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.
Currently there are five major inventory tracking software products that are completely free to businesses and consumers. They are POS Maid, inFlow Inventory Free Edition, ABC Inventory Software, BS1 Enterprise Accounting Free Edition, and Chronos eStock Card Inventory.
Getting the free food card is a waste of time because it doesnt work. If you click on the symbol in your inventory it will expand. look for the fine print near the bottom of the card.
There are lots of options depending on how complex you want to get. One is Microsoft Retail management System which can connect multiple stores together. The key parts to a system are the inventory management, point of sale (POS) which interfaces with the inventory database and handles customer transactions and a module to connect with credit card payment vendors. Other important functions involve order processing, transfers of stock, reports and some have built in accounting modules.
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You can find free inventory software on the internet. There are many old programs out there that their copyright has expired and you can download it free.
Try inFlow Inventory - I believe you can try their inventory management system out for free. If that doesn't work, do a Google search for "warehouse management inventory software". Another recommendation is Chronos eStockCard Inventory Software. This software is simple to use and perfect for warehouse management. They do provide the free edition that you can download from their website.
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By taking a JIT approach to inventory and product handling, companies can often cut costs significantly. Inventory costs contribute heavily to the company expenses, especially in manufacturing organizations. By minimizing the amount of inventory you hold, you save space, free up cash resources, and reduce the waste that comes from obsolescence.
There are a few places on the internet where free inventory management software can be found. The site Spice Works offers a free download which offers audit tools also.
The toll free number to verify employment with RGIS Inventory Specialist is 1-866-593-8642.
I am not sure I am going to try it tomorrow and I will get back to you on it. (I am only 10) NO!!! DO NOT FORMAT I DID AND LOST ALL MY GAMES AND GOT LEFT WITH 100 POINTS INSTEAD!!!!
I used to think managing inventory for e-Commerce was just a matter of keeping a spreadsheet up to date. That worked fine when I was selling on one platform. But as soon as I added more marketplaces—Shopee, Lazada, Tokopedia, plus my own website—it turned into a daily headache. Stock levels were always out of sync. I’d sell an item on one marketplace, only to realize it was already sold on another. That meant angry customers, cancellations, and a hit to my seller ratings. Switching between each marketplace’s backend to manually update stock was exhausting and error-prone. I tried a few tools, but many only supported certain marketplaces or didn’t integrate well with my order fulfillment. What finally solved it for me was finding inventory management software built specifically for multi-marketplace selling. In my case, I started using Ordazzle. Here’s what made the difference: Centralized inventory view – One dashboard showing stock across all marketplaces and my own site in real time. Automatic stock updates – When a sale happens on any channel, stock levels update instantly everywhere. Order management in one place – I can process, pack, and ship orders from all marketplaces without switching tabs. Scalable setup – Adding a new marketplace is just a matter of linking it, not rebuilding my whole system. Since I started using it, I haven’t had a single double-selling issue. My order processing time is faster, and I can see exactly what’s selling well across channels, which helps with reordering. So yes—there is ecommerce inventory management software that supports all major online marketplaces, and if you’re selling on multiple platforms, it’s worth investing in one. For me, Ordazzle has been that solution.