What is a bin card explain its purpose?

The term bank identification number (BIN) refers to the first four to six numbers on a payment card. This set of numbers identifies the financial institution that issues the card. As such, it matches transactions to the issuer of the card being used.

What are the information recorded in bin card?

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 benefits of a BIN card?

ADVANTAGES OF BIN CARD Bin card minimizes the chances of mistakes because the entries will be made at the same time as goods are received or issued by the person actually handling the materials. Control over stock can be more effective due to continuous updation. It reduces counting errors.

What are the advantages of BIN card?

Advantages of Bin Cards Control over the stock can be more effective due to continuous update and the balance of store ledger can be known at any time. Bin Cards reduces the counting errors. Different items identification of the materials is facilitated by reference to the Bin Cards the bin or storage receptacle.

What are the benefits of a bin card?

What are the advantages of bin card?

Where are BIN cards used?

Bin cards are printed cards used for accounting for the stock of material, in stores. A bin card is a quantitative record of receipts, issues, and closing balance of each item of stores.

What are the advantages and disadvantages of bin card?

Disadvantages of Bin Cards

• A large stores space is required where Bin Card is used.
• As Cards are keeps without any protection, it can be damaged.
• Maintaining Bin Cards can be more expensive.
• Staffs who are maintaining Bin Cards cannot be properly trained up.
• Issued or received materials may not posted due to negligence.

Where are bin cards used?

Where is bin card used?

What is a Bin Card?

For each item, separate bin cards are maintained and placed in a specific place i.e. bins. Basically, a bin card is a card attached to each bin or drawer which contains materials to show the stack position of the bin. The main objective of the bin card is to give a continuous record of the movement of material and the balance in hand.

What are the advantages and disadvantages of a Bin Card system?

There are advantages and disadvantages to using a bin card system to keep track of inventory. One advantage is the reduction of counting errors. As long as the bin card entry is made at the same time as a change in stock, the bin card remains a good record.

Is a Bin Card a good record?

As long as the bin card entry is made at the same time as a change in stock, the bin card remains a good record. Using one card for multiple stock clerks prevents differences in counts and multiple or duplicate records.

How to make entries in Bin Card?

Entries in bin card are made on the basis of the following source document: With every receipt of stock, the card is debited, whereas it is credited with every issue and the balance is noted down after each receipt or issue. And so the balance quantity of any item can be ascertained easily at any point in time.