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 (808)
 ABAP interview questions  ABAP Interview Questions (2421)
 SAPScript interview questions  SAPScript Interview Questions (127)
 SD interview questions  SD Interview Questions (1934)
 MM interview questions  MM Interview Questions (348)
 QM interview questions  QM Interview Questions (8)
 PP interview questions  PP Interview Questions (133)
 PM interview questions  PM Interview Questions (21)
 PS interview questions  PS Interview Questions (20)
 FI CO interview questions  FI CO Interview Questions (1637)
 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 (16)
 Business Warehouse interview questions  Business Warehouse Interview Questions (621)
 Business Workflow interview questions  Business Workflow Interview Questions (9)
 SAP Security interview questions  SAP Security Interview Questions (329)
 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 (89)
Question
What is GR/IR account? Why do you maintain that? Explain the
importance of GR/IR clearing account.
 Question Submitted By :: Madhusudhan
I also faced this Question!!     Rank Answer Posted By  
 
  Re: What is GR/IR account? Why do you maintain that? Explain the importance of GR/IR clearing account.
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 ?    161 Yes 21 No
Venkat
 
  Re: What is GR/IR account? Why do you maintain that? Explain the importance of GR/IR clearing account.
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 ?    146 Yes 17 No
Ramesh Nalamada
 
 
 
  Re: What is GR/IR account? Why do you maintain that? Explain the importance of GR/IR clearing account.
Answer
# 3
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
 
  Re: What is GR/IR account? Why do you maintain that? Explain the importance of GR/IR clearing account.
Answer
# 4
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 ?    51 Yes 25 No
Sudharshana Vamsi
 
  Re: What is GR/IR account? Why do you maintain that? Explain the importance of GR/IR clearing account.
Answer
# 5
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 ?    80 Yes 9 No
Guest
 
  Re: What is GR/IR account? Why do you maintain that? Explain the importance of GR/IR clearing account.
Answer
# 6
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 ?    74 Yes 13 No
Rajesh.m
 
  Re: What is GR/IR account? Why do you maintain that? Explain the importance of GR/IR clearing account.
Answer
# 7
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 ?    31 Yes 10 No
Nuwantha
 
  Re: What is GR/IR account? Why do you maintain that? Explain the importance of GR/IR clearing account.
Answer
# 8
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
 
  Re: What is GR/IR account? Why do you maintain that? Explain the importance of GR/IR clearing account.
Answer
# 9
it is a intreem a/c which provides for our liblities,its
showes that weather goods/invoice has been received for
relevant purshase order item.

most imp it is perform the three way checking
 
Is This Answer Correct ?    16 Yes 3 No
Pramod
 
  Re: What is GR/IR account? Why do you maintain that? Explain the importance of GR/IR clearing account.
Answer
# 10
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 ?    37 Yes 3 No
Stanina
 

 
 
 
Other FI CO Interview Questions
 
  Question Asked @ Answers
 
Is it possible to reverse depreciation after posting in asset accounting ? Please mention clearly explanation only.   3
while doing and practicing on my sap demo server iam getting system/program error as i want to post the document in f-02 what does it mean how can it be solved   3
Explain the TDS Procedure & its T.Code   4
How to get different checks and different amount in APP run?   1
What is the Bank Sub Account?   2
Can u plz Explain What is Solution Manager? SAT-InfoTech 3
i need a sap fi support tickets IBM 1
7. MM-FI integration Yash-Technologies 2
how do you control field status of gl master records and from where do you control .   2
I am trying to enter a customer invoice with Output tax. The goods cost 3,000 currency units and the tax is say 5% of goods' value for a tax amount of 150 currency units. The amount receivable from the customer is 3,150 currency units including tax. However, when I enter the DR document in SAP via t-code F-22, the AR amount comes to 3,000 and the cost of goods is 2,857.14 and rest (142.86) is tax. Obviously the system is taking the amount entered as the total AR and not the value of goods being sold. To fix this problem, I could enter 3,150 instead of 3,000 and the tax will be calculated fine. However, I do not want to enter the AR amount. Is there a configuration setup to accomplish this?   1
In which tables SAP save information for a material calculation? I find KEKO and KEPH. But where (which tables) is the link to the info record which are used for the calculation? IBM 2
CAN ANYONE HELP ME OUT FOR... WHAT IS THE DIFFERENCE BETWEEN G/L A/C AND NEW G/L A/C IN SAP FI ?   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