BR Full Form in Banking, What Does BR Stand For?
BR full form in Banking is bank reconciliation, a synopsis of business and banking activity that reconciles an entity’s bank account with its financial records. The BR statement captures withdrawals, deposits, and other activities that affect the bank account for a given period. In short, bank reconciliation is a practical financial internal control tool used to prevent statement fraud.
Benefits of BR statement
- To detect fraud, bank reconciliation is considered an ideal internal control tool.
- It also helps detect errors that could negatively affect financial statements.
- It helps to detect errors that adversely affect tax reporting.
Other Abbreviations of BR
- BR also refers to Base Rate, a minimum interest rate that a bank is free to charge its customers. RBI rule states that no bank can lend to any of its customers at a rate less than BR if mandated by the government.
- Bankruptcy is a legal process whereby a firm or individual cannot pay its debts. However, there is no such process exists for countries or national governments, aggravating the issues of the financial crisis and debt crisis.
- BR stands for bills receivable. It is a record of all the bills collected by a firm.