If there is a balance on GR ; what we need to do ?

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If there is a balance on GR ; what we need to do ? ..

Answer / vijay

GRIR is a clearing account so the account should always be
cleared with out balances it means there is some invoice
pending for payment we have to post the invoice , if there
is no invoice we have to credit to vendor payable liability
account later if vendor provides balance invioce again
debit liabilty account and credit GRIR account then again
debit GRIR credit vendor account .So that clearing account
will be closed

Is This Answer Correct ?    5 Yes 1 No

If there is a balance on GR ; what we need to do ? ..

Answer / naresh

we will post the invoice

Is This Answer Correct ?    4 Yes 1 No

If there is a balance on GR ; what we need to do ? ..

Answer / bhupesh

GR/IR accounts are clearing account also known as tally
trial balance in SAP and acts as a vendor. below mentioned
can be the reasons If we have some balance laying in this
account :
1. Good received but not the invoice or vice versa.
2. Balance not matching with the invoice
3. Goods return

If the reason is one of it then we need to post entry
accourdingly which can clear this balance. See the below
entries :

Normal entry we do at the time of receiving goods or
material from the vendor / supplier:
Inventry / stock Dr
to Vendor / Supplier

At the time of pay :

Vendor / supplier Dr.
to Bank

1.if we receive the material with out invoice then entry
would be:
Inv / stock Dr
to GR/IR

2. If there is any balance mismatch ( Under charged )
Inv / stock Dr
to Vendor
2.If over charged then reverse entry
Vendor Dr
to inv / stock

Thanks,
Bhupesh

Is This Answer Correct ?    3 Yes 0 No

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