GR/IR reclassification

[former_member195383]

Hi All,

Whats the significance of GR/IR reclassification. why this is done before AR/AP reclassification.

Regards

Rudra

[viswanatha_reddy]

Hi Rudra,

Reclassification of GR/IR

There could be some Purchase orders for which the GR would have been done, but the Invoice verification would be pending at the period end. In some cases, the Invoice verification could have been completed, but the GR would be pending.

In such situations, we have to analyse the GR/IR account for

GR done, IV not done and - This has to be taken to the Liability side of the balance sheet

IV done, GR not done - This has to be taken to the asset side of the balance sheet.

Regards

Viswa

[former_member690448]

Dear Vishwa,

Kindly explain is there any configaration that is required for GR/IR reclassification.

What is the process?

Regards,

Nagabhushan

[former_member195383]

Go to FBKP>Automatic postings>Goods/invoices receipt clearing

Here you maintain the GR/IR clearing account and the target account, to which the GR/IR balance will be reclassified at month end, when you run F.19.