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FORM 8 BIN CARD (Referred to in paragraph 7.2.12) (To be Printed on Obverse) Bin Card Now From Article Code No. Unit

How to fill out bin card

How to fill out a bin card:

1. Begin by labeling the bin card with the necessary information such as the item name, stock code, and supplier details.
2. Record the opening balance of the item in the designated column, which represents the quantity available at the beginning.
3. Whenever there is a movement of the item, whether it’s an inward or outward transaction, update the bin card accordingly.
4. For inward transactions, record the details of the supplier, date, and quantity received in the "Receipt" column. Calculate the updated balance by adding the receipt to the opening balance.
5. For outward transactions, record the details of the customer, date, and quantity issued in the "Issue" column. Subtract the issued quantity from the updated balance.
6. Maintain a running total in the "Balance" column, which represents the quantity on hand after each transaction.
7. Continuously update the bin card as new transactions occur, ensuring accuracy and completeness of information.
8. Regularly review and reconcile the bin card with physical stock to identify any discrepancies or errors.

Who needs a bin card:

1. Retailers or businesses that deal with inventory management require bin cards. It helps them keep track of stock levels, understand the movement of goods, and prevent stockouts or overstocking.
2. Warehouses or storage facilities utilize bin cards to monitor stock in individual bins or locations. This helps in efficient stock management and easy retrieval of items.
3. Organizations implementing just-in-time manufacturing or lean principles often utilize bin cards to facilitate material flow and control inventory levels.
4. Manufacturing or production units also benefit from bin cards as they can monitor the availability of raw materials and control production schedules accordingly.
5. Bin cards are also utilized in service-based businesses, such as hospitals or maintenance companies, to track the usage of consumables or spare parts. This helps in maintaining optimal stock levels and timely replenishment.

Overall, bin cards prove to be an essential tool in inventory management, regardless of the type of business or industry.

For pdfFiller’s FAQs

What is bin card?

A bin card is a document used to track the inventory levels of specific items in a storeroom or warehouse.

Who is required to file bin card?

Anyone responsible for managing inventory in a storeroom or warehouse is required to file bin card.

How to fill out bin card?

To fill out a bin card, one must record the item name, code, description, quantities in stock, dates of receipts and issues, and running balance.

What is the purpose of bin card?

The purpose of bin card is to provide a clear picture of the inventory levels of specific items, enabling efficient inventory management.

What information must be reported on bin card?

Information such as item name, code, description, quantities in stock, dates of receipts and issues, and running balance must be reported on bin card.

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