What is GR/IR account? Why do you maintain that? Explain the
importance of GR/IR clearing account.
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Answer Posted / nuwantha
GR IR is an intermediate account created while raising Goods
Received Notes (GRN).
The account gets cleared after the Invoice (IV) is done.
After GRN is raised:
Dr. Expenditure A/c
Cr. GR/IR A/c
After IV is done:
Dr. GR/IR
Cr. Vendor A/c
After payment
Dr. Vendor A/c
Cr. Bank
If GR IR is high it shows that the Company has a high liability.
It also states that the IV is not done in time.
It can be reduced by doing the IV in time.
| Is This Answer Correct ? | 38 Yes | 11 No |
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