It is very important that the manager should be fully informed of the amount and nature of the overdrawn accounts in his office. This register should be written up each morning and placed on the manager's desk so that he may have before him a daily indicator of the status of accounts to serve as a guide in extending further business.

29. Discrepancies Book

Canadian banks are very strict in their rules regarding the correction of errors in the books, any erasures being absolutely forbidden. Errors discovered immediately by a clerk should be neatly cancelled in ink and the correct figures entered above. All other corrections must be made by a reversing entry thru the cash book; full particulars must be entered in the discrepancy book and compared and initialed by the manager or accountant.


What is the principal book in bank accounting? Why? What books are added as the bank grows?

Make a list of the books used in a fairly large branch and indicate the importance of the record kept in each.

What is the legal value of accounts kept in loose leaf form?

How are remittances for collections made to other banks?

Why are all correspondents' accounts not kept at a branch?