What is GR/IR account? Why do you maintain that? Explain the
importance of GR/IR clearing account.
- 19 Answers
- 229856 Views
- IBM, Nipuna, Orica, TE, I also Faced
- E-Mail Answers
Answer Posted / rajesh.m
check the complete Entry flow for GR/IR
material receipt entry:
Stock a/c -----Dr
GR/IR ac-------cr
AP creation entry
GR/IR a/c--------Dr
Vendor a/c-------cr
AP payment entry
Vendor A/c -------dr
Bank A/c-----------cr
On meterial invoices company will have some credit days for
clearing the payment, so company will make the payment
after utilizing the credit period but we need to create the
laibility in our books.
so for GR/IR account will be used for create laibility
with use of credit periods.
| Is This Answer Correct ? | 106 Yes | 15 No |
Post New Answer View All Answers
What is a chart of accounts?
Is it possible to use standard sap co-product functionality in repetitive manufacturing?
What are the top 3 questions you have to ask before going to start the implimentation of project?
what is mixed costing in product costing? please send to me
How many depreciation areas can be defined for a company code ? : fi- asset accounting
How accrual calculation can be performed in the system? : cost center accounting
if New plant is arrived what are the pre checks we will perform from Controlling end?
Explain the vendor master record and list various segments in them.
What is an operating chart of accounts in sap ?
What are the steps for creation of New Movement types and specific requirements for GL and codes from a unique company code?
For a company code how many currencies can be configured?
can we create house for multiple company codes?is it possible to pay cross company code payments? if why please give me answer. thanks for advance
What is the importance of good received/ invoice received clearing account?
What are the precautions to be taken while maintaining the 3keh table for profit center accounting?
What is the maximum number of posting periods in sap? : cost center accounting
