GR/IR stands for Goods Receipt/Invoice Receipt
GR/IR a/c is a temporary a/c used to post the entries when goods are received before the invoice is received.
Another instance is, if the quantity of goods received is less than the the invoice value or more than the invoice value then the difference shall be entered in GR/IR a/c.
The GR/IR a/c is usually cleared at the end of the fiscal year or at the end of the period for such order for which no further invoices or goods receipts are expected. The reversal entry for the GR/IR a/c is the same as the posting you made while entering an invoice for a purchase order.
GR/IR a/c is a temporary a/c used to post the entries when goods are received before the invoice is received.
Another instance is, if the quantity of goods received is less than the the invoice value or more than the invoice value then the difference shall be entered in GR/IR a/c.
The GR/IR a/c is usually cleared at the end of the fiscal year or at the end of the period for such order for which no further invoices or goods receipts are expected. The reversal entry for the GR/IR a/c is the same as the posting you made while entering an invoice for a purchase order.
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