on 05-30-2011 7:19 AM
Dear all,
During goods receipt, debit inventory and credit GR clearing account.
If inventory is referring to inventory cost, may I know GR clearing account is referring to where? PO cost?
Thanks
GR/IR is clearing account which carries material cost need to be paid to vendor for
purchasing material on goods receipt because you didn't invoice or hard copy of bill not received,
on invoicing this values passes to vendor.
On Goods receipt, Stock account Dr to GR/IR Clearing
On invoice posting,GR/IR Dr to Vendor a/c
Edited by: Jeyakanthan A on May 30, 2011 12:10 PM
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Hi,
GR/IR Clearing Accounty is a Control Account between GR and IR Transactions which will get nullified at the time of LIV (In MIRO) by crediting Cndor Account and debiting GR/IR Clearing Account.
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