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Former Member

GR/IR at the month end

Hello,

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

Regards

Ravi

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    author's profile photo Former Member
    Former Member
    Posted on May 21, 2008 at 05:25 AM

    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

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