The Basics of a Warehouse Receipt System

Does your company have an ideal warehouse receipt system in place? If not, Moving Authority is here to assist. Our receipt experts can improve the processes within your warehouse. This way, you can protect your business from claims, damages, and legal issues. If you have questions about warehouse receipts, do not hesitate to contact us. We’re ready to help you create an ideal system for providing and archiving receipts.

A standard warehouse receipt system ensures that customers can deposit stored goods. In exchange for the goods, a warehouseman will provide a warehouse receipt (WR). The WR functions as a legal document. Each receipt gets issued by warehouse operators. This way, a company has evidence that commodities are under storage. Plus, a business can reference the quality, quantity, and location of all goods. As a result of using a receipt system, both the company and customer reduce risk.

The Definition of a Receipt System in a Warehouse

Every receipt system has a unique process for providing and storing warehouse receipts. But a system must adhere to US laws and regulations. Any receipt at a warehouse functions as proof of ownership. Sure, the customer has long-term ownership of goods in storage. But a receipt will state that a business now has ownership over a period of time. A warehouse receipt system (WRS) focuses on the entire process of receipts. From issuance, to transfer, to guarantee, to settlement. An ideal system creates a beginning-to-end process for all transactions. 

The market for having an established system has grown larger in recent years. Why? Because more and more customers have filed claims for damages. That’s why every US business should use an ideal system for warehouse receipts. Through a functioning system, third parties won’t have a reason to file a claim. Some claims focus on loss of goods in storage. Others focus on damages that take place while goods remain in storage. The last thing a business needs is to have to deal with claims. 

In the past, companies have provided physical receipts to customers. But these days, many businesses have started providing electronic receipts. These often get referred to as “e-receipts.” Moving Authority recommends providing both a physical and electronic receipt copy. This way, it’s more difficult for a customer to prove that he or she never received a copy.

What Information Should a Receipt in a Warehouse Contain To Help Ensure a Quality System?

US laws are very strict when it comes to information featured in warehouse receipts. That's why it’s best to put as much information into each receipt as you can. Let’s go over some basic information that warehousemen should put in their receipts. First, the receipt should have a title and classification. Then, the receipt should feature the name and address of the person who owns the goods. It’s also best to include the exact location of the stored goods in your warehouse. Make sure that you also include the issuance number and receipt publication date. 

Having an item description is also crucial to making your receipt valid under the law. The due date for storing the goods must also go into the receipt. And, of course, you’ll want to list all storage costs. Last but not least, you’ll need the signature of the owner of stored goods. Plus, your warehouse manager must also provide his or her signature. Remember, a warehouse receipt functions as a contract under US law. And like any other contract, a receipt’s not valid until both parties sign. Moving Authority recommends that you apply all these steps to your warehouse system. You can train every warehouseman to conduct these key actions. Otherwise, your system could fail you and lead to claims filed against your company.

How Does a Warehouse Receipt Work?

Every warehouse receipt focuses on documentation related to an exchange. That exchange involves a customer providing goods for storage to a business. Under US law, this is a legal transfer. That’s why you must ensure that you have the right system in place at your warehouse. 

Without a system that adheres to contract law, your company risks getting sued. The key to having an ideal system is to provide tons of information on each receipt. This way, the terms of the agreement and transaction are crystal clear to all parties.

Who Issues a Warehouse Receipt?

Any authorized warehouse can issue a receipt through a warehouseman. Or, a warehouse can provide receipts to customers by way of a warehouse manager. It’s up to you on how you want to design the system at your business. Having a functioning system is not so much about who issues the receipt. It’s about what’s written on the receipt. A receipt cannot only have the price of your company’s services. Instead, the receipt must list all sorts of crucial information. 

Here’s the number one reason why many systems fail at warehouses. It’s because warehousemen do not provide crucial information on every receipt. As an example, some warehousemen decide not to write a description of each item. But your system does not have to function like this. You can create an ideal system once you put first-rate receipt processes in place. And Moving Authority is here to help you do that.

Please call us at any time if you’d like to find out how you can improve your system.

What Are the Common Types of Warehouse Receipts?

There are two main forms of warehouse receipts in most systems. First, there’s the negotiable receipt at a warehouse. A negotiable receipt dictates that goods get delivered to the bearer of the document. This means that the potential for loan collateral exists. The second type of receipt at a warehouse is a non-negotiable receipt. This receipt states to which party the goods will get delivered to. Most systems use both types of receipts. But you can tailor your system to use a certain form of receipt.

What Is a Negotiable Warehouse Receipt?

A receipt at a warehouse with negotiable status focuses on the transfer of ownership. This relates to a commodity stored within a warehouse receiving a new owner. The transfer of ownership can take place without the physical commodity getting delivered. That means the warehousemen can issue receipts in negotiable form. Thus, eligibility for collateral as loans can become an ideal solution. Do you need help crafting negotiable receipts at your warehouse? If so, please let the Moving Authority team know. Our experts can create a system that focuses on negotiable receipts. This way, your workers will have an improved system to process requests.

The Benefits of Using EWRS: Electronic Warehouse Receipts

Many companies still use a system that revolves around paper warehouse receipts. This type of system is inefficient and not very cost-effective. Why? Because warehousemen have to account for paper receipts at all times. Plus, by law, receipts must get stored for years through any receipt system. That's why it’s best for a system to use both physical receipts and electronic receipts. If you feel your system’s outdated, please give Moving Authority a call. Our experts can show you how to convert a paper receipt into an e-receipt. Then, you can apply this process to the system at your warehouse.

An electronic warehouse receipt serves as a computer record on any online system. The online system can feature all information that goes on paper warehouse receipts. In most cases, electronic receipts have the same legal standing as paper receipts. Thus, the same system rules for paper receipts apply to all electronic receipts. Plus, most federal and state agencies accept any electronic receipt from a warehouse. Even the most banks and lending institutions accept receipts from an electronic system. It’s best to provide each customer with both a paper receipt and electronic receipt. This way, there's a backup receipt, should the customer misplace the physical receipt.

How a Receipt Functions in Any System at a Warehouse

Every receipt at a warehouse functions as a legal document. It shows proof that someone owns respective commodities. The commodities get stored in a warehouse with a safekeeping system in place. Each system can process either negotiable or non-negotiable receipts. A negotiable receipt focuses on the legal transfer of ownership for a commodity. This way, a warehouseman doesn’t have to deliver a physical commodity. You can also use a negotiable receipt to settle contracts featuring expiring futures. 

The majority of warehouse systems use negotiable receipts. This leads to an eligibility of collateral for the purposes of loans in a system. A non-negotiable receipt is much less common for a system of receipts. That’s because this receipt has to get endorsed when a transfer takes place. Article 7 of the Uniform Commercial Code dictates how a warehouse system functions. We recommend referencing Article 7 when creating a new system for receipts.

Does Your Company Need an Improved System for Executing Receipts? Contact Us Today

Moving Authority is here to help your company improve its system for receipts. Or, we can even help you create a new system in your warehouse. All you've got to do is give us a call. Our warehouse system specialists can assess your needs and help you find solutions. Remember- it’s better to try to improve your system than risk receiving claims. And our professional receipt experts are ready to help boost your warehouse system. We won’t rest until you're using the ideal receipt process that you envision.

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In American English, the word "truck" has historically been preceded by a word describing the type of vehicle, such as a "tanker truck". In British English, preference would lie with "tanker" or "petrol tanker".

The trucking industry has made a large historical impact since the early 20th century. It has affected the U.S. both politically as well as economically since the notion has begun. Previous to the invention of automobiles, most freight was moved by train or horse-drawn carriage. Trucks were first exclusively used by the military during World War I.   After the war, construction of paved roads increased. As a result, trucking began to achieve significant popularity by the 1930's. Soon after trucking became subject to various government regulation, such as the hours of service. During the later 1950's and 1960's, trucking accelerated due to the construction of the Interstate Highway System. The Interstate Highway System is an extensive network of freeways linking major cities cross country.

The Motor Carrier Act, passed by Congress in 1935, replace the code of competition. The authorization the Interstate Commerce Commission (ICC) place was to regulate the trucking industry. Since then the ICC has been long abolished, however, it did quite a lot during its time. Based on the recommendations given by the ICC, Congress enacted the first hours of services regulation in 1938. This limited driving hours of truck and bus drivers. In 1941, the ICC reported that inconsistent weight limitation imposed by the states cause problems to effective interstate truck commerce.

In 1976, the number one hit on the Billboard chart was "Convoy," a novelty song by C.W. McCall about a convoy of truck drivers evading speed traps and toll booths across America. The song inspired the 1978 action film Convoy directed by Sam Peckinpah. After the film's release, thousands of independent truck drivers went on strike and participated in violent protests during the 1979 energy crisis (although similar strikes had occurred during the 1973 energy crisis).

In 1999, The Simpsons episode Maximum Homerdrive aired. It featured Homer and Bart making a delivery for a truck driver named Red after he unexpectedly dies of 'food poisoning'.

Invented in 1890, the diesel engine was not an invention that became well known in popular culture. It was not until the 1930's for the United States to express further interest for diesel engines to be accepted. Gasoline engines were still in use on heavy trucks in the 1970's, while in Europe they had been entirely replaced two decades earlier.

The number one hit on the Billboard chart in 1976 was quite controversial for the trucking industry. "Convoy," is a song about a group of reckless truck drivers bent on evading laws such as toll booths and speed traps. The song went on to inspire the film "Convoy", featuring defiant Kris Kristofferson screaming "piss on your law!" After the film's release, thousands of independent truck drivers went on strike. The participated in violent protests during the 1979 energy crisis. However, similar strikes had occurred during the 1973 energy crisis.

As we know in the trucking industry, some trailers are part of large trucks, which we call semi-trailer trucks for transportation of cargo. Trailers may also be used in a personal manner as well, whether for personal or small business purposes.

The United States' Interstate Highway System is full of bypasses and loops with the designation of a three-digit number. Usually beginning with an even digit, it is important to note that this pattern is highly inconsistent. For example, in Des Moines, Iowa the genuine bypass is the main route. More specifically, it is Interstate 35 and Interstate 80, with the loop into downtown Des Moines being Interstate 235. As it is illustrated in this example, they do not always consistently begin with an even number. However, the 'correct' designation is exemplified in Omaha, Nebraska. In Omaha, Interstate 480 traverses the downtown area, which is bypassed by Interstate 80, Interstate 680, and Interstate 95. Interstate 95 then in turn goes through Philadelphia, Pennsylvania. Furthermore, Interstate 295 is the bypass around Philadelphia, which leads into New Jersey. Although this can all be rather confusing, it is most important to understand the Interstate Highway System and the role bypasses play.

In the United States, the Commercial Motor Vehicle Safety Act of 1986 established minimum requirements that must be met when a state issues a commercial driver's license CDL. It specifies the following types of license: - Class A CDL drivers. Drive vehicles weighing 26,001 pounds or greater, or any combination of vehicles weighing 26,001 pounds or greater when towing a trailer weighing more than 10,000 pounds. Transports quantities of hazardous materials that require warning placards under Department of Public Safety regulations. - Class A Driver License permits. Is a step in preparation for Class A drivers to become a Commercial Driver. - Class B CDL driver. Class B is designed to transport 16 or more passengers (including driver) or more than 8 passengers (including the driver) for compensation. This includes, but is not limited to, tow trucks, tractor trailers, and buses.

Public transportation is vital to a large part of society and is in dire need of work and attention. In 2010, the DOT awarded $742.5 million in funds from the American Recovery and Reinvestment Act to 11 transit projects. The awardees specifically focused light rail projects. One includes both a commuter rail extension and a subway project in New York City. The public transportation New York City has to offer is in need of some TLC. Another is working on a rapid bus transit system in Springfield, Oregon. The funds also subsidize a heavy rail project in northern Virginia. This finally completes the Washington Metropolitan Area Transit Authority's Metro Silver Line, connecting to Washington, D.C., and the Washington Dulles International Airport. This is important because the DOT has previously agreed to subsidize the Silver Line construction to Reston, Virginia.

The Federal Motor Carrier Safety Administration (FMCSA) is an agency within the United States Department of Transportation. The purpose of the FMCSA is to regulate safety within the trucking and moving industry in the United States. The FMCSA enforces safety precautions that reduce crashes, injuries, and fatalities involving large trucks and buses.

Advocation for better transportation began historically in the late 1870s of the United States. This is when the Good Roads Movement first occurred, lasting all the way throughout the 1920s. Bicyclist leaders advocated for improved roads. Their acts led to the turning of local agitation into the national political movement it became.

The Federal Highway Administration (FHWA) is a division of the USDOT specializing in highway transportation. The agency's major influential activities are generally separated into two different "programs". The first is the Federal-aid Highway Program. This provides financial aid to support the construction, maintenance, and operation of the U.S. highway network. The second program, the Federal Lands Highway Program, shares a similar name with different intentions. The purpose of this program is to improve transportation involving Federal and Tribal lands. They also focus on preserving "national treasures" for the historic and beatific enjoyment for all.

A circumferential route refers to a public transportation system that follows the route in the shape of a circle. Over time a nickname developed in the European Union, calling transportation networks such as these a "ring road". This is no surprise as Europe has several famous "ring roads" such as the Berliner Ring, the Brussels Ring, the Amsterdam Ring, the Boulevard Périphérique around Paris and the Leeds Inner and Outer ring roads. Other countries adopted the term as well which in turn made the name go international. Australia's Melbourne's Western Ring Road and India's Hyderabad's Outer Ring Road both adopted the name. However in Canada, the term is most commonly used, with "orbital" used to a much lesser extent.   On the contrary, the United States calls many "ring roads" as belt-lines, beltways, or loops instead. For example, the Capital Beltway around Washington, D.C. Some ring roads use terminology such as "Inner Loop" and "Outer Loop". This is, of course, for the sake of directional sense, since compass directions cannot be determined around the entire loop.

1941 was a tough era to live through. Yet, President Roosevelt appointed a special committee to explore the idea of a "national inter-regional highway" system. Unfortunately, the committee's progress came to a halt with the rise of the World War II. After the war was over, the Federal-Aid Highway Act of 1944 authorized the designation of what are not termed 'Interstate Highways'. However, he did not include any funding program to build such highways. With limited resources came limited progress until President Dwight D. Eisenhower came along in 1954. He renewed interest in the 1954 plan. Although, this began and long and bitter debate between various interests. Generally, the opposing sides were considering where such funding would come from such as rail, truck, tire, oil, and farm groups. All who would overpay for the new highways and how.

With the ending of World War I, several developments were made to enhance trucks. Such an example would be by putting pneumatic tires replaced the previously common full rubber versions. These advancements continued, including electric starters, power brakes, 4, 6, and 8 cylinder engines. Closed cabs and electric lighting followed. The modern semi-trailer truck also debuted. Additionally, touring car builders such as Ford and Renault entered the heavy truck market.