What is GR/IR account? Why do you maintain that? Explain the
importance of GR/IR clearing account.
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Answer Posted / jay
It's a sysmtem how you track the amount of goods you
received and how much you were invoiced.
Let's just say your receiving receive 5 boxes of widgets
for $10.00. This item is going to sit on your account until
you receive a bill from the vendor for the same account and
quantity or you clear the item off the account manually.
| Is This Answer Correct ? | 30 Yes | 6 No |
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