ALLInterview.com :: Home Page            
 Advertise your Business Here     
Browse  |   Placement Papers  |   Company  |   Code Snippets  |   Certifications  |   Visa Questions
Post Question  |   Post Answer  |   My Panel  |   Search  |   Articles  |   Topics  |   ERRORS new
   Refer this Site  Refer This Site to Your Friends  Site Map  Bookmark this Site  Set it as your HomePage  Contact Us     Login  |  Sign Up                      
Google
   
 
Categories >> Software >> ERP CRM >> SAP >> FI CO
 
 


 

 
 Basis interview questions  Basis Interview Questions (812)
 ABAP interview questions  ABAP Interview Questions (2426)
 SAPScript interview questions  SAPScript Interview Questions (127)
 SD interview questions  SD Interview Questions (1948)
 MM interview questions  MM Interview Questions (350)
 QM interview questions  QM Interview Questions (8)
 PP interview questions  PP Interview Questions (136)
 PM interview questions  PM Interview Questions (21)
 PS interview questions  PS Interview Questions (20)
 FI CO interview questions  FI CO Interview Questions (1647)
 HR interview questions  HR Interview Questions (434)
 SAP CRM interview questions  SAP CRM Interview Questions (261)
 SRM interview questions  SRM Interview Questions (11)
 APO interview questions  APO Interview Questions (18)
 Business Warehouse interview questions  Business Warehouse Interview Questions (622)
 Business Workflow interview questions  Business Workflow Interview Questions (9)
 SAP Security interview questions  SAP Security Interview Questions (332)
 SAP Interfaces interview questions  SAP Interfaces Interview Questions (4)
 Netweaver interview questions  Netweaver Interview Questions (144)
 SAP ALE IDocs interview questions  SAP ALE IDocs Interview Questions (47)
 SAP B1 interview questions  SAP B1 Interview Questions (57)
 SAP AllOther interview questions  SAP AllOther Interview Questions (90)
Question
What is GR/IR account? Why do you maintain that? Explain the
importance of GR/IR clearing account.
 Question Submitted By :: FI-CO
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
gr/ir account is offsetting entry, see the following
example for use

when ever we receved good entry is

material a/c dr
to gr/ir clearing a/c

afterveryfication entry passed is

gr/ir clearing a/c dr
to party a/c

so it is a offsetting entry, it allways cleared no balance
at last.ok
 
Is This Answer Correct ?    168 Yes 22 No
Venkat
 
Answer
# 2
Normally there will be time lag between recording of Goods
received and Invoice received. To track the differences at
any point of time, GR/IR Account will be helpful.
 
Is This Answer Correct ?    153 Yes 17 No
Ramesh Nalamada
 
 
 
Answer
# 3
Hi,
The GR/IR – the goods receipt/Invoice Receipt account is
used to post to whenever goods that are not yet invoiced
have been received or when invoices arrive before the
delivery of goods.
During the time between the invoice being created and
delivery of goods, there can be a timing difference, in
order to accommodate this timing difference, a GR/IR account
is maintained temporarily to record the flow .
The GR/IR clearing account is usually cleared at the end of
a period or fiscal year for those order items that no
further goods receipts or invoices are expected for.
Choose Logistics- Materials Management - Logistics Invoice
Verification - GR/IR Account Maintenance -Maintain GR/IR
Clearing Account.
Enter data as required on this screen in the Document header
data frame.
The Automatic clearance function is intended for processing
in the background.
the individual purchase order items that have quantity
variances and match your selection are now listed.
Select the order items that you want to clear.
Clear the GR/IR clearing account for the selected purchase
orders by choosing List - Post clearing.
The offsetting entry to clear the GR/IR account is the same
as the posting made when you enter an invoice for a purchase
order.
The GR/IR account is cleared against the stock account,
unless no stock coverage exists. If the material stock is
smaller than the quantity to be cleared, only the actual
stock quantity is debited or credited proportionally. The
remaining amount is posted to a price difference account.
The offsetting entry is posted to a price difference account.
The offsetting entry is made to the cost or fixed asset
account shown in the account assignments in the purchase order.

Thank You.
 
Is This Answer Correct ?    82 Yes 10 No
Guest
 
Answer
# 4
check the complete Entry flow for GR/IR

material receipt entry:
Stock a/c -----Dr
GR/IR ac-------cr

AP creation entry

GR/IR a/c--------Dr
Vendor a/c-------cr

AP payment entry

Vendor A/c -------dr
Bank A/c-----------cr

On meterial invoices company will have some credit days for
clearing the payment, so company will make the payment
after utilizing the credit period but we need to create the
laibility in our books.
so for GR/IR account will be used for create laibility
with use of credit periods.
 
Is This Answer Correct ?    75 Yes 13 No
Rajesh.m
 
Answer
# 5
Firstly, what does the acronym GR/IR stand for, as this
answer is instructive as to the purpose of this account ?

GR/IR = Goods Received/Invoice Receipt

This account is used as an interlocking account, to
reconcile the accounting values between the 2 processes of
receiving goods ordered from a supplier and receiving the
supplier’s invoice for those goods. These 2 processes can
occur in either order i.e. invoice arrives first, goods
arrive later, or, conversely. The total value of the goods
received (unit price * unit cost) should be the same as
reflected on the invoice, in which case this interlocking
account will net-out to zero.

Thus, assuming goods receipt occurs first, the following
accounting entries would be effected :

Goods received :

Dr. Inventory
Cr. GR/IR account

Invoice received :

Dr. GR/IR account
Cr. Accounts Payable

Therefore, as an interlocking account between these 2
processes, the GR/IR account should net to zero, (Dr. =
Cr.) and, in doing so, prove that the value of the goods
received = the value of the goods invoiced. If these 2
amounts don’t reconcile, then we need to investigate the
reason(s) for this variance, e.g. shortfall in supply.

Actually, I believe that if would be more helpful to
reverse the account name to the IR/GR account, as this
helps to remember that the offset account posting from the
invoice is debited to the IR/GR account (debit being on the
left-side) and the offset posting from the goods receipt is
credited to this account (i.e. right-hand side of the
account). Thus, IR on the left, GR on the right.
 
Is This Answer Correct ?    36 Yes 1 No
Joe Sherwod
 
Answer
# 6
It depends on the expense nature.If it's current expense,
the gr reflect the expenditure account, if it's related
with the material(stocks), it reflect the material account:

material receipt entry:
Stock a/c -----Dr
GR/IR ac-------cr

AP creation entry

GR/IR a/c--------Dr
Vendor a/c-------cr

AP payment entry

Vendor A/c -------dr
Bank A/c-----------cr

or
Dr. Expenditure A/c
Cr. GR/IR A/c

After IV is done:
Dr. GR/IR
Cr. Vendor A/c

After payment
Dr. Vendor A/c
Cr. Bank
 
Is This Answer Correct ?    38 Yes 4 No
Stanina
 
Answer
# 7
The offsetting entry for clearing the GR/IR clearing
account is posted to the stock account (provided that there
is sufficient stock coverage for the quantity difference):
• If there is a delivery surplus on the GR/IR
clearing account, the material was debited with too high a
value when the goods receipt was posted. When the GR/IR
clearing account is cleared, the material is credited
accordingly.
• If there is an invoice surplus on the GR/IR
clearing account, the material was debited with too low a
value when the goods receipt was posted. When the GR/IR
clearing account is cleared, the material is debited
accordingly.
If there is insufficient stock coverage for this quantity,
only the portion corresponding to the available stock is
posted to the stock account. The rest is posted to a price
difference account.
For a material subject to standard price control, the
offsetting entry to clear the GR/IR clearing account is
made to a price difference account. Thus, there are no
value changes in the material master record.
 
Is This Answer Correct ?    53 Yes 25 No
Sudharshana Vamsi
 
Answer
# 8
GR IR is an intermediate account created while raising Goods
Received Notes (GRN).
The account gets cleared after the Invoice (IV) is done.

After GRN is raised:
Dr. Expenditure A/c
Cr. GR/IR A/c

After IV is done:
Dr. GR/IR
Cr. Vendor A/c

After payment
Dr. Vendor A/c
Cr. Bank

If GR IR is high it shows that the Company has a high liability.
It also states that the IV is not done in time.
It can be reduced by doing the IV in time.
 
Is This Answer Correct ?    33 Yes 10 No
Nuwantha
 
Answer
# 9
Its an offsetting a/s, where u post when goods received and
invoice not received and invoice received and goods not
received.
 
Is This Answer Correct ?    47 Yes 27 No
Rajaram
 
Answer
# 10
It's a sysmtem how you track the amount of goods you
received and how much you were invoiced.

Let's just say your receiving receive 5 boxes of widgets
for $10.00. This item is going to sit on your account until
you receive a bill from the vendor for the same account and
quantity or you clear the item off the account manually.
 
Is This Answer Correct ?    25 Yes 5 No
Jay
 

 
 
 
Other FI CO Interview Questions
 
  Question Asked @ Answers
 
process of payment from customer? IBM 1
What are the tables will deal a sap fico consultant?   2
What is purchase Cycle-Give journal entries.How FI effected( FI-MM Integration) KPIT 1
Hi, What is the integration T.Code for PP and FI? What steps and entries involved in integration between those two modules? Any idea...? Reg, Keerthi. IBM 3
what is your SLA? IBM 4
what is the sales organisation   1
How to upload asset balances in the middle of the year from legacy to SAP? Let me know full process, Wipro 5
open&closing periods in sd? IBM 2
Why development client is called golden client of SAP ? IBM 2
What is our interaction with other consultants (FICO, ABAP, MM, and SD) in the project?   1
what is contry chart of a/c? where is assign? T.CODE? WHICH PERPOSE your assign it,and what is the group chart of accoutns?where is assign? T.CODE? WHICH PERPOSE your assign it? Cap-Gemini 2
payment methods Cognizent 4
 
For more FI CO Interview Questions Click Here 
 
 
 
 
 


   
Copyright Policy  |  Terms of Service  |  Articles  |  Site Map  |  RSS Site Map  |  Contact Us
   
Copyright © 2013  ALLInterview.com.  All Rights Reserved.

ALLInterview.com   ::  KalAajKal.com