when should a payable be recorded ; when goods are received or when invoice. Suppose by last week of the year , i receive goods and in the first week of next year, i receive the invoice , on what date should i record the payable. pls explain with entries and date of entries if possible, that would be helpful,
Also what is this GR/IR account and what is it used for? what category of accounts is that,,,current asset , ? pls help friends and tutors. Thanks