MANAGEMENT

Detailed explanation-1: -Goods received note is a document that acknowledges the delivery of goods to a customer by a supplier. 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: -Receipts are an official record that represents proof of a financial transaction or purchase. Receipts are issued in business-to-business dealings as well as stock market transactions. Receipts are also necessary for tax purposes as proof of certain expenses.

Detailed explanation-3: -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.

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: -An invoice is a document issued to customers by a seller asking for payment of goods or services. It is also known as a bill or tab. Invoice is a document presented to the customer before or after supplying the goods or services. It is a legal document that can be annulled with a credit note if issued incorrectly.