AP Analyst Interview Questions and Answers

Journal entry for Good receipt

• Debit inventory account for the cost of goods received

• Credit accounts payable for the amount owed to the supplier

• Include details such as date, supplier name, and invoice number

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.