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General Ledger
Created Feb 27, 2020 (14:47)
by Erika Solovjova
Definition
A complete record of the financial transactions over the life of a company.
Often used in combination GL/CC describing general ledger and cost object, more often cost center.
Abbreviation(s)
GL , GL/CC
Label(s)
Global Procurement Network
Created Feb 27, 2020 (15:01)
by Erika Solovjova
Definition
Abbreviation(s)
GPN
Label(s)
Goods Receipt
Created Feb 27, 2020 (15:02)
by Erika Solovjova
Definition
Registered reception (in SAP) of a material/good ordered on a PO.
Abbreviation(s)
GR
Label(s)
Goods Supplier
Created Feb 27, 2020 (15:02)
by Erika Solovjova
Definition
Abbreviation(s)
GS
Label(s)
Goods Received Not Invoiced
Created Oct 10, 2020 (20:55)
by Erika Solovjova
Definition
A record in the accounting system that says that some goods have been received, but there is no corresponding invoice.
Under the perpetual inventory system, when the goods have been received they need to be entered into inventory. If the invoice has not yet been received from the supplier, the liability to pay for the goods cannot be recorded as an accounts payable, and has to be recorded in an alternative account.
Typically, the account is called the ‘Goods received not invoiced’ account and is shown as a current liability account in the balance sheet.
