What is GR/IR account? Why do you maintain that? Explain the
importance of GR/IR clearing account.
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Answer Posted / rajesh.m
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.
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