BRS Full Form — What Is The Full Form Of BRS?

BRS full form, What is the full form of BRS? – BRS full form – BRS Full Form And Meaning – BRS stands for Bank Reconciliation statement.

BRS (Brooklands Road Special)

Category : Business » Banking
Definition : Bank Reconciliation Statement

BRS Full Form – What does BRS mean?

The record book or transactions of a bank account is known as a bank reconciliation statement.

  1. abbreviation – Brooklands Road Special
  2. BRS stands for – Brooklands Road Special

What is full form of B.R.S. ?​ – The full form of B.R.S is bank reconciliation system.

Bank Reconciliation Statement

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BRS Full Form

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  3. Bear Retardant Suit
  4. Bibliographic Research Service
  5. Bibliographic Retrieval Service
  6. Big Red Switch
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What is the full form of BRS ?

Abbreviation : BRS

  1. BRS – Brooklands Road Special
  2. BRS – Bibliographic Retrieval Service

In book keeping, a bank reconciliation statement is a process that explains the specified date difference between the bank balance shown in an organization’s bank statement, as supplied by the bank, and the organization’s own accounting records. According to the amount paid. Such differences may occur, for example, because

  • Checks issued by the organization have not been presented to the bank
  • A banking transaction, such as a credit received, or a charge made by the bank, has not yet been recorded in the organization’s books
  • Either the bank or the organization itself has made an error.

Sometimes it can be easy to reconcile the difference by looking at the very recent transactions in the bank statement and the organization’s own accounting records (cash book) and see if some combination of them gets tallied with the difference to be explained.

Yes or No.

Otherwise it may be necessary to go through and tally every transaction in both sets of records since the last reconciliation, and see if the transactions are unmatched.

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Necessary adjustments should then be made in the cash book, or if necessary, or any time differences recorded should be reported to the bank to assist with future reconciliations.

For this reason, and to minimize the amount of work involved, it is good practice to carry out such reconciliations at reasonably frequent intervals.

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Reconciliation can be facilitated by specialized accounting software.

A bank reconciliation statement is a statement prepared as part of a reconciliation that sets out the entries that led to the difference between two balances.

What is the full form of BRS?

Bank reconciliation statement:

BRS is a statement which is made to reconcile the books of accounts as per the bank balance with the bank accounts.

After knowing the full form of BRS, now we are going to discuss about the detailed information of Bank Reconciliation.

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Why do banks do reconciliation?

To balance:

Most of the companies do bank reconciliation for tally bank balance with bank balance in books of accounts. Reconciling these balances is so important that employers may not be able to deal with any kind of fraud.

To check accuracy and error of insertion:

  • It is so important to do bank reconciliation on time.
  • It is useful to check the accuracy and error in the books of account regarding bank entries.
  • Apart from this, it also informs the accountant about any error by the employee of the bank.

How to do Bank Reconciliation in Tally?

If you want to do bank reconciliation in Tally software, it is simple to do so.

First of all, we would like to explain what is Tally software, it is a software which is used to maintain the book of accounts of a company, you can use it, generate invoice, inventory can maintain and bank reconciliation.

These are taking the following steps to bring in bank reconciliation in the tally.

First of all, you should take a print out of the bank statement. Then, open Tally software by right clicking.

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The second step of bank reconciliation is to open an account for the particular bank for which you want to do bank reconciliation.

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Here, the shortcut to open the ledger is DEL, you have to press DEL, then you will go to the lager screen, then you have to type the name of the bank and press.

The third step is to open the bank Léger. The next step is to press the F5 button.

After pressing this button, you will have bank reconciliation screen in which every transaction has two dates, first is transaction date and second is bank date.

Now what you have to do to do the bank reconciliation, you have to put the date of the bank in the column of date of the bank and enter something like bank charges, bank interest etc.

Benefits of conducting BRS:

  • Bank reconciliation provides an accurate snapshot of the cash position:
  • Reconciliation is the only document that provides a true and correct snapshot of a company’s cash position.
  • It is very helpful for the company to know what is the cash position of the company’s bank account so that the company can make strategy and plan according to the cash.

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Error and fraud detection:

  • It is one of those statements which is useful for error detection in any business.
  • These errors may include adding and subtracting errors, double payment errors, etc.
  • In addition to common error, bank reconciliation is also useful for fraud detection.
  • It is the supporting document which tells you the hidden story about money, cash etc.
  • If the employee tries to commit any fraud regarding bank transactions, he can be caught by doing proper bank reconciliation.
  • In the process, he can be caught as the bank reconciliation shows detail about every transaction.
  • If any fraud shows bank reconciliation, the employer can conduct a detailed investigation and find out the faulty employee.

To book bank charges and other entry:

  • One of the advantages of bank reconciliation is that through bank reconciliation the omitted entry can be traced.
  • Apart from this there are some entries which are made by the bank like bank charges, direct payment to seller etc.
  • It should be recorded in the books of accounts. These entries are booked at the time of making bank entry.
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To check accuracy:

  • As you know that the full form of brs is Bank Reconciliation Statement.
  • This is the best way to check the accuracy of Accounts Restaurant related to bank transactions.
  • If the bank statement balances the balance with the bank balance of the books of accounts.
  • This means that everything is perfect and accurate.

BRS Full Form

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BIRSINGHPUR Indian Railway Station BRS
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Other BRS Full Form:

  1. Board Review Series
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BRS – Frequently Asked Questions

  1. Expand full name of BRS.
  2. Is it acronym or abbreviation?
  3. What does BRS stand for?
  4. What is the full form of BRS in Indian Railway Station?