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Following are the main differences between bin card and store ledger.
1.User
Bin card is maintained by the storekeeper. Store ledger is prepared by cost accounting department.
2. Nature
Bin card is a record of quantity only. Store ledger is a record of quantities and values.
3. Period
In bin card, entries are made immediately after each transaction. In store ledger, entries are made periodically.
4. Posting
Postings are made before a transaction in bin card. Posting are made after a transaction in store ledger.
5. Using Department
Bin card is kept inside the store. Store ledger is kept outside the store
What else can I help you with?
What is stock discrepancy?
The mismatch between bin card and stock ledger is called as "stock discrepancy".
Is a stock ledger the same as a bin card?
No stock ledger and bin card are not same because it does not hold all details of the product as in ledger. The bin card holds details of the quantity, date of receiving product, issue, quantity after and before issue etc M.Sai Kumar
What is a ledger posting machine?
a machine that records detailed transactions on a unit record ledger card. The balance associated with each transaction is summed and stored on a magnetic strip on the card. The machine can read all of the updated ledger cards very quickly to pick up the ledger balances and sum them into a totaling device.
What are the differences between bin card and a store ledger?
The Difference Between Bin Cars and Store Ledger.Bin card:A record of quantities only.Maintained by the storekeeper.Normally posted just before the transaction takes place.Each transaction is individually summarized and posted.Usually kept inside the stores.Stores Ledger:A record of both quantities and values.Maintained by the Costing Department.Always posted after the transaction takes place.Transactions may be posted periodically.
Why is the accounts receivable subsidiary ledger organized in alphabetical ordee?
The Accounts receivable subsidiary ledger or any other subsidiary ledger can be in the form of a card file, a binder notebook, a formal, pre-printed ledger page, or computer files. It will not have page numbers, but each account may have a unique number to help identify it. The accounts receivable subsidiary ledger is organized alphabetically by customer name and address; new customers can be added and inactive customers deleted, once the balance in their account is zero. To make ease in journalizing process, the accounts receivable subsidiary ledger are organized in alphabetical order.
What is stock discrepancy?
The mismatch between bin card and stock ledger is called as "stock discrepancy".
Is a stock ledger the same as a bin card?
No stock ledger and bin card are not same because it does not hold all details of the product as in ledger. The bin card holds details of the quantity, date of receiving product, issue, quantity after and before issue etc M.Sai Kumar
What is the difference between a loyalty card and a store charge card?
The difference is that a loyalty card is used to monitor how often you go ti the shop where as a store card is a card that you have money on and you use to pay for things.
What is a ledger posting machine?
a machine that records detailed transactions on a unit record ledger card. The balance associated with each transaction is summed and stored on a magnetic strip on the card. The machine can read all of the updated ledger cards very quickly to pick up the ledger balances and sum them into a totaling device.
Can you get a dot card when you are color blind?
You can get a DOT card if you're color blind as long as you can distinguish between the red, amber, and green of a typical traffic light.
What is LC in accounts?
rdLC in accountancy means ledger card.
What is the difference between a itunes card and a apple store card?
An iTunes Gift Card is used for music/video/games/apps purchase from the iTunes Music Store.An Apple Store Gift Card is used for mac hardware and software purchases either in-store, or from the Apple Online Store.
What are the differences between bin card and a store ledger?
The Difference Between Bin Cars and Store Ledger.Bin card:A record of quantities only.Maintained by the storekeeper.Normally posted just before the transaction takes place.Each transaction is individually summarized and posted.Usually kept inside the stores.Stores Ledger:A record of both quantities and values.Maintained by the Costing Department.Always posted after the transaction takes place.Transactions may be posted periodically.
What is the difference between a debit card and a smart card?
While the debit card uses a magnetic strip, the smart card typically uses an embedded semiconductor to store and maintain information.
Bin card system for inventory free format?
What is Bin Card? (Cost Accounting)Bin card is a record of receipt and issue of materials Quantity of store received is entered with receipt column and the quantity of store issued is recorded in the issue column of Bin Card. Balance of quantity of stores is ascertained after every receipt or issue. It shows the balance of the stock at any moment of time. Bin Card is maintained by the store-keeper. He is answerable for any difference between physical store and the balance shown by the Bin Card. Thus Bin Card does not only records the receipt an issue of the stores but also assist the store keeper for control of the stock. For each item of stores minimum level maximum level, and ordering level are shown in the part of the Bin Card. By seeing the Bin Card the store keeper sends the material requisition for the purchase of materials from time to time.A bin card is also known as bin tag or stock card and is usually hung up or placed in shelf, rack or bin where the material has been kept. Bin cards can also be in the form of loose sheets which can be maintained in a ledger kept in the stores.Understanding bin card in a more lucid way:A bin card makes a record of the receipt and issue of material and is kept for each item of stores carried. Quantity of stores received is entered in the receipt column and the quantity of stores issued is recorded in the issue column of the bin card and a balance of the quantity of stores is taken after every receipt or issue, so that the balance at any time can be readily seen. These cards are maintained by the storekeeper and the storekeeper is answerable for any difference between the physical stock and the balance shown in the bin card. These cards are used not only for recording receipts and issues of stores, minimum quantity, maximum quantity and ordering quantity are stated on the bin card. By seeing the bin card, the storekeeper can send the material requisition for the purchase of material in time.Are Bin cards necessary at all?Some persons argue that where a store ledger is maintained, the bin card is a duplicate record and as such should not be maintained. This is wrong and is against the basic principles of stores accounting on account of the following reasons:The storekeeper is responsible for the maintenance of stores and as such he should have a stock record under him.The storekeeper is held responsible for the difference in the physical stock and the stock record. The responsibility for difference in stock will get divided if the stock records are not kept by the storekeeper.The store ledger is not kept up-to-date because posting of transactions is done periodically and as such the maintenance of bin cards is desired to have up-to-date balance of stock. In bin cards, posting is done before the transaction takes place.Keeping in view the above reasons it is said that storekeeper should himself keep the stores ledger. This is also wrong because a stores ledger is a record of both quantity and value and figures for calculation of the cost of production are taken from this record. The calculation of cost is the responsibility of the cost accountant; so the store ledger should not be outside the control of the cost accountant. Further, it is not fair to burden the storekeeper with the responsibility of the valuation of the receipts, issues and balances; his recording should be restricted to quantity alone. It is, therefore, necessary that both stock records should be kept.The two records act as a cross check on each other because balance of stock disclosed by bin cards should agree with the balance shown by the stores ledger. Thus, the accuracy of both records is established.
What is the difference between the original and the reprint of a Wayne Gretzky rookie card?
There are very minor differences between an original card & reprint card...getting the card grades by a top tiered grading company is your best bet to distinguish between the them...new & better reprints are being printed everyday & making it that much harder to tell any differences...
Who fills out ledger card?
A ledger card is typically filled out by an accounting professional or someone with a thorough understanding of bookkeeping. A ledger card is an important document that helps to keep track of financial transactions. It typically contains details about the date amount and type of transaction. Accounting professional Someone with a thorough understanding of bookkeepingLedger cards are used to record and track all types of financial transactions including sales purchases payments and receipts. They are an important part of the accounting process as they provide a clear record of all financial transactions. Ledger cards also help to ensure accuracy in financial reporting.
