Interested to Buy Any Domain ? << Click Here >> for more details...
What is GR/IR account? Why do you maintain that? Explain the
importance of GR/IR clearing account.
- 19 Answers
- 234702 Views
- IBM, Nipuna, Orica, TE, I also Faced
- E-Mail Answers
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.
| Is This Answer Correct ? | 106 Yes | 15 No |
Post New Answer View All Answers
Can one chart of accounts be assigned to several company codes?
Hi all, what is the main difference between ABAV,ABAVON AND ABAVN? i have seen the related answer but there is some misconception.so please provide the most suitable answer. thanks in advance
What is the table, which contains the details of all the name of the programs and forms?
How account payable in fi is related to g/l?
What is a call-up point? : co- cost center accounting
what is the journal entry for bank guarantee? And under which account group(asset or liabilities)it will come and T CODE for posting bank guarantee ? pls elaborate ........
How do you assign a fiscal year variant to a company code?
What is an asset class? : fi- asset accounting
Where are payment terms for customer master maintained?
What is a credit memo? : fi- accounts payable
Explain co automatic account assignment? : co- cost center accounting
Explain the various reference methods? : fi- general ledger
What are all the standard reports in co? : co- cost center accounting
What variations are possible when defining a fiscal year?
What is known as a repeat run in the depreciation process? : fi- asset accounting
