FOOD TECHNOLOGY

Detailed explanation-1: -What is GRNI in Accounts Payable? Good Received Not Invoice (GRNI) is simply a record in the accounting system which shows that a certain amount of goods received have no corresponding invoice, though they’ve probably matched to a corresponding purchase order.

Detailed explanation-2: -A merchandise invoice is a document that a supplier sends to a retailer for merchandise items. A merchandise invoice can also contain additional non-merchandise costs. Because a merchandise invoice must involve items, only suppliers can send merchandise invoices.

Detailed explanation-3: -If a retailer receives merchandise from one of its vendors, but has not received the vendor’s invoice, the company has the current asset, inventory, but will not have recorded the current liability, accounts payable.

Detailed explanation-4: -Invoices (and bills) are legally enforceable documents used to request payment from clients or customers. They often come with agreed-upon terms and conditions, such as the payment due date for the services rendered.