Differences between Bin Card and Store Ledger
Bin Card implies a document which records the quantity of material received by, issued to and remained in stores. On the other hand, Stores Ledger is a ledger account, that maintains the record of the transit of goods in and out, the stores, both in quantitative and monetary terms.
Bin Card – It implies a quantity record of the receipts, issue, and balance of materials in stores.
- Nature of record: Bin card is a record of quantity.
- Maintenance of record: It is maintained by the storekeeper.
- Place where it is kept: It is kept in the stores.
- Time of posting: The postings are done before the transactions take place.
- Posting: Each transaction is posted individually.
- Role: Bin card cannot take the role of the ledger and it is not a subsidiary book.
Stores Ledger – It alludes to a subsidiary ledger that keeps track of each and every transaction relating to materials in the stores.
- Nature of record: Stores ledger is a record of quantity) and value.
- Maintenance of record: It is maintained by the costs/accounts, department.
- Place where it is kept: It is not kept in the stores.
- Time of posting: The postings are done after the transactions take place.
- Posting: Transactions are posted in total.
- Role: It takes the role of a ledger and it is like a subsidiary book.
Bin Card is kept attached to the bins inside the store as to enable to identify the stock. Store Ledger is kept outside the store.