ECONOMICS

Detailed explanation-1: -A GRN consists of a record of goods that the buyer has received. This record helps the customer compare the goods delivered against the goods ordered.

Detailed explanation-2: -A sales receipt is a transaction record that the seller issues at the time of sale to verify the provided product or service and the amount the buyer paid. You’ll often need sales receipts for tax calculation and inventory management, while your customers can use them for reimbursement or accounting purposes.

Detailed explanation-3: -The process of recording business transactions is called journalising.

Detailed explanation-4: -A GR/IR (goods-receipt/invoice-receipt) clearing account is a bookkeeping device that can be used when goods arrive before the invoice is generated, or when an invoice arrives before the goods are delivered.

Detailed explanation-5: -While an invoice is a request for payment, a receipt is the proof of payment. It is a document confirming that a customer received the goods or services they paid a business for-or, conversely, that the business was appropriately compensated for the goods or services they sold to a customer.