When an invoice from a vendor is received,a credit entry is posted to the GR/IR account.

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When an invoice from a vendor is received, a credit entry is posted to the Goods Receipt/Invoice Receipt (GR/IR) account to reflect that a liability has been incurred but not yet paid. This account is used to reconcile the difference between the goods received and the invoice received, and any discrepancies are resolved through the GR/IR clearing process.

When an Invoice from a Vendor Is Received,a Credit Entry