After the days' operational banking is done and after all the necessary tasks have been completed on all the accounts, including postings and balancing for the end-of-the-day, there is one very important job to be done; on the last day of the month. It is month-end closing. This entails posting all transaction including interest charged to the individual ledger card accounts and balanced up for transfer of outstanding amount; debit or credit; into a new ledge card for the new month.
All 'closed' loose ledger card account statements are taken out of the main base ledger cards. These statements are handed over to the 'guys in armour'; Messengers / Office Boys; to fold it nicely to fit into the envelopes; showing the name and address in the envelope window; for collection or mailing to the respective account holders. The Current Account staff will transfer the outstanding amount on the main base ledger cards into the new month statement, as the opening balance for the respective account. When finished posting for all individual respective on the new month statement, it is then summed up again and balanced up, to ensure that the amount transferred is of the correct amount. This is again verified and authorised by an officer.
Month-end closing is always a fiesta and usually lasts into the wee hours of the morning. However, the extra hours that we have toiled are being compensated by overtime payments, which is usually twice the normal working day rate. Staff working in a branch, especially in the Current Account Department enjoys the much extra monthly overtime money which may sometimes be more than our basic monthly pay. So they say at that time, a bankers work is never done! Work work work - with a big fat pocket. 4 pay cheques in a month. By the 14th, we receive our first half months' pay, on the 20th, we receive our 1st half months' overtime payment. By the 28th, we receive the other half months' pay and on the 30th or 31st of the month, we receive the 2nd half months' overtime payments. Kayo lah den!
11 hours ago