Store Record Methods Or Recording Of Materials Received

The following are the important store record methods that are used for keeping records of the various items of store.

1. Bin Card

Bin card is also known as a bin tag or stock card. A bin is a place, rack or cupboard where materials have been kept. Quantitative records of receipts, issues and closing balance of items of store are shown in a bin card. separate bin cards are maintained for each item and are placed in shelves or bins or are suitably hung up as it convenient. The bun gives a description, a code number of material, bin number, maximum and minimum stock level.

2. Two Bin System

In some manufacturing companies, a bin is divided into two parts: a smaller and larger one. The smaller bin stores the quantity equal to the minimum quantity and the larger part stores the remaining quantity. The quantity in the smaller part is not issued so long as the quantity is available in the larger part. New supply is ordered as soon as the larger bin is empty. Thus, the two bin system facilitates a physical review of stock by the storekeeper for the purpose of purchase requisitions.

3. Store Ledger

A store ledger is a record of stocks, both in quantity and value and is maintained by the store accounting section. Store ledger consists of the same column of a bin card, but in addition, there is an amount column, in which the values are entered. Thus this ledger provides information for the pricing of materials issued and the value of materials at any time.