What is BRS in Tally Prime?
The Bank Reconciliation Statement in Tally Prime functions as a tool to compare all bank transactions recorded within Tally to those found in bank statements. The process detects inconsistencies which include unpresented cheques along with bank charges and interest and entry errors. Business organizations achieve accurate and reliable book of accounts by performing reconciliation of their financial records.
Importance of Reconciliation of Bank Statements in TallyPrime
Performing reconciliation of bank statements in TallyPrime offers several benefits:
- Accuracy in financial statements
- Detection of errors, fraud, or omissions
- Clear visibility of pending transactions
- Helps in accurate cash flow management
- Compliance with audit and taxation requirements
Step-by-Step Process to Use BRS in Tally Prime 6.0
Bank Reconciliation helps match your company’s bank transactions with the bank statement to ensure accuracy. Here’s how to use BRS in Tally Prime 6.0:
Configure Bank Ledger for Reconciliation
Before you can perform reconciliation, ensure that your bank ledger is correctly configured.
- Go to Gateway of Tally → Accounts Info → Ledgers → Alter
- Select the bank account you wish to reconcile.
- Enable the option “Maintain balances bill-by-bill” (optional based on needs).
- Ensure that the bank account is correctly classified under Bank Accounts.
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Once this is done, you are ready to proceed with the BRS process in Tally Prime.
Access Bank Reconciliation Feature
To perform BRS:
- Gateway of Tally → Banking → Bank Reconciliation
- Select the relevant Bank Ledger.
- You will be redirected to the bank reconciliation screen, showing a list of all ledger entries for that bank.
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The screen displays:
- Voucher Date: Date when entry was recorded in Tally
- Instrument No.
- Transaction Type (Dr/Cr)
- Amount
- Bank Date: Date when the transaction was actually reflected in bank
Enter Bank Dates for Reconciliation
From your physical or digital bank statement, start matching each transaction shown in Tally with the statement.
- If the transaction appears in your bank statement, input the Bank Date in the corresponding field.
- Transactions that match will be considered reconciled.
- Leave the Bank Date blank for transactions not reflected in the bank yet.
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This step helps in identifying entries like:
- Cheques issued but not cleared
- Deposits not yet credited
- Bank charges or interest not recorded in Tally
Record Bank Charges or Interest Directly in BRS
Tally Prime 6.0 allows direct recording of bank charges, interest income/expenses, or other charges while reconciling.
- From the Bank Reconciliation screen, press F12: Configure.
- Enable the option “Allow entering Bank Date for unreconciled transactions”.
- You can now press Alt+J (Add Voucher) to create journal or payment/receipt entries directly from the BRS screen.
- Enter the amount and narration.
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This speeds up the reconciliation process and ensures no banking charges are missed.
Import Bank Statements for Auto-Reconciliation (Optional but Powerful)
Auto-BRS in Tally Prime is a feature that allows importing bank statements for faster reconciliation.
- Download the bank statement from your net banking portal in Excel or CSV format (as per Tally’s compatibility).
- Go to Bank Reconciliation Screen.
- Click on Alt+B (Bank Statement Import).
- Browse and upload the file.
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Tally will match transactions based on:
- Amount
- Instrument number
- Date proximity
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This automated reconciliation saves time and enhances accuracy for accounts teams.
View Reconciliation Summary
To view the reconciliation status and summary:
- While on the Bank Reconciliation screen, press F6: Reconciliation Summary.
- You will see:
- Total reconciled amount
- Unreconciled amount
- Number of entries reconciled
- Date-wise breakdown
This report can be exported or printed for audit or internal use.
Save and Exit
Once all entries are matched and unreconciled transactions are verified, press Ctrl+A to save the reconciliation. Tally will store the Bank Date field which can be edited in future if required.
Tips for Accurate BRS in Tally Prime
- Always reconcile entries chronologically as per your bank statement.
- Use unique instrument numbers for cheque entries to avoid duplication.
- Record bank charges and interest immediately to maintain accuracy.
- Frequently update the bank ledger and reconcile at least monthly.
- Maintain a clean chart of accounts for error-free tracking.
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