Meaning and Types of Store record | Business Studies

Store and Store records

What is a store?

A store is a place where products and materials are kept for later utilization. The warehouse is another name for the storage facility. It’s important that the storage space is both convenient and secure.

Raw materials, semi-finished goods, finished goods, and spare parts that might be utilized from time to time in the execution of various tasks are all housed in the warehouse for easy access.

Records

 

What is Store record?

Store records can then be defined as a comprehensive inventory of everything from raw materials, and finished products to spare parts available to a particular organization.

A store record is a crucial document that assists a firm in calculating the rate at which raw materials and spare parts are consumed so that it is able to determine when to resupply the store.

The amount of money that should be set aside for the acquisition of materials to top up the stock will be determined by the organization with the aid of their rate of usage.

Store records are documents that give the company information about the distribution of materials. Office administrators can determine how frequently things are needed thanks to store records.

See also  Meaning of Commerce, Importance and Scope | Introduction

 

Types of Store Record

Both “Stock record” and “Store record” are interchangeable terms. The quantity of items available at any given time is displayed in a stock record. The various types of store records in use include:

 

1. Stock Record Card

  • The stock record contains extensive information on:
  • The quantity of products delivered to or transported into the storage area.
  • The date the products were delivered or invoiced
  • The voucher number
  • The supplier’s name.
  • Amount of commodities distributed.
  • Department
  • Stock balance
See also  Meaning, Types and Functions Of Office | Business Studies

 

2. Requisition form

The form is an internal document that departments inside the company use to acquire items from the store. This document includes the following details:

  • Name of the department making the request.
  • The departmental member who is making the product request.
  • Date and signature.
  • Code.
  • Product information and description.
  • Quantity or numbers of Goods issued
  • Required amount.
See also  Book Keeping, Source document and Journal preparation in Agriculture

 

3. Delivery Note/Gate Pass

A special pass is required once items have been accepted for a department so that the security department may verify the quantity authorized.

Scroll to Top