis; that is, each part to the account is operated sepa rately, but for the mutual profit of both. Any profits or losses arising from these transactions are divided at certain periods. The records in the " their " account and the "our " account books are copied into a joint account book to show the operations of both sides.
2. General Ledgers. These cover various foreign accounts, such as Anticipated Payments Advanced Against Merchandise, Suspense, Collections, etc.
3. Sundry Ledgers. Into these are posted the sundry items, both alphabetically and according to the department from which they come, so that if at any time it is desired to see whether some bank or individual has funds or sundries, reference may be had to the index without going through the whole book.
4. Daily Earnings Book. This is made up daily and sent in the early morning to the general bookkeepers' department, and shows the amount of interest received and paid out each day.