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Learn what a bank reconciliation statement is and how to prepare one. Find out the reasons for the difference between bank statement and company's accounting record and the steps to reconcile them. A Bank Reconciliation Statement (BRS) is an essential financial document. It compares the bank balance as per a company’s records to the balance reported by the bank . The purpose is to ensure accuracy and identify discrepancies. Let’s explore its importance, steps to prepare, and common errors. A bank reconciliation statement is a document used to reconcile the balances of two accounts. Learn more about its importance & format in this article. Learn how to prepare and reconcile bank reconciliation statement , an important mechanism of internal control. Find out the reasons of differences between cash book and pass book, and the treatment of various transactions.
