Also known as a delivery note, a GRN (Goods Received Note) is a significant document which is used by the accounts division to authenticate invoices prior to settling the payments. The accounts department relies on the GRN made by the stores division to scrutinize if all the ordered products are delivered by the supplier and then settle the supplier’s payments for the said goods.
Like any other industry, business accounting too has an exclusive vocabulary and being a business person it is essential to get yourself familiar with the basic terminologies and abbreviations used in this field. So, here we have compiled an accounting glossary for you which will help you understand the most commonly used terms in the accounting world specifically pertaining to small businesses in Pakistan.
Tracking inventories and procuring supplies may not be a small business owner’s favorite job; however, it’s undoubtedly vital for the success of a business. A purchase order, commonly known as a PO is essential to keep your business' operations smooth and systematized. They’re imperative for a well-coordinated purchasing procedure as they help a business take charge of its spending and update the procedure of purchasing products and services.