A bonded warehouse is one that has been approved by the U.S. Treasury Department who, due to observance of revenue laws, has put the warehouse under bond or guarantee. It can also be a warehouse utilized for the storage of merchandise that is on hold until duty is paid.
Blind counts are used during physical inventories to prevent counter bias. The location and item code are provided to the counter, but the counter must provide the quantity of the item found in the given location without knowledge of the desired quantity according to the WMS (Warehouse Management System) or inventory records.
A bin has two definitions in logistics. 1) Four-sided structure that is mounted on a pallet that may or may not have a cover. (2) Area in the warehouse used for storage of inventory that is being staged or at rest.
Bill of lading is an official document that accompanies every shipment. It serves as the contract between the party that owns the freight and the carrier. A driver for an outside carrier signs the Bill of Lading, he/she accepts responsibility for the shipment. Upon arrival at the destination, the consignee or customer signs the Bill of Lading to indicate that the shipment was received, and all goods are present as itemized. This customer-signed Bill of Lading then serves as a Proof of Delivery (POD) document.
Beginning inventory is the inventory level and count at the beginning of a period.
Use of the bay for storage.
