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What is GR/IR account? Why do you maintain that? Explain the
importance of GR/IR clearing account.
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Answer Posted / sudharshana vamsi
The offsetting entry for clearing the GR/IR clearing
account is posted to the stock account (provided that there
is sufficient stock coverage for the quantity difference):
• If there is a delivery surplus on the GR/IR
clearing account, the material was debited with too high a
value when the goods receipt was posted. When the GR/IR
clearing account is cleared, the material is credited
accordingly.
• If there is an invoice surplus on the GR/IR
clearing account, the material was debited with too low a
value when the goods receipt was posted. When the GR/IR
clearing account is cleared, the material is debited
accordingly.
If there is insufficient stock coverage for this quantity,
only the portion corresponding to the available stock is
posted to the stock account. The rest is posted to a price
difference account.
For a material subject to standard price control, the
offsetting entry to clear the GR/IR clearing account is
made to a price difference account. Thus, there are no
value changes in the material master record.
| Is This Answer Correct ? | 59 Yes | 27 No |
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Hi all see the problem is, suppose i sold goods to customer 10 units @ 120 & my COGS (cost of goods sold) is 100 per unit . After that he told me your quality is not good ok & u r charging high 4 that i will pay you only 110 rs for that otherwise i will return ur goods. After that i made 1 credit memo 4 that of rs 10 ok. now the issue is it is also affecting the COGS but it has to remain same And will effect at profit & my profit must be reduced from 20 rs per unit to 10rs per unit & COGS must remain constant i.e is 100 rs
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