Item inventory card: understanding, function, advantages and disadvantages

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Item inventory card: understanding, function, advantages and disadvantages

Item inventory card understanding function advantages and disadvantages

Item inventory card or bin card or stock card, is a summary of inventory movements and the rest of the balance. This report contains information from movements that include the initial balance, receipt of stock, issuance of stock, and final quantity. It’s important for the warehouse to find out the remaining stock just by looking at this report.

Stock manager or warehouse section must write into the item inventory card every time items enter or exit the warehouse. This note only contains the number of incoming and exit movements and balance at some point.

Get through further goods inventory cards

Stock inventory cards are reports of all receipts and stock expenses from the warehouse department. The responsibility of the inventory guard and warehouse to record each stock entered and exit the warehouse.

The number of physical stocks and the number of stocks reported according to the report must be the same; If not, the Internal Audit Department will have the right to investigate the problem with management.

Item inventory cards only contain the quantity column for both and receipts and at the close of each transaction, the stock level is calculated to ensure that at each time point, it can be reconciled with a physical calculation.

Inventory management is not an easy task. That is why, it is very important to control the flow of stock by using several effective tools. One of the best tools for strict control over inventory is this item inventory card.

Not only helps in controlling inventory very well, this report also helps in maintaining effective working capital. By knowing the pattern of goods movement, then an entity can easily determine how much capital must be invested in inventory purchases and for how many quantities.

As a result, a better working capital policy can be developed which will increase the company’s liquidity.

Function card inventory card

Because the item inventory card is made for each inventory item, the person in charge of the stock is very knowing the position of the stock. On each stock card, he can write minimum stock and maximum stock level so if, each item from inventory touches the minimum level, he can make a purchase request list for new supplies from the stock.

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This card is an important inventory control technique and is used in various formats. There is no specific format for barange inventory cards because organizations can design their own stock cards according to their needs and analysis of reporting.

This card can also help warehouse workers if there will be an impromptu audit from the internal auditor on the availability of inventory and compare the actual number with the BIN card.

Advantages of using goods inventory cards

Can be aware of the inventory level

This will help the Invision of Inventory to track any inventory or material level and propose any purchase if necessary. Make sure the minimum level is listed from each material on the card that will help the staff to be aware of their supervision.

Internal control in the warehouse

This will help staff to identify correct material and goods faster. Of course this will be useful if all existing items are very similar. The risk of issuing wrong goods is also reduced.

Reduce the possibility of losing the invoice

Every existing invoice or receipt, staff must immediately update in this report stored next to the item. This will help reduce the risk of errors or forget.

Help during the counting inventory and stock of opnname

During the annual calculation, this will help the auditor and responsible for identifying material from the list to the actual stock and vice versa. In addition, this also helps the auditor to inventory quantity during the calculation.

Lack of use of goods inventory cards

Need more time

Warehouse officers need to take the time to update this card. In addition, staff can check stock level by checking stock reports from bookkeeping rather than this card.

Occurrence of job duplication

During acceptance and inventory problems, you must ensure all stock reports on the card and financial statements (Excel or other control systems) in a balance. This is indeed risky for work duplication, but with a combination of these two reports during the calculation of data that you can more reliable.

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Need a warehouse room

Although only in the form of cards, if the item you save in large quantities, then your goods inventory automatically will also be a lot and the possibility of requiring space for storage that can be used to store other items.

Remember, the more details you need, the more space to be used.

Conclusion

That is the full weighting of the item inventory card, for example, the function of the advantages and disadvantages. If you have many items of products sold and almost similar, it’s a good idea to use this card to ensure optimal stock availability on your business.

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