BRS stands for Bank Reconciliation Statement. BRS is a statement that compares the bank balance as per the bank statement with the balance as per the company's books. It helps in identifying any discrepancies or errors in the bank transactions. The process involves matching the transactions in the bank statement with the transactions in the company's books. Any outstanding checks or deposits are also taken into consideration while preparing the BRS. The ultimate goal of BRS is to ensure that the bank balance and the company's books balance match. BRS is an important tool for maintaining accurate financial records and detecting fraud or errors. Example: If the bank statement shows a balance of $10,000 and the company's books show a balance of $9,500, then the BRS will help in identifying the reason for the difference. Example: If a check issued by the company is not yet cleared by the bank, it will be considered as an outstanding check and will be added to the company's books balance while preparing the BRS.

Amul India Interview Questions: What is BRS?

Asked inAmul India,Account Assistant

What is BRS?

AnswerBot

BRS stands for Bank Reconciliation Statement.

BRS is a statement that compares the bank balance as per the bank statement with the balance as per the company's books.
It helps in identifying any discrep...read more