Banking & Insurance Accounting
Bank
A bank is a commercial institution, licensed to accept deposits and acts as a safe custodian of the spendable funds of its customers. The main functions of a bank are receiving, collecting, transferring, buying, lending, investing, dealing, exchanging and servicing money and claims to money both domestically and internationally. The main activities of a bank are operating accounts, receiving deposits, accepting and paying notes and coins and providing loans.
Bank accounting:
The main books of accounts of a bank include the following:
1) General cash book
2) General ledger
3) Receiving cashier’s counter cash book
4) Paying cashier’s counter cash book
5) Current account ledger
6) Savings bank account ledger
7) Fixed deposit ledger
8) Overdue fixed deposit ledger
9) Fixed deposit interest ledger
10) Loan ledger
11) Investment ledger
12) Bills for Collection register
13) Securities ledger
14) Jewellery register
15) Documents register
16) Standing orders register
17) Cheques dishonored register
18) Drafts payable register
19) Drafts issued register
20) Foreign letters of credit register and
21) Cash balance book.
Insurance Companies
Insurance business can be classified as Life Insurance and General Insurance. General insurance can be further sub-divided into Fire Insurance, Marine Insurance and Miscellaneous Insurance.
Insurance Accounting:
The various books of accounts for insurance companies include:
1) Proposal register
2) New premiums cash register
3) Renewal premiums cash register
4) Agency and branch cash book
5) Petty cash book
6) Claims cash book
7) General cash book
8) Agency credit journal
9) Agency debit journal
10) Register of policyholders
11) Register of claims advised
12) Lapsed and cancelled policies book
13) Chief journal
14) Commission book
15) Agency ledger
16) Policy loan ledger
17) Investment ledger
18) General ledger
19) Register of insurance agents
Apart from the above books of accounts of both banking and insurance companies, the balance sheet and income statement forms part of final accounting for both the types of companies. Of course, our scope of coverage is not limited to the above mentioned topics of accounting. You may contact www.theglobaltutors.com for any kind of query in banking and insurance companies accounting.
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