BRS stands for Bank Reconciliation Statement. It is a term related to Banking, Useful Terms and Definitions which we use in daily life but we do not know their full name meaning, Here’s a list of important abbreviations that you should know.
|Bank Reconciliation Statement
Full Form of BRS
The full form of BRS is the Bank Reconciliation Statement. To keep a record of business transactions, a Bank Reconciliation Statement (BRS) comes into play.
Bank Reconciliation Statement is a statement which records differences between the bank statement and general ledger. A BRS means matching records for a cash account entries corresponding to the bank statement.
Here you learn the full name and complete information of BRS, if you have questions and answers related to BRS, then tell us your thoughts in the comment, know the complete meaning of BRS in this article.
Why Prepare a BRS?
It‘s not compulsory to prepare a BRS and there’s no fixed date for preparing BRS. BRS is prepared on a periodical basis for checking that bank related transactions are recorded properly in cash book’s bank column and also by the bank in their books.
BRS helps to detect errors in recording transactions and determining the exact bank balance as on a specified date.
Benefits of preparing a BRS
Accounting errors could lead to circumstances which are more than just embarrassing when the cheques bounce or companies start getting annoying calls from creditors or suppliers for payments which are already released.
Bank reconciliations assist you in spotting fraud and reducing the risk of transactions which could cause penalties and late fees.