All payments and receipts are by online modes .
What is the relevance of BRS ?
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What is the relevance of BRS
Replies (19)
Quick Summary
General Bank reconciliation is to give statement of differences between bank balance as per bank and and accounts..
Is the BRS relevant if all transactions are by online modes?
Generally Bank Reconciliation Statement is relevant if there are cheque payments and receipts are involved.
If all transactions are by online modes then BRS may not be required if balance as per cash book and passbook are same
If all transactions are by online modes then BRS may not be required if balance as per cash book and passbook are same
If there is no difference in both balances ?
Then BRS is irrelevant.
BRS required only if there is any difference between cash book and passbook
BRS required only if there is any difference between cash book and passbook
No , Difference is not possible, due Interest received from Bank , Bank Charges, Commission charged by the Bank , error by the Accountant, standing instructions by the Account holder, Dishonour of cheque, cheque payment,for those reasons, we have to refer Bank Statement for reconciliation , so no difference is not possible.
Bank reconciliation has a relevance and should be done regularly at the end of month.
Bank reconciliation has a relevance and should be done regularly at the end of month.
If all entries in bank statement are entered in accounts then what difference occurs if there is no cheque involved.
Queriest says all are online transactions
Queriest says all are online transactions
In Online Transactions also sometimes entry clears next day . Therefore if its 31st March and the entry clears on 1st April then even in case of online transaction BRS is required
One has to pass entries from Bank statement after downloading from Bank site , in our bank ledger for Bank Charges, Commission charged, Interest received is reconciliation only , bank also do error some time , accountant made mistakes in amounts. so reconciliation is necessary.
@ Kriti,
Online transactions will reflect in bank on the same day and it shows valuation date on the next working day
Online transactions will reflect in bank on the same day and it shows valuation date on the next working day
There is no relevance in brs. With sophisticated erps now a days, if somethig doesnt mathc, you have to put it into a suspence. Then, b.com or mba or a ca manager will sort it out. You dont even have to calculate and you get paid at the top level.
Besides brs is for poor people. Ca doesbt have brs apart from diploma level this is all cheap ro earn money by colleges. Brs is not even accounting but they interview questions. Ceos are trying to earn nake mobey by showing brs is important that higher qualified dont it. My a
As per the cash book or bank book it says and who the frig cares. There no perfect principle behind brs. So vagabonds in accounting need not come back asking silly questions. When an accounts curriculum doesnt have it neither does a standard, its a cheap transaction and cost constraint.
As per the cash book or bank book it says and who the frig cares. There no perfect principle behind brs. So vagabonds in accounting need not come back asking silly questions. When an accounts curriculum doesnt have it neither does a standard, its a cheap transaction and cost constraint.
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