Store ledger is a type of ledger which is maintained in costing department. It is like a reconciliation sheet which is used to find any differences between bin card and costing department records. Though, both bin card and stores ledger look like same but there is a slightly minor difference found between these two, which is the addition of value figures of inventory in stores ledger. As, we know that bin card only keep quantity in records, so it lacks the valuation of inventory. In order to fulfill this deficiency, costing department takes support from stores ledger.
The store ledger works greatly as a internal control system and make sure nothing left unrecorded in inventory. This document can be maintained in manual form or in a computerized form, this all depends upon the management information system installed within the organization. This document is kept outside the store department as it is the document of costing department.
There are some arguments presented that if the costing department is already keeping record of inventories in stores ledger, then why the store keeper is wasting time on doing the same work. The answer is that store keeper is the custodian of the physical stock in the store, that is why he has to keep the inventory record himself. Also, the store ledger is usually not updated at the moment, issue or receiving of stock is done.