Close Branch Function - Introduction

This function basically allows the authorised user to update the branch closure status on each day end, to stop allowing banking operational tasks in system, prior to manually trigger the ‘End-Of-Day’ periodic process.

However, before performing this function, users must ensure certain important tasks have been performed.

Some examples, are as follows:-

  • Account Balancing: Ensures that all accounts have been balanced, which includes verifying deposits, withdrawals, and other transactions.

  • Suspense Handling: Any pending or suspense accounting entries have been resolved or raised, accordingly.

  • Cash Till Position Marking: The till position of each tellers (cash drawers) have been marked or updated in system, indicating the end of cash handling for the day.

  • Reporting: The branch has generated relevant reports summarising the day’s activities, which contribute to overall financial reporting, e.g., 'Accounting Summary' report and 'Accounting Details Listing' report .

This function is usually accessible by the respective user who holds the branch administrative function in the bank or financial institution.