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What is Goods Receipt Note? and its current format
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Answer Posted / sreepada h.r.
GOODS RECEIPT NOTE (GRN) is prepared by the Stores /
Warehouse Department for accounting the receipt of goods
purchased from suppliers. When GRN is prepared in a
software, Inventory is updated with quantity and value. It
will also update the financial records by debiting Purchases
A/c & Crediting the Supplier's (Vendor's) A/c.
One copy of the GRN (with vendor's invoice , inspection /
quality report copy)is maintained in the location where it
is prepared and the original GRN with Original Invoice of
the Supplier will be authenticated by the Warehouse / Stores
In-charge and sent to the Finance/Accounts department for
transaction validation, payment and preservation of the
documents for future reference and audit.
| Is This Answer Correct ? | 107 Yes | 6 No |
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