All debits between branches, including checks, drafts and money orders paid, and the like, are listed on a special form called a check list, and debited in one total to branch clearings account and the list forwarded direct. The receiving branch gives credit on the branch clearings statement immediately on receipt. Even if an item has to be returned or there is an error in the addition of a list, the amount as shown must be credited exactly, and the difference adjusted on "At Credit" advice or a return check list, as the case may be. Check lists are of different forms and sizes, but are invariably in duplicate, the carbon copy being retained as a record. In the larger branches the lists are on loose sheets of one, two or three lists each, for use with the typewriter or adding machine, the carbon copies being filed in a binder for reference. Figure 14 is a common form.

Sterling, Foreign And Sundry Drafts, Etc., Issued

Date

No.

Drawn on

In Favor of

Purchaser

Selling Bate

Sterling or

Foreign

Currency

Cover Credited or Remitted

Credit

Foreign

Exchange

Initial

Bank

Town

Foreign

Dollar

Correspondent

Rate

Figure 12. Draft Register

Branch Drafts And Settlement Checks Issued

Date

No.

Branch Drawn on

Favor of,

Purchaser, etc.

Commission

Drafts

Settlement Checks

Initials

Date Paid

Drafts Paid No. Amount

-

Figure 13. Draft Register (Drawn ox Other Branches)

In the smaller branches the lists are in bound form, generally two large and four small lists to a page, Figure 15. At the end of the day all lists for other branches are debited in the branch clearings statement, and only in case of loss or delay in transit will the copies be referred to.

Check lists sent to correspondents are entered and filed similarly, with the exception that they are debited to the head office in the branch clearings statement.

Originally, check lists were debited to cash items account until due advice of payment was received on "At credit" advice. The best practice now is to debit the lists direct to branch clearings account. No item is more promptly responded to than a check list, and much time and postage are saved by the elimination of the advice.