what is bin card

Bin card is the record maintained under the perpetual inventory system by the stores department and shows the quantities of materials received, issued and balance in hand after each receipt and issue. It is also known as stock card or bin tag.

1. Why is bin card used?
2. What is the difference between stock card and bin card?
3. What does bin card record?
4. What are the features of bin card?
5. Are All Bin cards necessary?
6. What is the difference between one bin card and two bin card?
7. What are the three types of inventories?
8. How do I maintain my bin card?
9. How bin card is useful for the production department?
10. What information is contained on a bin card or stock card?

Why is bin card used?

What is importance of Bin Cards in material control Answer Bin cards are used to records and control the quantity of material when store keeper receives and issues the material. Bin- card is kept in each cabinet or tray of material.

What is the difference between stock card and bin card?

Bin card is also known as” Stock Card” which we use to keep a record of all the receipts and issues of the stocks from the company's stock department. Stores ledger is called the subsidiary ledger of the costing ledger that keeps a record of the movements of inventory with the valued terms.

What does bin card record?

Bin card is maintained in store for each of the item. It records in and out quantity of the item. Bin card is kept for recording the inward and outward of material. This shows the availability of stock of each item.

What are the features of bin card?

1. Bin card is the record maintained under the perpetual inventory system by the stores department and shows the quantities of materials received, issued and balance in hand after each receipt and issue. It is also known as stock card or bin tag.

Are All Bin cards necessary?

Advantage of Bin Card

It will help the stock keeper to keep track of each inventory or material level and propose any purchase if necessary. There is the minimum level of each material on the card bin which will help the staff to alert to their supervision.

What is the difference between one bin card and two bin card?

In short, the first bin has a minimum of working stock, and the second bin keeps reserve stock or remaining material.

What are the three types of inventories?

There are three main types of inventory:

• raw materials inventory.
• work-in-process inventory.
• finished goods inventory.

How do I maintain my bin card?

Bin card is maintained in store for each of the item. It records in and out quantity of the item. It shows the stock of each item held at the store. Balance of quantity of store is ascertained after every receipt or issue.

How bin card is useful for the production department?

A Document that records the status of materials in a storage area. Generally small scale industry with huge quantity of materials will use a bin card to maintain “stock on hand”. It will also help to materials tracking, monitoring on incoming and outgoing materials in storage area.

What information is contained on a bin card or stock card?

Bin card only contain quantity column for both and receipts and at the close of each transaction, the stock level is calculated to make sure that at every point of time, it can be reconciled with the physical count.