GR/IR at the month end

[Former Member]

Hello,

What we have to do with GR IR account for clearing at the month end.

Regards

Ravi

[Former Member · Accepted solution]

Hi Ravi,

GR/IR clearing is the month end activity. To do this first you should maintain gl accounts under open item managment.

the GR/IR Clearing account is used to account for Goods Receipt and Invoice entry for the vendor invoices. The GR/IR clearing account program reclassifies the entries in GR/IR account as either assets or liabilities for reporting purpose. At the period end which goods receipt has been done and for which Invoice has not been recd or goods for which invoice has been done and GR has not been done. During the time between invoice being created and delivered the goods. To accommodate this timing difference a gr/ir clearing account is maintain temporarily to record the flow

hope it will useful and pl assign points

thanks

venkat