Bin Card: Bin card is a record of receipt and issue of store inventory materials. Bin card is also known as cardex. Bin card shows the balance of quantity of stores is ascertained after every receipt or issue. Bin card is maintained by storekeeper. When any kind of store material is needed by the specific section of an industry, then storekeeper issues the required material. Bin Card does not only records the receipt of inventory issue of the stores but also assist the storekeeper for control of the stock. Storekeeper sends the inventory requisition for the purchase of required inventory.
Store ledger: Store ledger shows continuous records of store materials received, issued and ending balances at any time both in quantity and in value. Store ledger provides updated information about inventory stock balance required by the management reporting purposes.
Differences between Bin Card and Store Ledger
|Bin card is a record of quantity only.||Store ledger is a record of quantity and values.|
|Bin card is maintained by the storekeeper in the stores.||Store ledger is maintained by a store officer in the costing department.|
|Bin card makes inventory issuance posting before taking inventory to the specific department for using.||Store ledger makes inventory issuance posting after taking inventory to the specific department for using.|
|Bin card makes inventory issuance posting individually.||Store ledger makes inventory issuance posting altogether and then summarized.|
|Bin card is not pure accounting recording.||Store ledger is the basic accounting recording.|