Do you know What is Brs full form, then in this post we are going to give you the full form of BRS and complete information about it, so if you want to get information on this topic, then you should follow this post. read till the end.
BRS is a statement that is made to tally bank balance as per bank with bank balance with books of accounts. After knowing BRS full form, now we are going to discuss about detail information of bank reconciliation.
What Is BRS Full Form – BRS Ka Full Form ?
So first of all we will know what is the full form of BRS and what is the full form of BRS in other languages is given below. The full form of BRS is Bank Reconciliation Statement.
- BRS Full Form – Bank Reconciliation Statement
|S.N.||BRS Full Form||Full Form|
|1.||BRS Full Form In English||Bank Reconciliation Statement|
|2.||BRS Full Form In Hindi||बैंक रिकॉन्सिलिएशन स्टेटमेंट|
|3.||डीआरएस का फुल फॉर्म||बैंक रिकॉन्सिलिएशन स्टेटमेंट रिपीट|
|4.||BRS full form in building||Building Regularisation Scheme|
|5.||BRS full form in banking||Bank Reconciliation Statement|
|6.||brs full form in study||BACHELOR OF RURAL STUDIES|
|7.||BRS full form in service||Bibliographic Retrieval Service.|
|8.||Brs full form in software engineering||Business Requirements Specification.|
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What is the meaning of BRS?
In bookkeeping, 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
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. 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.
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Why Do Bank Reconciliation?
- To tally balance:
Mostly companies do bank reconciliation to tally bank balance with bank balance of books of accounts. It is so important to tally these balance so that employer could not do any kind of fraud cash handling.
- To check accuracy and error of entry:
It is so important to do bank reconciliation timely. It is useful to check the accuracy and error in books of account regarding to bank entries. Apart from that, it is also notify the accountant about any kind of error by the bank’s employee.
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How to do bank reconciliation in tally?
If you want to do bank reconciliation in tally software, it is so simple to do. Firstly, we would like to explain, what tally software is, it is a software that is used to maintain book of accounts of a company by using it, you can create invoice, maintain inventory and conduct bank reconciliation.
These are following steps to conduct bank reconciliation in tally. Firstly, you should have print out of bank statement. Then, open tally software by clicking right on it.
The second step of doing bank reconciliation is to open the leger of that particular bank for which you want to do bank reconciliation.
Here, shortcut of opening Léger is DEL, you have to press DEL, then you will go the leger screen, then you have to write the bank name and the press enters.
The third step is that open the bank Léger. The next step is to press F5 button. After pressing this button, you will have the bank reconciliation screen in which every transaction have two dates, first is transaction date and second is bank date.
Now what you have to do to conduct bank reconciliation, you have to put bank date in bank date column and do some entry like bank charges, bank interest etc.
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Advantage of conducting BRS:
- Bank reconciliation provides accurate snapshots of cash situation:
Reconciliation is the only document that provides the accurate and true snapshots of cash situation of a company. It is very helpful for company to know what is the situation of cash of the company’s bank account so that company can create strategy and plan according to cash.
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- Error and Fraud Detection:
It is one of the statements that is useful to detecting of error to any business. These error can include addition and subtraction of errors, double payment errors etc. Apart from common error, bank reconciliation is also useful to detect fraud.
It is the helpful document that tells you the hidden story about the funds, cash etc. If the employee tries to do any kind of fraud regarding bank transaction, he can be caught by doing proper bank reconciliation.
In this process, he can be caught because bank reconciliation shows the detail about every transaction. If there will any kind of fraud bank reconciliation show it then employer can do detail investigation and can detect the faulty employee.
- To book bank charges and other entry:
One of the advantages of doing bank reconciliation is that omitted entry can be ascertained through bank reconciliation. Apart from that there are some entries that are done by bank like bank charges, direct payment to vendor etc.
it should be recorded in books of accounts. These entries are book while doing bank reconciliation.
Full form –What Is Full Form Of Net ?
- To check accuracy:
As you know brs full form is bank reconciliation statement. it is one of the best ways to check accuracy of accounting eatery related to bank transaction. If bank statement balance tally with bank balance of books of accounts. It means that everything is on and accurate.
Other BRS Full Form :–
What Does BRS Mean ?
In bookkeeping, 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 those reflected in the organization’s own accounting records. according to the amount given. Such differences can be, for example, because
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. 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.
BRS Full Form In Defferent Categories –
BRS Full Form In Other Terms
|In Terms Of||Full Form||Category|
|BRS||BIRSINGHPUR||Indian Railway Station|
|BRS||Bank Reconciliation Statement||Banking|
|BRS||Bottom Right Side||Space Science|
|BRS||Big Red Switch||Space Science|
|BRS||Business Recovery Server||Computer Hardware|
|BRS||Biotechnology Regulatory Services||Technology|
|BRS||Building Regularisation Scheme||Real Estate|
|BRS||Bear Retardant Suit||Sports|
|BRS||Brantford Red Sox||Sports|
|BRS||Binaural Room Scanning||Military and Defence|
Hope you have got information in this post that what is brs full form, And brs ka full form in hindi, and what is the meaning of BRS, on this topic, we have given complete information in this post if you liked this post. Share this post on social media and you can also share your thoughts in the comments.
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. The second step of bank reconciliation is to open an account for the particular bank for which you want to do bank reconciliation.
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.
FAQ About BRS –
|Q 1. What is Brs Full Form|
|The full form of B.R.S is Bank Reconciliation Statement. Bank reconciliation statement refers to the maintenance of records of business transactions.|
|Q 2. What is BRS Full Form In Hindi ?|
|बैंक समाधान विवरण:|
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