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Reply from V_Shaker on Jan 27 at 9:17 AM Please know what is the process you will be following for GR/IR clearing:
Step 1
Goods issue happens when you place an order with your vendor
So its Debit what comes in......
Inventory Account Dr
GR/IR account CR
I am Crediting good receipt but still I am waiting for the invoice to be
prepared and sent to me by my vendor.
Now I get the invoice issued to be by the vendor and so will have to post
the same after the invoice verification. I verify the invoice and
everything looks fine so I do the posting now
I will offset and clear the GR entry here by debiting GR/IR Account through
my IR(Invoice Receipt)
GR/IR Account DR....
Vendor Account CR
Credit the giver....so I credit the Vendor as I have got the invoice from
Him.
Through MR11 you do the 3 way match for Invoice verification there by
offsetting the GR entry....offsetting means debit=credit.
Its a simple entry from accounting perspective:
Inventory DR
Vendor Cr
And then when you make your payment to your vendor
Vendor Ac DR.......Debit the receiver
Bank Account CR......Credit what goes out....
Hope this clarifies your doubt...
Regards
Phani
| | | ---------------Original Message---------------
From: kiranmadali
Sent: Monday, January 27, 2014 7:42 AM
Subject: GR/IR Account Clearing
How to clear the FB60 documents from GR/IR aging report? Because those are the duplicate invoice documents. I want to clear those documents from GR/IR aging report. These invoices are already paid.
Can we run MR11 for these documents? If we run MR11 what will happen?
Please suggest. |
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