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Current Account Ledgers

ledger, credit, posted, balance and banks

CURRENT ACCOUNT LEDGERS, Each account in the current account ledgers is headed with the full christian names and surname of the customer, his address and designation ; any particulars regarding sign ing upon the account, or credits opened on behalf of the customer, or whether the customer is a shareholder of the bank. with the amount of his holding, are also recorded at the top of the page. If it is an over drawn account, the amount of the sanctioned limit, the date when granted and the date when it will expire, are entered, so t hat these particulars may always be under the eye of the ledger keeper when posting the account.

Columns are provided in the ledgers for the date of each entry, particulars (payee's name for debit items, " cash," " bills " or " sundries " for credit items), debit amounts, credit amounts, Dr. or Cr., and balance. After these columns there are rulings in connection with the interest :—a column for the number of days to be allowed or charged on each balance extended, a column for the " decimals " on the debit balances and one for the " decimals " on the credit balances. A column is sometimes provided also for " decimals " upon cheques or notes paid to credit which are not cash for two or three days after receipt. (Sec DECIMALS.) In some banks the interest is calculated at the time of posting and entered in interest money columns.

A ledger keeper preserves a sharp look out upon the various items which come to his hands to be posted, and reports at once when any cheques will overdraw an account or cause it to exceed the sanctioned limit. The signatures upon cheques also come under his observation, and any suspected signature is reported immediately to the manager or chief clerk.

The entries in the ledgers are posted in many banks from the actual credit slips and cheques signed by the customers, and the balance is extended, in a model ledger, after all the items have been posted, so that there is only one balance shown on any one day.

In some banks the credits are posted in the ledgers from dockets prepared by the cashiers. The dockets give the date, the amount and the name of the account.

Some ledgers are ruled with separate columns for the debit or credit balance, whilst others have only one column, the nature of the balance being indicated by " Dr." or " Cr." in front of it, or by credit and debit balances being written in different coloured inks. This last is found in practice to be a very convenient method.

Cheques are sometimes posted by the numbers instead of by the names of the payees.

The ledgers are called over daily (either the same day or first thing on the following morning) with the day books, or check ledgers, but a ledger keeper does not, as a rule, call over the ledger which he has posted. In some banks the actual vouchers are also checked daily with the ledgers, and where this is done the ledger keeper, when posting an account, makes a note upon the vouchers (or the first one if a quantity) of the folio of the account, so that the checker may readily find the place.

The number of ledgers varies, of course, with the number of accounts at a branch, and it is a common practice for a separate ledger to be kept for all the principal accounts.

When an account is finally closed, it is the custom in some banks to paste the closing voucher into the ledger.