MONTHLY INCOME
ACCOUNT SCHEME CONTROL
PROCEDURE
[Issued vide D.G. Posts letters No.
110-23/2001-SB dated 7.1.2003
and No. 113-1/2002 SB dated
5.5.2003]
78. The S.B. Control
Organisation will follow the procedure as for savings accounts with the
following changes.
CHECKING OF VOUCHERS AND DOCUMENTS
1. General
check of vouchers and checking of vouchers with reference to entries in the
ledgers :-
The vouchers both receipts and payments will be checked to the following extent
:-
(a) All vouchers of
premature and final closures.
(b) 10% of vouchers of
monthly payment of interest.
(c) 4% of deposit transactions.
Note 1 :- The checks will apply
uniformly to accounts maintained either manually or on computers.
Note 2 :- In case of
MIS accounts the ledger in head offices for accounts standing at sub offices
are not maintained. Hence general checks of vouchers will be done.
Note 3 :- While
checking the vouchers, the amount of interest calculated for new accounts will
be checked for correctness with reference to interest rate applicable.
[D.G
Posts letter No. 110-23/2001-SB dated 7.1.2003]
[Para 91C of Manual of S.B. Control
Procedure]
2.
Premature closure of accounts :- The premature closure of the account is allowed
after one year of opening of the account and a discount at the rate of 5% will
be deducted from the principal before making payment if the account is closed
before the expiry of 3 years from the date of opening. In the account records
full amount of deposit will be shown as paid and the amount of discount
recovered will be shown on the receipt side. On the warrant of payment the
details of Principal and discount recovered will be shown separately and
receipt of the net amount payable will be taken from the depositor. In the list
of transactions and the consolidated journal, total amount of deposit will be
shown as withdrawn in the withdrawal column and discount recovered shown under
a separate column "Discount deducted" to be opened for this purpose
on the receipt side. The amount of discount will not be shown in the SB-62
register. The Postmaster and the Supervisor SBCO will check the amount of
discount recovered as shown in the consolidated journal with the amount shown
in the head office cash book as per procedure being followed in RD accounts
when interest is recovered on withdrawals repaid in these accounts.
[D.G, Posts letters No. 1-2/88-SB dated
10.2.1988 and 17.10.1990]
Agent's schedules for commission
paid on MIS Deposits
3. (1) The SBCO will
receive daily from the SB Branch the schedules of commission paid to the SAS
agents alongwith receipts (ACG-17). The SBCO will carry out the following
checks :-
(i) The
official of the SBCO will compare the amount of commission paid as shown in the
receipt (ACG-17) with the entries in the schedule.
(ii) The
correctness of the total of the schedule and commission paid at the prescribed
rate will be checked.
(iii) The
official concerned will put his dated signature at the bottom of the
schedule in token of having carried out the above checks.
(iv) The
official in-charge of the SBCO will compare the total amount of the schedules
with the entries in the cash book in order to verify its correctness and place
his initials in the cash book in token of this check.
(2) The SBCO
will enter the details regarding amount of deposits and commission paid through
SAS Agents in the statistical register of MIS accounts after the close of the
month.
(3) After
necessary checks the schedules of commission paid along with vouchers (receipts
ACG-17) will be sent to the Postal Accounts Office on monthly basis after the
close of the month in the first week of the following month.
[D.G. Posts letter No.
107-7-16/97-SB dated 17.4.2000]
4.
Maintenance of SB-85 register :- In head offices where MIS work has been computerised,
the SBCO will maintain SB-85 register ledger wise for head office and
office-wise for sub offices. In head offices where the MIS work is done
manually, the register SB-85 will be maintained ledger-wise and office-wise for
all offices.
[D.G. Posts letter No. 113-1/2002-SB
dated 5.5.2003]
5.
Maintenance of statistical register :- A separate statistical register
will be maintained for this scheme as per procedure followed in RD Control
Procedure.
[Para 91 D of Manual of SB Control
Procedure as amended]
VERIFICATION OF LEDGER BALANCES OF
HEAD OFFICE ACCOUNTS
6. The balances of the
accounts in each office will be verified on six monthly basis. The first round
will cover the period from January to June and the second round from July to
December. The listing will be done for the balances as on 30th June and 31st
December each year. The verification will be done in the following manner.
(i)
For accounts in head office, balances will be listed by the SBCO ledger wise.
The balances in the register SB-85 will be arrived at by adding the total
credits to and deducting the total debits till the end of the month upto which
transactions have been included in the list of balances from the opening
balance of the month. The closing balance should agree with that shown in the
list. If it agrees the Postal Assistant will write "Agreed" in the
list under his dated signature. The list will then be placed before the
Supervisor. The Supervisor will verify and note it in the ledger verification
check sheet under his dated initials.
(ii)
If the two sets of balances differ, the Postal Assistant will write the name of
office, ledger number and two sets of balance in the discrepancy register.
Action will be taken to reconcile the discrepancy and to have the two sets of
balances reconciled.
(iii) To find out the
mistake :-
(a)
The previous agreement sheet of the binder should be checked with the balances
shown in the current list prepared. The accounts having no change in balance
should be ticked.
(b)
The accounts whose balances have undergone a change should then be examined to
see if the balances in respect of these accounts have been cast correctly in
the binder. In case of correction to ledger balances it should be seen if the
same is supported by the entries in SB-85 register.
(c)
Accounts transferred to other offices will be checked with reference to entries
in SB-85 and SB-85(a) registers. In case of account opened by transfer it
should be checked from the ledger or the voucher whether the account has been
correctly included in SB-85 and SB-85(a) registers.
(d) Accounts which have been closed
should be checked with reference to the entries in the list of
transactions and SB-85 register.
(e)
If the balances still do not agree, the postings in SB-85 register should be
checked with the list of transactions. If the balances still do not agree the
totals of lists of balances and balances cast in SB-85 register should be
checked again.
(f)
In addition to checking the balances with SB-85 register, the SBCO will check
with the list of balances of previous period as to whether the increase in
balance is correct with reference to interest due and paid in the account.
REGISTER OF LEDGER DISCREPANCIES
(iv)
A register of office wise discrepancies will be maintained to note particulars
of ledgers which do not agree automatically in the following format:
Date selected No. of Balance as Balance as
for agreement ledger per SB-85 per the list
1 2 3 4
Difference of Agreed Dated initials Dated initials
3
and 4 Balance of the P.A. of the Supervisor
5 6 7 8
On reconciliation of the
discrepancy, the completed register will be checked and initialled by the
Supervisor.
[D.G. Posts letter No.
110-23/2001-SB dated 7.1.2003]
VERIFICATION OF LEDGER BALANCES OF
SUB OFFICES ACCOUNTS
7. Following
computerisation the SBCOs are working either on V2 SBCO or Sanchay Post as
below.
(a)
In SBCOs working on V2 SBCO, the transactions will be fed in computers by SBCO
after general check of vouchers and verification of total of cash figures of
consolidated journals with Head Office cash book on daily basis. After feeding
of transactions over computers all other control functions including verification
of balances are automatic besides being accurate. Verification of closing
balances of the ledger/office with the closing balance arrived at
SB-85/SB-62/SB-63 registers at the close of the month will make the system fool
proof.
The
generation of Control Registers in Form SB-85/SB-62/SB-63 and consolidated
journals SB-86/SB-72 is automatic. The hard copies of the control registers are
kept on record duly agreed with the figures worked out in the relevant
consolidated journals on the last working day of the month.
(b)
In SBCOs working on Sanchay Post, the transactions fed by HO and SOSB group are
available with SBCO for checking of vouchers. Control registers are generated
automatically.
With
discontinuation of maintenance of ledgers for SO accounts, the SBCO will have
to feed the data from LOTs to generate the consolidated journals. Data
regarding transactions at HO will be available with SBCO on LAN. The
consolidated journal and the respective control registers will be generated.
Consolidated balance for the HO will be verified and tallied with the balance
arrived at SB-85 on daily/monthly basis.
(c)
Periodical agreement of balances :- The SBCO will take out hard copies of
list of balances in triplicate every six months as on 30th June and 31st December and will forward two copies to sub
post offices for check with reference to the ledgers being maintained at sub
office level w.e.f. 1st
January, 2003. The sub post office will return one copy of the list to
the SBCO after necessary verification and recording of difference, if any,
noticed against the respective accounts.
The
differences/mistakes in balances of accounts as pointed out by sub post office
will again be verified by the SBCO with respect to relevant records (i.e. Vouchers
and LOTs) and necessary corrections carried out on computers.
(d)
The SBCO will also take out hard copy of the list of unposted items in
duplicate and will forward the same to the sub post office on daily basis for
reconciliation so that no transaction is left unposted by the end of each round
of agreement.
(e) If the two sets of balances (i.e. balance
as per computerised list of ledger balances and the individual ledger of the
sub offices) still do not agree, the SBCO will take out hard copies of the
individual ledger cards having difference and will forward the same to the
concerned sub post office for reconciliation of differences.
(f)
Instead of register of ledger wise discrepancies prescribed for head office
ledgers, a register of office wise and account wise discrepancies will be
maintained in the following format for sub offices ledgers :-
Register of office wise and account
wise discrepancies
Round of agreement as
on___Name of sub office______
Sl.No. Ledger No.
Account No. Name of
depositor
1 2
3 4
Ledger balance as per
computerized list of balances
|
Verified balance as per
sub office ledger
|
Difference
|
Date of reconciliation
of difference over computer
|
5 6 7 8
Dated initials of Dated initials of Remarks
the P.A. the
Supervisor
9 10 11
(g)
The above procedure will be followed by SBCOs working on either V2 SBCO or
Sanchay Post with immediate effect.
8. For six monthly record
of balances of accounts a list of balances has been prescribed to be taken out
and provided to the sub post offices for reconciliation of balances, the
first list of balances as on 30.6.2003 should be despatched to sub post offices
by 10th of July and
reconciliation completed by 31st
July. Next list will be prepared for 31st December and reconciled by 31st January and so on.
[D.G
Posts letter No. 113-1/2002-SB dated 5.5.2003
