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