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GR(Goods Receipt)IR (Invoice Receipt) is a clearing account. It is normally used when you have received material but have not received an invoice yet or vice versa. ( It as well segregate duties of employees one recording for goods & the other for liabilities)
At goods receipt:-
Inventory Dr
GRIR Cr
At Invoice receipt:-
GRIR Dr
Vendor Cr
Often balances remain open in case of advances & partial settlements.
GRIR Clearing account should be scruitinized before running financial statements
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