GR/IR stands for Goods Receipt/Invoice Receipt. It is a part of the procurement process. It involves matching the goods receipt note with the invoice. It ensures that the payment is made only for the goods received. It helps in maintaining accurate inventory records. Any discrepancies are resolved through the GR/IR clearing account. Example: A company receives 100 units of a product, but the invoice is for 110 units. GR/IR helps in identifying and resolving such discrepancies.

Accenture Interview Questions: What is GR/ IR

Asked inAccenture,AP Analyst

What is GR/ IR

AnswerBot

GR/IR stands for Goods Receipt/Invoice Receipt.

It is a part of the procurement process.
It involves matching the goods receipt note with the invoice.
It ensures that the payment is made only for the goo...read more

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