After reading this article you will learn about the codification of materials in store. In order to identify correctly to avoid confusion, and to save time and efforts to locate the item, proper codification is necessary. Proper codification has following advantages: (i) To avoid lengthy description. (ii) To have correct identification. (iii) To prevent duplication. (iv) To standardise the items. [...]
Generally, the following two methods are used for physical verification of stock: 1. Annual Physical Verification 2. Perpetual Inventory Control. Method # 1. Annual Physical Verification: In this an independent person of a high rank known as verifying officer checks the stock lying in store once in a year, so as to see that the quantities as shown in store-ledger, [...]
After reading this article you will learn about the records to be maintained in the stores. 1. Bin Card: This is a card which is attached to each bin, rack, shelf or other container for stores. A record of all materials entering or leaving the bin and balance of material in hand is kept in this card. These cards are [...]