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what is Bank Reconciliation Statement (BRS) give detailed
explanation with causes?
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Answer Posted / lavsingh
What Does Bank Reconciliation Statement Mean?
A form that allows individuals to compare their personal
bank account records to the bank's records of the
individual's account balance in order to uncover any
possible discrepancies. Investopedia explains Bank
Reconciliation Statement
Since there are timing differences between when data is
entered in the banks systems and when data is entered in
the individual's system, there is sometimes a normal
discrepancy between account balances. The goal of
reconciliation is to determine if the discrepancy is due to
error rather than timing.
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