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What is GR/IR documet? why to use it? when to use it? what
is the Menu- Path for GR/IR document? Please some body
explain it...
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Answer Posted / cecil
GR/IR account is an intermediate account or adjustment account. When goods are ordered through a PO, the goods are invoiced and shipped.
However when the goods are received and invoice not yet sent/received the following happens. The inventory is debited and GR/IR account credited.
Inventory dr
GR/IR account Cr.
When the invoice is received, the GR/IR account is Debited and the Vendor is credited.
GR/IR account Dr.
Vendor account Cr.
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