GRC account during GR

[Former Member]

Dear all,

During goods receipt, debit inventory and credit GR clearing account.

If inventory is referring to inventory cost, may I know GR clearing account is referring to where? PO cost?

Thanks

[former_member187989]

GR/IR is clearing account which carries material cost need to be paid to vendor for

purchasing material on goods receipt because you didn't invoice or hard copy of bill not received,

on invoicing this values passes to vendor.

On Goods receipt, Stock account Dr to GR/IR Clearing

On invoice posting,GR/IR Dr to Vendor a/c

Edited by: Jeyakanthan A on May 30, 2011 12:10 PM

[Former Member]

Dear All,

I know what is GRC account but I need to know the cost in GRC is referring to PO or referring to material cost?

I give a scenario.

material cost is $1

po is $1.20

quantity 10

when GR

dr inventory 10.00

cr grc 12.00

or

dr inventory 12.00

cr grc 10.00

Need advice of which is correct

Thanks

[former_member187989]

If material price is moving average then it referring p.o otherwise it will refer material.

[Former Member]

hi,

no, you are not correct.

i tested, grc is referring to po price.

any confirmation from forum?

rgds

[pankaj_singh9]

Hi,

GR/IR Clearing Accounty is a Control Account between GR and IR Transactions which will get nullified at the time of LIV (In MIRO) by crediting Cndor Account and debiting GR/IR Clearing Account.