After reading this article you will learn about:- 1. Meaning of Ware-Housing 2. Objectives of the Warehousing 3. Necessity 4. Functions. Meaning of Ware-Housing: In the word 'ware-housing', 'ware' means goods in the form of manufactured items, while 'housing' means a place for their safe keeping. Hence 'ware-houses' are go-downs which keep the goods and provide other related services. These [...]
After reading this article you will learn about the codification of materials in store. In order to identify correctly to avoid confusion, and to save time and efforts to locate the item, proper codification is necessary. Proper codification has following advantages: (i) To avoid lengthy description. (ii) To have correct identification. (iii) To prevent duplication. (iv) To standardise the items. [...]
Generally, the following two methods are used for physical verification of stock: 1. Annual Physical Verification 2. Perpetual Inventory Control. Method # 1. Annual Physical Verification: In this an independent person of a high rank known as verifying officer checks the stock lying in store once in a year, so as to see that the quantities as shown in store-ledger, [...]