Question

Describe Accounting practices for Banking and Finance Industry ?

Answer 1

Accounting for the banking sector is a specialist area that requires expertise and an understanding of the industry. On this page you can access a range of articles, books and online resources providing quick links to Statements of Recommended Practice, guidance and news and also Bookkeeping is a tedious but a necessary process with any company or financial institution. Maintaining accounts of financial transactions can put a huge burden on your operating and administrative costs especially if the volume of transactions is high. Outsourcing has come as a breather to banks - cutting down operational costs and saving time that can be invested in strategic functions.

The area should be covered -

1. Daily ledger and journal entries
2. Maintenance of Accounts Receivables and Accounts Payables
3. Preparing and updating Profit and Loss (P& L) Statements
4. Preparation of Balance Sheets and Income Statements
5. Updating Bank Reconciliation Statements
6. Ageing Reports and Summaries
7. Preparation of Tax Statements
8. Maintenance of Assets and Liabilities books
9. Generating quarterly, monthly and yearly Cash Flow Statements