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
- 233592 Views
- IBM, Nipuna, Orica, TE, I also Faced
- E-Mail Answers
Answer Posted / nuwantha
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 ? | 38 Yes | 11 No |
Post New Answer View All Answers
Pls send me some tickets and answerw purpose of interview?
What are all the prerequisites for posting in a foreign currency?
What type of steps comes from Product Costing to CO-PA ?
Explain asset acquisition? : fi- asset accounting
Can you dun customers across clients in a single dunning run? : fi- accounts receivable
Why asset classes are important in sap?
integration with fi to pp steps
What is the difference between "costing based" (cb) and "account based" (ab) co-pa ?
Where does TDS codes maintain and which fields are updated for TDS calculation for invoice/Advance
How do you post cross-company code business area postings?
What is the configuration setting to be done for posting the accrual in the actual costing run?
In a company there are 2 plants, Both Plants manufacturing the same product. In Plant 1 variance come. Now the client requirement is add that variance in the plant 2. How can we do that ?
What is an “asset under construction”?
How does validation differ from substitution? : co- cost center accounting
What is in the general ledger?
