An In-Depth Tutorial on Using BRS in TallyPrime

Bank account statements checked with the company’s account records ensure the accuracy of your records through the use of the Bank Reconciliation Statement (BRS), an essential accounting tool. This procedure finds any differences resulting from mistakes, unreported transactions, or bank charges. 

Widely used accounting tool TallyPrime streamlines the BRS process with its quick and easy interface. This detailed instruction will help you traverse the BRS in the TallyPrime process.

Step 1: Setting Up TallyPrime

Make sure your TallyPrime program is correctly configured before entering the BRS process: 

1. Install TallyPrime

Using the official Tally Solutions website, download and install the most recent TallyPrime version. 

2. Create or open a company

Launch TallyPrime and form a new firm or open an existing one where you wish to execute the BRS.

Step 2: Configure bank accounts

Starting the reconciliation process requires you to set up your TallyPrime bank accounts: 

1. Navigate to the gateway of tally

From the main page, navigate to “Gateway of Tally > “Accounts Info”‘ > “Ledgers'” > “Create.” 

2. Create bank ledger

Enter the name of your bank and choose “Bank” as the group. Complete the required information including account number, IFSC code, opening balance. 

3. Save ledger

Press ‘Ctrl + A’ to save the ledger following data entry. 

Step 3: Enter bank transactions

Accurate reconciliation requires you to enter all bank transactions into TallyPrime: 

1. Record receipts and payments

Visit “Gateway of Tally > Accounting Vouchers”. Record payments with “F5: Payment,” then receipts with “F6: Receipt.” 

2. Enter transaction details

Complete the pertinent information including date, amount, and bank ledger. Make sure every financial transaction is exactly noted.

Step 4: Access the bank reconciliation screen

Access the Bank Reconciliation screen to initiate the reconciliation process once all bank transactions are noted: 

1. Navigate to bank reconciliation

From the “Gateway of Tally,” follow “Display More Reports” > “Account Books” > “Cash/Bank Books.”

2. Select bank ledger

Choose the bank ledger you wish to reconcile from 2. 

3. Open reconciliation screen

Press “F5: Reconcile” to view the Bank Reconciliation Screen open. 

Step 5: Reconcile bank transactions

Two columns on the Bank Reconciliation screen will show transactions from your bank statement and ones entered in TallyPrime. 

1. Match transactions

Examine every TallyPrime transaction against the matching transaction on your bank account. Verify the sums and dates line up.

2. Mark transactions as reconciled

For every matched transaction, put the bank statement date in the “Bank Date” box. This renders the transaction reconciled.

3. Identify discrepancies

Should there be any disparities—that is, transactions entered into TallyPrime but not shown on the bank statement—search and fix them. 

Step 6: Record unrecorded transactions

You must insert any transactions you notice on your bank statement that do not show in TallyPrime: 

1. Enter missing transactions

Enter missing transactions using the suitable voucher type (Receipt, Payment, Contra, etc.). Go to “Gateway of Tally> “Accounting Vouchers”.

2. Reconcile new transactions

Enter the bank statement date and return to the Bank Reconciliation page to reconcile New Transactions following recording of the missing transactions. 

Step 7: Generate bank reconciliation report

Create a Bank Reconciliation Report to guarantee all is accurate once all transactions have been reconciled:

1. Generate report

Press “alt + P” on the Bank Reconciliation screen to launch the print menu. Choose “Bank Reconciliation,” then arrange the report options as necessary.

2. Review and save report

Review the report for correctness then print it for your records or save it.

Step 8: Save reconciliation

Save the reconciled data once the reconciliation procedure is finished:

1. Save changes

To save the reconciliation, press ” Ctrl + A”. With the reconciled transactions, TallyPrime will change the bank ledger.

Step 9: Regular reconciliation

Regular bank reconciliations help to keep accurate financial records: 

1. Set a schedule

Create a plan for consistent reconciliations based on your transaction volume—that is, either monthly, bi-weekly. 

2. Stay consistent

Recording and reconciling transactions consistently helps to avoid disparities and guarantees that your financial records are always current.

Common issues and troubleshooting

You may run across some typical problems doing BRS with TallyPrime. These are some troubleshooting ideas: 

1. Unmatched transactions

Should you come across unmatched transactions, verify the transaction information in both TallyPrime and your bank statement twice-wise. 

2. Missing transactions

Make sure TallyPrime records every transaction. Missing ones should be noted. Review with your bank statement.

3. Date discrepancies

Check to see whether TallyPrime’s transaction dates line up with those on your bank statement: 

Conclusion

In TallyPrime, bank reconciliation is a simple process guaranteed to ensure financial record correctness. Following this method-by-step approach will help you effectively balance your bank transactions, spot errors, and preserve correct accounting records. Apart from accurate financial reporting, regular reconciliation supports good cash flow management and financial planning. 

Learning the BRS process in TallyPrime can help you improve accounting efficiency and guarantee consistent and current accuracy of your financial records. Whether your firm is tiny or you work as an accountant, TallyPrime’s strong capabilities streamline the reconciliation process so you may concentrate on your main operations. 

If you are looking to master this skill, Tally training in Bangalore offers comprehensive courses to enhance your proficiency in using TallyPrime effectively. Super 20 Training Institute, known for its excellence in professional courses, provides tailored training sessions that can significantly boost your TallyPrime expertise. Enroll with Super 20 Training Institute to stay ahead in your accounting career and harness the full potential of TallyPrime.

Leave a Comment