GR IR Concept & Journals |Procure to Pay| Part - 1|

Hello everyone! This video is about Good receipt & Invoice receipt.
Do like and share it with your friends & colleagues.
Please watch the video till the end.
Corporate accounting - • Corporate Accounting
Copyright - The content in this video was created by me (Krishna Akumalla). Please do not use the video or content without permission.
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[@virenpatel8238]

in One Word Thanks a lot Dear Sir.

[@sunilraikar920]

very useful to understand this concept...

[@rajeshvatturu6609]

Tqs for sharing ur knowledge with free of cost, even paid services also not provide this much of quality, ur way explanation without commerece students also easly understands.tq so much sir

[@dusamohan34]

I always have a confusion on GR / IR topic. I got a clear picture after watching your video.
Wonderful explanation Krishna garu.
You are brilliant sir!

[@Arun.kumar49]

with the help of this video now I can understand the concept of IR GR, thank you Sir, please make more videos on RTR.

[@yogesh-nf1rl]

Very informative video sir🙏🙏🙏thank u so much, sir plzzzzz make vdo on whole process of p2p

[@subramanianayyappan9759]

The "WHY" part of GR IR accounting is very well explained Sir !! Thanks a lot for making this Video...Very Helpful Sir

[@omkarniki1]

Very helpful to freshers and experienced candidates Sir..tq

[@ravikishorereddy8780]

Very useful concept sir👍👍👍

[@chamindasilva3191]

Very important concept. Thanks and wish you all the best with the channel

[@akashmore4078]

Thank you so much sir the way explain I understood this very easily🙌❤

[@rohitpandey2707]

Very effectively and easily explained, thank you sir

[@prakashs7943]

Happy Teacher's day Sir, thanks for teaching valuable information

[@joaobaixinha9313]

Thank you for the clear explanation Krishna!

[@faiz1791]

Nicely explained, thanks 😊

[@anujdixit7717]

great video sir very underrated channel

[@LGnaveen]

Good sir 🙂

[@AbdulRazzak-xd8kx]

Thanks sir for Gr/Ir detailed explanation

[@DGStores-nt7if]

Nicely explained

[@mddilshadkhan09]

Wonderful explanation 🎉🎉🎉

[@caanitabhadra9138]

Excellent !

[@sureshgowda2596]

Sir please explain Record to Report end to end process

[@chandrabharatbashi.1660]

Thank You sir Now all clear properly.

[@chandrumurugan7914]

Sir ... Thanks a lot very useful
Would u make a video about accounts payable journal entries

[@srinivascma1788]

Excellent sir

[@divyashetty8287]

Thank you sir😊 Could you please explain about GRIR regrouping (F 19).

[@bhavanisugumar4662]

Thank you.. Very helpful

[@Indian-India24]

Sir do video on GST and TDS calculations in accounts payable (invoice processing)

[@ananthanarayanan5825]

Thank you sir.very useful..one doubt sir if invoice not receive how do we know the value of the invoice and incase if supplier gives discount how this will be treated in expenditure to gr ir account.

[@krishnaakumalla]

Thank you for watching video. If invoice is not received you can get the value of PO but that PO can have several invoices. Hence either you take value of the PO for time being to book any accruals or wait for invoice to come. Supplier discounts would have been negotiated at the time of raising PO itself. In case if any cash discount is given that will have direct impact on your PNL as discount received and no need to give that impact at GR level. Hope I clarified your doubt

[@srigayathriacademy891]

Please Explain about R2R end to end Activities.

[@krishnaakumalla]

Sure....give me some time. I am coming in some sequence. Will cover this topic soon

[@srigayathriacademy891]

Thank you Sir

[@AliBakshShekh.TallyPrime]

Sir can you explain entry GRN received Rs 80
Invoice received for 100
How will you process the invoice

[@mythilib8491]

Is P2P for end users only? or any consultant jobs only on this topic like SAP FICO? Please advise. Thanks

[@krishnaakumalla]

This is for PTP end users. If you want to learn the topic of being a SAP FICO consultant....you can make use of it whatever extent you can.

[@balarambehera3901]

One question here on the 1st scenario, when invoice received and team will process this invoice, will the system automatically debit the GR IR account? Would like to know how the system will recognise the GR IR account to be debited. would be great you can explain that as well.

[@krishnaakumalla]

If the GR was already updated before we process invoice, system would have considered debiting expenditure and crediting GRIR....so when we process invoice you would debit GRIR and credit supplier. Whenever we see invoices pertaining to GR, system would automatically debit GRIR and credit to supplier.

[@balarambehera3901]

Ok thanks for the reply

[@saikumareppakayala]

In case 2: Invoice received but goods not received.
We will credit the amount to supplier as per the Invoice. If we receive materials with damage or partially then what to do?

[@krishnaakumalla]

Good question...if damaged material received, GR would not have been updated by the requisitioner.....hence 'R' block would not have been released. It is responsibility of requisitioner to make sure that GR is not updated for damaged goods. Hope it is clear now.

[@saikumareppakayala]

@@krishnaakumalla Should we wait until we receive good materials ? And who will take responsibility for damaged materials?

[@amishvyas1]

You are wrong at the time of GR Inventory will be debited not expense

[@krishnaakumalla]

Thanks for your feedback ...from inventory ultimately it goes to P&L as consumption. Hence considered as expense.....I don't want to bring inventory and create confusion to the people.

[@mddilshadkhan09]

Sir interviewwr asked who sends GR and who updates GR ...???
Plz ans ??

[@krishnaakumalla]

GR will be sent by the supplier and received by the business. GR will be updated by stores person or requisitioners in respective ERP

[@mddilshadkhan09]

Thank you

[@khurramalisiddiqi7922]

Very well explained. I have a question if the supplier asks for an advance payment and after advance payment, goods are received but the invoice is not received. What would we do in this case?