What is the meaning of the accounting acronym BRS?
submitted by divya

Camden

BRS is short for bank reconciliation statement. Basically, it's a report that helps you compare your company's bank account with the bank's records to see if everything lines up. You use it to spot errors or fraud.

Dylan

Bank rec statement. It's a summary of what you find when you compare your records to the bank's records. They're not always the same. Occasionally you'll forget to record a transaction on your books, and you'll find it on the bank records. You can then update your own records.

Here's some related reading...

What is a bank reconcilation?
Is it necessary to prepare a bank reconciliation?
How do you prepare a bank reconcilation?

A bank rec statement will also note other differences that don't necessarily indicate an error. You'll likely find at the beginning of a moth that you've got pending transactions from the month prior. You may have recorded those expenses on your books, but the bank will not have finished processing them yet. You can not these differences on your BRS,