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Answer Posted / h.r. sreepada bhagi
It's the statement prepared periodically to make note of the
transactions that cause difference between the balance as
per the books of the company & the bank statement.
There may be some transactions entered in company's books,
but not appearing in the bank statement or vice-versa.
Necessary entries have to be passed in the books to account
any transaction that's left out by oversight or correction
of entries, if any entries are missing. This will also help
in noticing & taking necessary action, if the bank has
committed any mistake or entered any unrelated transactions.
BRS can be prepared daily, weekly or monthly depending up on
the volume of transactions.
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