Bank Reconciliation Statement(BRS)

➥ Bank reconciliation statements reconcile a bank’s checking account balances with the bank’s financial statements.

➥ It helps identify possible sources of error by showing discrepancies between the two sets of numbers.

➥ A bank reconciliation statement summarizes the transactions of a bank account for the previous month. A transaction can include a deposit, withdrawal, or transfer.

➥ Keeping track of your finances and recording transactions properly can be made easier with this statement.

➥ It is typically done monthly, quarterly, or annually to prepare bank reconciliation statements.

➥ It is possible for the accounting staff of a bank to prepare bank reconciliation statements manually, or for the accounting system of a bank to create them automatically.

Read more