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What is BRS
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Answer / dipayan dey
Bank reconcilation system. A bank reconciliation statement
is a statement prepared by organizations to reconcile the
balance of cash at bank in a company's own records with the
bank statement on a particular date. Bank Reconciliation
Statement process is being outsourced to professional
accounting firms by large organizations. This helps them
have an accurate view and also ensure that the company's
bookkeeping is good. Accounting firms make monthly
reconciliation statements for clients and help them
determine any discrepancy.
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / bhushan
BRS (Bank reconciliation statement) is the statement
prepared to Reconcile the balance of bank a/c as per books
and the balance as peer the bank pass book. Generally the
balance as per accounts book and as per the bank pass book
differs. and the reason for this are as follows.
1.Cheque issued & entered in the accounts but are not
presented to the bank and hence not reflected in the pass
book/Bank statement
2. Cheques received recorded in the books but not yet
cleared hence not reflected in the bank pass book
3. charges charged by the bank reflected in the bank pass
book but as these are not knowned to the accountant hence
not reflected in the accounts.
4. payments diredctly made by the bank reflected in the
pass book but not entered in the account books.
5. amounts directly received by the bank by fund tranfer
etc. but not yet recorded in the books of accounts etc.
so to find out such reasons of differnce reconciliation is
made.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / bahar
Bank reconciliation mean it can help to detect the mistake
either it happened in cash book or pass book and it is easy
to find out any fraud.
| Is This Answer Correct ? | 0 Yes | 0 No |
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