Inventory transaction records-Bin Cards Stores Records in the means by which the management can have a control over the stores department.
It is necessary to maintain the inventory transaction records so as to information which checking the physical quantities.
Four Well-known Stock records format are:
• Bin Cards
• Stores Ledger
• Kardex Cards
• Computer ledger
THE BIN CARD:
The bin card provides the current records of the receipts ,issues and the balance of materials in the simplest form. It gives very quick idea of the particular type of material binned in the card .
Bin card is either attached to every bin or kept in a folder at a convenient location. An entry is made at the time of each receipt and issue and a fresh stock balance is extracted.
Salient Features of Bin Cards:
* Maintained by stores keeper to record all the material received, issued and the balance material.
* Each and every transaction is individually posted.
* Posting of cards is carried out prior to occurrence of transaction.
* It is quantity record for reference.
However the bin cards don’t consider the value of materials.
And also these cards are susceptible to planned mischief, malpractices and thefts.
This is very simple to use and must be printed on a thick sheet of paper as this card is to be used again and again for recording the entries .This card is suitable where records in terms of quantity of received issued and balance is to be tracked.