Accounts Receivable (AR) Question:
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Explain what is brs?
Answer:
BRS - Bank Reconciliation Statement
A bank reconciliation statement is a statement prepared by organizations to reconcile the balance of cash at bank in a company's own records with the bank statement on a particular date.
The differences may arise because of the following reasons:
► Cheques deposited into bank but not yet collected by bank
► Cheques issued by the organization but not yet presented for payment
► Cheques directly deposited by customers into the bank
► Bank charges debited by bank
► Interest credited or some receipts directly collected by bank based on org. request.
► Some payments directly made by bank based on the organizations request.
So, the statement shows the reasons as what are the reasons for difference in balance.
A bank reconciliation statement is a statement prepared by organizations to reconcile the balance of cash at bank in a company's own records with the bank statement on a particular date.
The differences may arise because of the following reasons:
► Cheques deposited into bank but not yet collected by bank
► Cheques issued by the organization but not yet presented for payment
► Cheques directly deposited by customers into the bank
► Bank charges debited by bank
► Interest credited or some receipts directly collected by bank based on org. request.
► Some payments directly made by bank based on the organizations request.
So, the statement shows the reasons as what are the reasons for difference in balance.
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