What is BRS

Question

What is BRS

Accepted Answer

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 statement includes items such as deposits in transit, outstanding checks, bank charges, and interest.
The ultimate goal of BRS is to ensure that the company's cash balance matches the bank balance.
BRS is an important tool for internal audit as it helps in detecting fraud or embezzlement.
Example: If the bank statement shows a balance of $10,000 and the company's books show a balance of $9,500, the BRS will help in identifying the reasons for the difference.

Accepted Answer

BRS - BRS means Bank Reconciliation System as per accounting language

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