Store and Store Record – Definitions
A store is a place where goods are stored (raw materials and finished goods)
A store record is a comprehensive record, which shows how raw materials and finished goods are received, and issued out of the store.
Types of Store Records:
For effectiveness in the store, the following store records are used:
1. Goods received note.
2. Store requisition form.
3. Stock record card or Bin card or store ledger.
4. Store receipt voucher (SRV)
5. Store issuing voucher (SIV)
1. Goods Received Note: The goods received note is used by the store’s officer, for recording the items delivered to the store from the suppliers.
2. Store Requisition Form: The store requisition form is a document usually completed by different officers, or departments, within the organization, requesting items from the store.
3. Store Record Card: The stock record card is also called the bin card or stores ledger. It is a paper or computer record, which is kept for each stock item held by a firm.
It provides detailed information about the stock received and issued, balance in hand, name of the supplier, voucher number,stock reserved to meet current production orders, and the residual balance which is free for future use.
4. Maximum Stock Level: This is the maximum stock level or largest stock, that may be held for a given quantity of items.
5. Maximum Stock Level: This is the minimum stock level or lowest stock level, to which stock should be allowed before goods ordered arrive.
6. Re-order Level: From the time goods are ordered to the time goods are supplied, usually takes some time.
7. Re-order Quantity: This is the quantity of the replenishment order when the stock level is at the re-order level.
8. Store receipt voucher (SRV): The storekeeper uses the voucher whenever goods are issued from the store.