Streamlining GRNI recording in Kloo
Understanding GRNI
GRNI refers to goods that have been received but not yet invoiced. Accurately recording these transactions is vital for financial integrity and effective cash flow management. Traditional GRNI management often faces challenges like manual entry errors and delayed reconciliations.
Recording GRNI in Kloo
- Login to Kloo
- Navigate to 'Accounts payable' > 'Purchase requests'
- Navigate to the 'Completed' tab
- 'View' the relevant PO
- Select 'Record GRNI'
- Fill in the fields
Process upon receiving the invoice
- The invoice can be matched against the PO and GRNI upon receiving it. This 'three-way match' is a control mechanism to ensure the invoice corresponds with the received goods and the initial request, safeguarding against inconsistencies or potential fraud.
- Differences between the invoice and GRNI, such as discounts or advance payments, are reconciled through an offset amount. This adjustment aligns the total payable amount with the actual financial obligation, ensuring precision in accounting.
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With the offset in place, the transaction is completed. The adjusted invoice is ready for payment processing, reflecting an accurate portrayal of the company's financial commitments.
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