Bank reconciliation statements are a key tool used by accountants and finance professionals. They help to keep track of the financial transactions that happen at a company, for example by debiting an account and crediting an account. These statements are also used to calculate the amount of taxes owed or saved by the company.
Every company deals with its own set of financial transactions and BRS bank reconciliation statement is a report that summarizes all the transactions from a business' bank account. It is an accounting tool used to reconcile all the deposits, withdrawals, fees and any other transfers that happen in a business over a specific period of time.
Get bank records. You need a list of transactions from the bank.
Get business records. Open your ledger of income and outgoings.
Find your starting point.
Run through bank deposits.
Check the income on your books.
Run through bank withdrawals.
Check the expenses on your books.
End balance.
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Business needs to record their transactions, and accountants need to make sure these transactions are organized and compliant. One way that they can do this is by using a BRS solution, or business requirement specification. This tool tells the accountant exactly how they need to record the transaction. They can use this document as a reference when they are performing the tasks in their daily accounting routine.
To guarantee that the balances indicated in the pass book and cash book are accurate. To ensure the accuracy of the entries made in both books. To assist in the updating of the cash book by locating unrecorded entries.
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