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Purchase procedure

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(Querist)
30 January 2012 Can anyone pls tell how purchases of goods is done in an organisation.
I am more confused on when GRN should be prepared after or before receipt of invoice?
why & how is it prepared?

what is significance of preparing GRN??

pls reply soon..

expecting reply......
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
03 February 2012 GRN is prepared at the time of receipt of material. It shows that the material has been received.

Normally material is accompanied by an invoice. So, GRN will be prepared at the time of receipt.

Invoice shall be booked AFTER the GRN has been prepared.

This procedure is followed to ensure that the invoice is genuine and the material has actually been received.
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