Accounts-GRN

GRN Goods Receipt Note when the goods are received and verified the quantity and quality, we have to account it in our books by debiting the inventory / goods purchased and crediting the temporary accounts payables, once we got the invoice then we have to debit temporary accounts payables and credit the supplier.

thks

Jagan

Originally posted by : jaganathan
	GRN Goods Receipt Note when the goods are received and verified the quantity and quality, we have to account it in our books by debiting the inventory / goods purchased and crediting the temporary accounts payables, once we got the invoice then we have to debit temporary accounts payables and credit the supplier. thks Jagan

agreed                      

Originally posted by : jaganathan
	GRN Goods Receipt Note when the goods are received and verified the quantity and quality, we have to account it in our books by debiting the inventory / goods purchased and crediting the temporary accounts payables, once we got the invoice then we have to debit temporary accounts payables and credit the supplier. thks Jagan

Correct entry in my opinion.

pls tell me how journel entry passed

exp

dr good

  cr xyzz company

At the time of goods recd.

Purchase Dr.

  To Account Payable Cr.

and then

At the time of invoice recd.

Account Payable  Dr.

  To Creditor Cr.