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RE Reclassification of AR/AP by maturity

Former Member
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Hi All,

Can anyone explain me the below mentioned topics

Reclassification of AR/AP by maturity

Reclassification of GR/IR

Thanks

Venkat.

Accepted Solutions (1)

Accepted Solutions (1)

Former Member
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Hi,

Reclassification of AR / AP

This is basically not used in India. But in other countries, this is used for Balance sheet reporting purposes.

One of their requirements, is to show the vendors based on their maturity in the balance sheet, e.g

Vendors maturing within 1 year

Vendors maturing within 1 year to 2 years

Vendors maturing after 2 years

Here maturing means the days after which the open item will become due.

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.

This functionality assists in doing the above process

Hope that clarifies

Regards

AKV

Answers (1)

Answers (1)

Former Member
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Tks