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Author: 



Newton, Roy Lee 



Title: 



A system of accounts for 
cotton warehouses 

Place: 

Washington, D.C. 

Date: 

1917 



MASTER NEGATIVE * 



COLUMBIA UNIVERSITY LIBRARIES 
PRESERVATION DIVISION 

BIBLIOGRAPHIC MICROFORM TARGET 



ORIGINAL MATERIAL AS FILMED - EXISTING BIBLIOGRAPHIC RECORD 



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360 
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Newton, Roy Lee. 

A system of accounts for cotton warehouses. By Roy 
L. Newton ... and John R. Humphrey ... Washington, 
Govt, print, off., 1917. 

cover-title, 31, ilj p. 2Z^. (U. S. Dept. of agriculture. Bulletin no. 
Contribution from the Office of markets and rural organization. 



1. Bookkeeping. 2. Cotton— tStoragei 3. Warehouses. i. Humphrey, 
hn Refirester. mint anthnr tt Tifl« — » . ^* 



John Regester, joint author, ii. Title. 



Library, U S. Dept. of 




Agr 17-609 
Agriculture lAg84B no. 520 



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MEWTOM 

SYSTEM OF flCCnUMTS 

FOR 

COTTDh WRREHOUSES 



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MAY 9 1927 



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UNITED STATES DEPARTMENT OF AGRICtJLTURE 

BULLETIN No. 520 

Gontribution from the Office of Markets and Rural Organization 
^ " CHARLES J. BRAND. Chief 



Washington, D. C. 



June 26, 1917 



ii.t 



i 

^ 



A SYSTEM OF ACCOUNTS FOR 

COTTON WAREHOUSES 

LIBRARY 
SCHOOL O*" BUSINESS 

ROY L. NEWTON, Assistant in Warehouse Investigations 

and JOHN R. HUMPHREY, Investigator in 

Market Business Practice 



CONTENTS 



Introduction . •. . . . 
Description of the System 
Operation of the System 



Page 
1 
2 

, 11 



^ Page 

Arrangement of Bales in tlie Warelumse 13 

Conclusion. ..o*a..ae.* U 










WASHINGTON 

GOVERNMENT PRINTING OFFICE 

1917 




^ 



UNITED STATES DEPARTMENT OF AGRICULTURE 




BULLETIN No. 520 

Contribution from the Office of Markets and Rural 
Orsanization, CHARLES J. BRAND, Chief 




Washington, D. C. 



June 26, 1917 







A SYSTEM OF ACCOUNTS FOR COTTON WARE 

HOUSES. 

By Roy L. Newton, Assistant in Warehouse Investigations, and 
John R. Humphrey, Investigator in Market Bitsiness Practice. 



CONTENTS. 



rage. 

Introduction l 

Description of the system 2 

The tag 2 

The certificate of inspection 3 

The warehouse receipt 4 

The consecutive tag record 7 

The individual account record 7 

The location book 8 

The out-turn order 8 



Page. 
Description of the system— Continued. 

The daily report 9 

Cash journal 9 

Cash disbursement ticket 11 

Cash receipt ticket 11 

Sale ticket 11 

Operation of the system 11 

Arrangement of bales in the warehouse 13 

Conclusion 13 



m\ 



f . 



INTRODUCTION. 

The warehouse receives cotton for the account of another party, 
provides the owner with a proper place for conserving his product, 
and gives its receipt as evidence that the cotton has been stored. 
Upon the integrity and financial standing of the warehouse which 
issues this receipt depends the value of the receipt, and it should be 
the desire and aim of every warehouseman to give his receipt its 
utmost value. 

The efficiency of a cotton warehouse depends in a very lai^e degree 
upon its methods of keeping accoxmts and records of its transactions. 
The general use of a simple, concise system of accounts, compre- 
hensive enough to fill the needs of the larger as well as of the small 
warehouse, would be a step toward the adoption of a standardized 
system of cotton-warehouse accounting. 

To attempt to fill the need for a satisfactory system of accoxmts 
capable of general use, to suggest forms of warehouse receipts which 

Note.— This bulletin should be of special interest to all cotton warehousemen and of g^ieral interest to 
their patrons and to those who are concerned in the reliability of warehouse receipts. 

72961'— BuU. 520—17 1 



I 



1 



2 BULLETIN 520, U. S. DEPAETMENT OF AGBICULTUBE. 

can be recommended for the use of cotton warehouses, and to promote 
the general use of uniform receipts are the aims of tWs bulletin It 
describes a simple system of accounts for the use of cotton ware- 
houses, which will be found comprehensive enough to meet the 
reqmremonts of any organization which does only a cotton ware- 
housmg business.' A complete set of forms is shown and their use 
explained. Jlore complex organizations, such as compresses which 
conduct a warehouse business or warehouses that mamtain various 
other departments, of necessity will be compeUed to enlarge upon a 
system of this character, but an effort has been made to have the 
pnmary ideas practicable even for such oi^anizations. The best fea- 
tures of the systems afready in use have been combined into this 
system which has been tried out under commercial conditions 

bunphcity m any system of accounts is desirable, so that rapidity 
m handhng maybe attained without sacrificing accuracy and the 
plan must be such that any data desired are quickly avaUable 
Information may be needed in regard to a certain lot of cotton or a 
certam outstanding receipt; about a specific bale in a remote comer 
of the warehouse or the exact number of bales a certain patron may 
have m storage. The records should be such that any one or aU 
of these mqumes may be answered immediately. All of the forms 
used should be mterlocking, so that if one fact is known full particu- 
lars may be obtamed by a reference to that fact. 

DESCRIPTION OF THE SYSTEM. 

As this bulletin is mtended to be sufficiently complete to enable a 
warehouseman to install the system, a detaOed description of the 
forms comprising it is essential. The complete system includes the 
foUowmg twelve forms, which will be described in the order of their 
use: 

(1) The tag; (2) the certificate of inspection; (3) A, B C D or 
E), the warehouse receipt; (4) the consecutive tag record'- (5) the 
mdmdual account record; (6) the location book; (7) the outturn 
order; (8) the daUy report; (9) the cash journal; (10) the cash dis- 
bursement ticket; (11) the cash receipt ticket; (12) the sale ticket. 

THE TAG. 

Various methods are in use in cotton warehouses for the identifi- 
cation of the bales, but by far the most successful, and the one most 
generaUy used, is that of the numbered tag, supplemented by a record 
of the owner^s private mark. Form 1 (page 14) shows a form of tag 
that IS recommended. In every instance the tag should be made of 
reasonably heavy waterproof paper or of linen. Double eyelets with 

JMaiiy warehousemen doing a small business find it convenient and profitable to deal in various com 

^^l^ ^^^ *.^'f '^' ^'^ ''"""^^^' ^'*^«° *^«^« i^ ^^«1« ^^^^^ for storage For th^ i^^n ' "1" 
sion has been made for this class of business in the system of accounts described hefeta ^ 



A SYSTEM OF ACCOUNTS FOR COTTON WAREHOUSES. 3 

an extra reinforcement strip are desirable, and a double flexible wire, 
preferably copper, for attaching the tag will give the best results. 
The tags should be numbered consecutively and used in numerical 
sequence throughout the season. 

The selection of the tag to be used should be made with great care, 
as it is to become the principal means of identification of the cotton 
when the bale is in the warehouse. A tag of poor quahty, improperly 
fastened to the bale with a single small steel wire, may be easily pulled 
or rubbed' off the bale in handling or lost by the rusting of the 
wire. Numerous instances have occurred where the tag, even when 
securely fastened to the bale with a single small steel wire, has been 
twisted off bv the action of the wind. Much trouble is caused by 
such a loss, especially if more than one bale is affected. 

In order to provide against this contingency it is recommended to 
the warehouseman that he invariably take an accurate record of 
the customer's private marks that appear on the bale. This record 
wiU be of great assistance when it becomes necessary to estabHsh the 
identity of the cotton. 

Attention is called to the double eyelets and the extra reinforcing 
strip on the tag. These features make it especially desirable, for it 
is possible to tear the greater part of the tag away and still leave be- 
tween the wires this strip which contains the number and thus serves 
the chief purpose of the tag. 

It is advisable to have the tag made with the detachable coupon 
(see Form 1), especially when the warehouse furnishes a sample from 
the bale, as the coupon, which should be numbered to agree with the 
tag, may then be torn off, and placed inside the sample to identify it. 
Some warehousemen furnish a sample to the customer, and retain 
one at the warehouse. Where this is done the tag should have two 
coupons. 

THE CERTIFICATE OF INSPECTION. 

The certificate of inspection, (Form 2, page 15,) is a signed certificate 
from the weigher and grader, showing that he has tagged, weighed, 
graded, and inspected the bale or bales of cotton. On it is to be 
detailed the following data : 

(1) The depositor's name and address; (2) the tag number; (3) the 
owner's marks; (4) the weight; (5) the grade; (6) the standard of 
classification used; (7) the length of staple; (8) the condition of the 
cotton; (9) the signature of the weigher and grader. 

The sheets should be arranged in pads in order that a carbon copy 
of each certificate may be made. The lines of the forms in the "tag 
no." column may be nxmibered in advance with at least the last 
numeral of the tag numbers, in consecutive order. This wiU f acihtate 
the filling in of the tag numbers and will secure numerical sequence. 
Attention is here called to the fact that the certificate is not the ware- 
house receipt, and should not be used as such. However, it may be 



4 BULLETIN 520, U. S. DEPARTMENT OF AGRICULTURE. 

given to the depositor, in addition to the receipt, as iiis private memo- 
randum. Often it is not possible to weigh or grade the cotton imme- 
diately upon its arrival at the warehouse, and the owner may be 
imwilling to wait for his receipt until this is done. In this event the 
certificate may be issued subsequently, and the original attached to 
the receipt. The carbon copy of the certificate is to be used only as a 
record of the warehouse, and is for the information of the ofl&cer writ- 
ing the receipt, who after noting upon it^ in the place provided for that 
purpose, the nimibers of the receipts which cover the cotton listed 
upon it, files it away, in numerical order. 

A convenient size for the certificate is 7 by 9 f inches with J -inch 
ruling. 

THE WAREHOUSE RECEIPT. 

Many forms of receipts are in use in cotton warehouses, and no 
attempt is made to give forms here that would conform to the ideas 
of all warehousemen. The receipts shown embody all of the require- 
ments of the United States warehouse Act, which is especially de- 
signed to increase the value of the warehouse receipt as collateral, 
with the exception of the statement that the receipt is issued subject 
to the United States warehouse Act and other special terms or con- 
ditions which might be required by the Secretary of Agriculture for 
the purposes of that act, which would of course be required only on 
receipts issued by warehouses hcensed thereunder. The terms and 
conditions of receipts required by the Uniform Warehouse Receipts 
Act, which has been adopted by 32 States, Alaska, the District of 
Columbia, and the Philippine Islands, are substantially the same 
as those of the United States warehouse Act, except that the latter 
adds somewhat to the requirements embodied in the former. 

The following data are required in the issuance of warehouse receipts, 
xmder the United States warehouse Act and must be embodied within 
the written or printed terms of such receipts, as set out in section 18 
of the act : 

(a) The location of the warehouse in which the agricultural products are stored. 
(6) The date of issue of the receipt. 

(c) The consecutive number of the receipt. 

(d) A statement whether the agricultural products received will be delivered to 
the bearer, to a specified person, or to a specified person or his order. 

(e) The rate of storage charges. 

(/) A description of the agricultural products received, showing the quantity 
thereof, or, in case of agricultural products customarily put up in bales or packages, 
a description of such bales or packages by marks, numbers, or other means of iden* 
tification, and the weight of such bales or packages. 

(g) The grade or other class of the agricultural products received and the stand- 
ard or description in accordance with which such classification has been made: Pro- 
vided, That such grade or other class shall be stated according to the official standard 
of the United States applicable to such agricultural products as the same may be 
fixed and promulgated imder authority of law. 



A SYSTEM OF ACCOUNTS FOR COTTON WAREHOUSES. 5 

'!i) A statement that the receipt is issued subject to the United States warehouse 
Act and the rules and regulations prescribed thereunder. 

(i) If the receipt be issued for agricultural products of which the warehouseman is 
owner, either solely or jointly or in conunon with others, the fact of such ownership. 

(j) A statement of the amount of advances made and of liabilities incurred for 
which the warehouseman claims a lien: Provided, That if the precise amount of such 
advances made or of such liabilities inciured be at the time of the issue of the receipt 
unknown to the warehouseman or his agent who issues it, a stateipient of the fact that 
advances have been made or liabilities incurred and the purpose thereof shall be 
sufficient. 

{k) Such other terms and conditions within the limitations of this act as may be 
required by the Secretary of Agriculture. 

(l) The signature of the warehouseman, which may be made by his authorized 
agent: Provided, That unless otherwise required by the law of the State in which 
the warehouse is located, when requested by the depositor of other than fungible 
agricultiual products, a receipt omitting compliance with subdivision (g) of this 
section may be issued if it have plainly and conspicuously embodied in its written 
or printed terms a provision that such receipt is not negotiable. 

Compliance with all of the conditions of receipts issued xmder the 
United States warehouse Act is not obhgatory unless warehousemen 
operate imder that law. 

Either a negotiable or a nonnegotiable receipt may be issued and 
it may be well to explain the two types. A negotiable receipt must 
state either that the goods received will be dehvered to the bearer, 
or that they will be dehvered to a specified person or his order. 
A receipt in which it is stated, either that the goods received will be 
dehvered to the depositor only, or that they will be dehvered only to a 
specified person named in the receipt, is not negotiable. 

A nonnegotiable receipt should always bear the words ''Non- 
negotiable" or ''Not negotiable" written or printed upon its face. 
Form 3D (page 21) shows a form of nonnegotiable receipt. 

In the case of a lost or stolen receipt, if another is issued, the word 
"Duphcate" should always be marked across its face, and usually a 
bond is required in order to protect the warehouseman from loss in 
case of the reappearance of the original receipt. The practice in this 
and other transactions in connection with the receipt necessarily 
must vary in accordance with the State laws on the subject, and 
every warehouseman must be careful to comply with the apphcable 
law of the State or other jurisdiction in which he operates. 

There is a wide variance of opinion among warehousemen as to 
the relative merits of the one-bale and the multiple-bale forms of 
warehouse receipts. The tendency in many of the well-organized 
warehouses seems to be toward the use of the one-bale receipt, and 
in most cases this form seems to be preferable to the multiple-bale 
form. There are arguments both for and against this form. The 
fact that the one-bale type requires more work in its issuance is bal- 
anced by its desirabihty in the event that a person desires to sell or 
transfer only one or a few bales out of a lot that would otherwise be 



6 



BULLETIN 520, U. S. DEPAETMEKT OF AGEICULTUEE. 



i 



covered by a single receipt. Also the issuance of a separate receipt for 
each and every bale stored gives less opportimityfor altering the receipt. 

Form 3C (page 19) shows a form of multiple-bale receipt. There 
are occasions when this form is the more desu-able than the one-bale 
type of receipt. When this multiple-bale form of receipt is used the 
original certificate of inspection is to be attached. Form 3E shows 
another form of multiple-bale receipt, in which the description of the 
bales is shown on the face of the receipt rather than on the attached 
certificate of inspection. 

The wording of the receipt in regard to the guaranty of the grades, 
weights, and lengths of staple may be altered to fit the practices and 
policies of the various warehouses by which they are issued. How- 
ever, the nearer the wording approximates an absolute guarantee of 
these quahties by the warehouse, the greater will be the value of the 
receipt. While it is true that warehouses in many instances attempt 
to disclaim responsibihty for the descriptions they have given on the 
receipt it must be remembered that the persons to whom the re- 
ceipts may be transferred should be protected in accepting these 
descriptions. 

Many warehousemen guarantee their descriptions at least within 
reasonable variations, while some guarantee them to be absolutely 
correct. By so doing, these warehousemen furnish a receipt which is 
most acceptable as collateral. In some instances, a special charge 
is made for this guaranty, usually one-sixteenth of a cent per pound 
on the cotton, while in others the service is given without additional 
charge. 

All receipts should be bound in book form, preferably 100 to the 
book, numbered consecutively, and arranged so as to allow the 
making of a carbon copy. This carbon copy should be plainly so 
marked, and should be used only for the purpose of record in the 
office. Some warehousemen require the depositor to give written 
acknowledgment of receipt for all original warehouse receipts 
issued. The form of the acknowledgment may be printed on the 
face of the carbon copy of the warehouse receipt. In case a large 
number of warehouse receipts are issued to one person, some other 
method of acknowledging receipt may be used, so as to avoid the 
inconvenience of a large number of signatures. 

Form 3B (page 18) shows a form for the carbon copy of the nego- 
tiable receipt, one-bale type. 

Upon the return of the warehouse receipts and the delivery of 
the cotton, the receipt should be plainly marked "Canceled" across 
its face. Canceled receipts should be safely filed away by a system 
that will make it easy to refer to them if necessary. Some ware- 
housemen paste them back into their original places in the books, 
which makes them readily accessible. Others place them, with all 



A SYSTEM OF ACCOUNTS FOR COTTON WABEHOUSES. 7 

papers in connection with the lot of cotton they represent, in an 
envelope, which is filed. Either of these methods is satisfactory, or 
the warehouseman may select any convenient method. 

THE CONSECUTIVE TAG RECORD. 

After the receipt is written, the next step in the operation of the 
system is the posting of the desired data in the consecutive tag record. 
(See Form 4, page 24.) This form is printed on sheets to be filed 
in a loose-leaf binder. The fines are numbered to agree with the 
tag numbers used by the warehouse, in consecutive order through- 
out. Thus it will be seen that when this book is posted from the 
data shown on the carbon copy of the receipt, a record of each bale is 
immediately available, because of the consecutive numbering of the 
individual bales as identified by the tag numbers. The size of the 
sheets should be 8 by 15 inches with J-inch ruling. 

The following information is given in the consecutive tag record: 

(1) The tag number; (2) the marks of the bale; (3) the name of 
depositor; (4) the date received; (5) the receipt number; (6) the 
location in the warehouse; (7) the date of dehvery. 

As the date ot the dehvery of the cotton out of the warehouse is 
always posted in the '^Date-of-delivery" column, it is apparent at all 
times just which bales remain in storage. 

THE INDIVIDUAL ACCOUNT RECORD. 

It is advisable to have an account with each depositor, and this 
arrangement will be found to be useful in various ways as explained 
below. The individual account record (see Form 5, page 25) also is 
to be used in a loose-leaf binder. The accoimts are filed alphabet- 
ically by the names of the depositors, alphabetical index sheets being 
used in the book, and the data for posting are obtained either from 
the carbon copies of the receipts or from the filed copies of the certifi- 
cates of inspection. The sheets should be 8 by 15 inches in size with 
l-inch ruling and should provide for the following data: 

(1) The date of receipt; (2) the receipt number; (3) the weight; 
(4) the grade; (5) the length of staple; (6) the tag number; (7) the 
date of dehvery; (8) the number of months in storage; (9) the 
amounts of different charges; (10) totals; (11) accrued charges. 

The principal advantage to be gained by the use of this form is 
that the record of each depositor's cotton is concentrated at one 
place on the books, and the number of bales on hand is readily 
apparent. This point will be appreciated by the warehouseman 
who deals with a large number of customers who are constantly 
requesting information in regard to small lots of cotton belonging to 
them. If the record is not in this form it is necessary to look over the 
entire tag record, with the attendant possibihty of mistakes. In addi- 
tion to this point, if the totals of accrued charges are brought up to date 



8 



BULLETIN 520, U. S. DEPARTMENT OF AGRICULTUKE. 



in the "Accrued charges" column, the monthly earnings of the 
warehouse are always in view. It is customary for the warehouse 
company to carry all charges until the cotton is taken from the ware- 
house. Nevertheless the company is earning revenue during the 
entire time that the cotton is in store, and monthly earnings 
should be ascertained. With all of the other charges stated, it is 
necessary only to compute the storage and insurance from the basis 
rate, to total the amoimts, and to enter the sum in the colmnn reserved 
for the month desired, which accoimts for all of the recorded cotton 
remaining at the time on the page, in one operation. 

The five forms described above comprise the essentials of a system 
of cotton-warehouse records, but the location book and the other 
forms described below will be found to be of great value when used 
in conjunction as auxiliary forms. 

THE LOCATION BOOK. 

The location book, a page of which is shown herewith (see Form 6, 
page 26), is designed to show the exact location of each bale in the 
warehouse, and its use will greatly facilitate the handling of cotton. 
Warehouses which are composed of several compartments will find 
its use especially beneficial, and it is essential in the smaller ware- 
houses having a large number of customers. 

In houses of the latter class there are frequent requests to locate 
cotton either for the purpose of procuring samples or for turning out 
of the warehouse. When the bales are placed in the compartment 
in no regular order, and no record is kept of their location, this 
service usually entails long search, with loss of valuable time, while 
with a properly kept location book the difliculty is entirely eUminated. 

If a tag has been lost from a bale in a compartment, the book 
will aid in identifying the bale. A reference to the book will show 
what bales are in the compartment or row, and by checking and 
ehminating the bales foxmd with tags it is a comparatively easy 
matter to determine the identity of the bale from which the tag has 
disappeared. 

All changes in the location must be recorded, and it is advisable 
to have the book of such shape (a convenient size is 4 by 9J inches) 
that it may be carried by the '^outside" man at all times. The 
hues in the book are niunbered consecutively throughout according to 
the tag niunbers in use by the warehouse, and the sheets are ruled to 
show, besides the tag number, the exact location as to house, sec- 
tion, and tier, and the date of removal. An extra column is provided 
for any change which may be made in location 

THE OUT-TURN ORDER. 

The out-turn order (Form 7, page 27) is a signed order from the 
office to the "outside" man to turn out and dehver from the ware- 



A SYSTEM OF ACCOUNTS FOR COTTON WAREHOUSES. 



9 



house certain bales of cotton. This order is not written until the 
return and cancellation of the receipt and the apphcation of the 
depositor or the holder of the receipt for dehvery of his cotton. 
The tag numbers and marks of the bales to be deUvered are hsted 
upon the order, which serves as a checking hst by which the ''out- 
side" man may check put the cotton. 

A form of receipt, to be signed by the party receiving the cotton 
from the warehouse, is also provided. After checking out the cotton 
and obtaining the signature to the receipt, the "outside" man signs 
the statement that the work has been done as ordered and returns 
the order to the office. 

The accumulated orders should be held until the close of the day in 
order to determine the number of bales delivered from the ware- 
house on that date for use in making out the daily report, after which 
they may be filed in date order for future reference. 

A convenient size for these sheets is 6 by 8J inches, and they 
should be arranged in gummed pads. 

THE BAILY REPORT. 

Form 8 (page 28) is a form of daily report for the use of managers 
of warehouses. By keeping this record properly an accurate knowl- 
edge of the conditions and activities of the warehouse will be main- 
tained, and the manager will have at his disposal a great deal of 
information that will enable him to conduct the business more 
intelhgently. He will know from day to day the amoimt of cotton 
in store, the amoimt of insurance that it is necessary to carry, the 
cost of labor, the per-bale cost of handling, the daily expenditures, 
and the cash receipts. 

In making this report the number of bales received by the ware- 
house is determined by reference to the "consecutive tag record," 
arid the "out-turn" orders of each day's business should not be filed 
until after the report is made, so that the number of bales turned 
out of the warehouse may be ascertained. If the totals are carried 
forward from day to day, the difference between the in and out col- 
umns should be the number of bales in the warehouse, any excep- 
tions being provided for. The insurance report and the labor, col- 
lections and disbursements records are self-explanatory. 

A convenient size for the daily report sheet is 8 by lOJ inches. 

CASH JOURNAL. 

The cash journal (Form 9, pages 29 and 30) is provided for the pur- 
pose of recording the charges and credits which are later to be posted 
to the various accounts in the ledger. This form is used as a double 
page, the charges being in columns to the left of " Items" column and 
the credits in columns to the right. 

72961°— BulL 520—17 2 



10 



BULLETIN 520. U. S. DEPARTMENT OF AGRICULTUBE. 



The debit columns of this form are designated as follows: 



Folio. 
Cash. 
Bank deposits. 



General ledger. 
Accounts receivable. 
Miscellaneous expenses. 



Grading. 

Weighing. 

Insurance^ 



In the "cash'' column are recorded all the receipts of cash as 
they occur. The total is deposited when convenient and entered 
in the "bank deposits'' column in the exact amount of the deposits 
made. At the end of the month the "bank deposits" column will 
furnish an itemized statement of the deposits and will give a record 
of the total receipts for the period. The deposits plus the cash 
balance from the previous month, which should be entered at the 
head of the "bank deposits" column, constitute the total debit to 
cash for the month. The most satisfactory method is to require a 
statement of accoimt from the bank at the end of each month and 
to reconcile the cash to that statement. 

When it is necessary to pay small items of expense in cash, a check 
should be drawn to "petty cash" in order to establish a fund out 
of which such payments can be made. This amount should be 
charged to "petty cash" account in the ledger. At the end of the 
month the total amoimt of such expenditures should be credited to 
"petty cash," and be charged to the proper expense accoimts. At 
the beginning of the next month the fund can be renewed by drawing 
a check to "petty cash" for the amount of the previous month's 
expenditures. 

All entries of general accounts not classified under separate head- 
ings should be carried in the "general ledger" column and should 
be posted to their respective accounts in the ledger from that column. 
Charges to customers for services or material should be entered in 
the "accoimts receivable" column and be posted to the customers' 
accounts in the ledger. 

Under "Miscellaneous expenses" should be entered all items not 
otherwise classified. 

In order that the warehouse may know its position in regard to 
weighing, grading, and insurance, these items are carried imder 
separate headings and the totals are posted to these accounts at the 
end of each month. 

The credit columns are designated as follows: 



Folio. 
Check No. 
Bank withdrawals. 
General ledger. 



Accounts receivabh?. 

Weighing. 

Grading. 



Storage. 

Insurance. 

Miscellaneous. 



A SYSTEM OF ACCOUNTS FOR COTTON WAREHOUSES. 



11 



All checks issued should be listed by their numbers in the "check 
no." ooliman and the amounts entered in the "bank withdrawals" 
column. 

The difference between the totals of the "bank deposits" column 
and the " bank withdrawals " column is the available balance of cash 
in bank. 

The "general ledger" column is used for the purpose of crediting 
the accounts debited through the "general ledger" debit colunm. 

All payments on accounts receivable are entered in the " accounts 
receivable" column and from there posted to the credit of the proper 
individual accoimts in the ledger. 

The columns headed "weighing," "grading," "storage," and "in- 
surance" receive credits to these accounts, the totals for the month 
or other period being posted to the respective accounts in the ledger. 

Miscellaneous credits are entered in and posted from the " miscella- 
neous" column, and sales of material can be credited in the blank 
columns at the right under their appropriate headings. The monthly 
totals of these columns are then posted to their respective accounts 
in the ledger. 

The size of this form should be 11 by 14 inches with i-inch ruling. 

THE CASH DISBURSEMENT TICKET. 

All expenditures of petty cash should be recorded on "cash dis- 
bursement" tickets (Form 10, page 31) which should be kept as petty 
cash vouchers. 

THE CASH RECEIPT TICKET. 

All receipts of money other than checks should be recorded upon 
a "cash receipt" ticket (Form 11, page 31). The practice of receiv- 
ing scrip or coin without making a record of the transaction at the 
time of receipt often leads to discrepancies which are difficult to 
account for later. 

THE SALE TICKET. 

In warehouses handhng suppUes, all sales should be recorded on 
duplicate sale tickets, the originals being given to the customers and 
the duphcates retained for record in the books of account. 

These sale tickets are similar to those used in any merchandising 
business and can be either printed specially or secured in stock form. 
Form 12 (page 31), is a form of sale ticket suitable for general use. 

OPERATION OF THE SYSTEM. 

In order to explain fully the operation of the system it may be 
well to follow the various steps as they occur in the process of ware- 
housing a lot of cotton. 



't 



!l 






BULLETIN 520, XJ. S. DEPARTMENT OF AGRICULTUBE. 



A SYSTEM OF ACCOUNTS FOR COTTON WAREHOUSES. 



13 



When the cotton arrives at the warehouse the weigher and grader 
first tags the bales with consecutively-numbered tags in the series 
then current. He then weighs, grades, and staples each bale, exam- 
ines it for moisture or damage, and records the data upon the 
"certificate of inspection," making an original and one carbon 
copy. Both original and copy are then sent to the office, where 
the receipt is written from the data on the certificate. The orig- 
inal certificate is attached to the receipt only in case the form 
of receipt shown in Form 3B is used. If any of the other forms 
of receipt is issued the original certificate may be given to the storer. 
In every case the carbon copy of the certificate of inspection is filed 
in the consecutive order of the numbers on the tags, after there has 
been noted upon it the numbers of the receipts covering the cotton 
listed on it. 

The receipt is now issued, and a full entry of the details required 
is posted to the "consecutive tag record" from the carbon copy of 
the receipt, against the corresponding tag nimibers. Then the 
"individual accoimt record" is posted from the carbon copy of the 
receipt, and given its alphabetical position in the binder. The 
amounts of the various fixed charges are posted in their respective 
columns. 

In the meantime the cotton has been removed to its proper place 
in the warehouse and its location has been recorded in the location 
book. At some time during the day this book is taken to the office 
so that a proper entry of the location of the cotton may be made in 
the colmnn provided for it in the consecutive tag record. 

The operation is now completed except for the making of the 
daily report and the monthly determination of the amoimt earned 
on the lot of cotton while in storage. 

Later, when the receipt is presented for delivery of the cotton, and 
it is foimd that the receipt is properly indorsed, and that a tender 
of all charges and advances has been made, the out-turn order is 
made out and delivered to the "outside" man. By referring to the 
location book the cotton is readily located. The bales are checked 
out and delivered according to the order, and a receipt is taken which 
shows to whom dehvery was made. The "outside" man then signs 
the statement that the work has been performed as ordered, and 
the order is returned to the office. The date of dehvery is then 
recorded in the columns provided for it. (See Forms 4 and 5.) 

The returned receipt is conspicuously marked "Canceled" across 
its face and filed away. The accumulated out-turn orders are held 
until the close of the day, when they are used in determining the 
number of bales delivered from the warehouse. Proper entries are 
made on the tickets provided for the purpose, of the money received 



lor storage and other charges, and of disbiu^ements, and the necessary 
entries are made on the cash journal and posted to the ledger, as 
explained above. 

ARRANGEMENT OF BALES IN THE WAREHOUSE. 

The ideal arrangement from the standpoint of economy in hand- 
ling, as well as insurance, is to stand the bales on end one bale deep. 
This arrangement necessitates a much larger floor space than is usually 
available; in case floor space sufficient for this arrangement is not 
available, stacking becomes necessary. In storing the bales, it is 
always advisable to arrange them so that the tag on each bale will 
be in sight. 

If the bales are stacked, they may be arranged in "workway" 
formation, that is, beginning at one side a row should be placed, 
then a space should be left for a narrow aisle; then a double row 
and an aisle; another double row, and an aisle; and so on. 

When cotton is stored on dirt floors, and even on brick or concrete 
floors, it is always advisable to stack the bales on wooden skids or 
stringers in order to raise the cotton from the floor and thus allow a 
circulation of air. Murch damage may be avoided by this practice, 
especially when the cotton is placed in the warehouse while not 
absolutely dry or where the proper care is not taken to provide per- 
fect drainage. 

CONCLUSION. 

The various operations necessary in using the Office of Markets and 
Rural Organization cotton warehouse accounting system have been 
outlined very briefly in the foregoing pages. The adoption of a uni- 
form system of accounting for cotton warehouses should be of great 
benefit to warehousemen and to the pubhc who utiUze storage facili- 
ties. The system herein outlined will present to the warehouseman at 
aU times a true and concise record of the operations of the warehouse, 
and the simplicity of its arrangement makes this record immediately 
available. The depositor has in his receipt every item of information 
in regard to his cotton that the warehouseman retains on his records, 
and this should enable the parties to avoid all misimderstandings in 
this respect. 

The negotiable receipts shown in this system have been devised after 
careful study, and their requirements and conditions are designed to 
increase negotiabihty. Lack of uniformity, especially in receipts, 
under present conditions makes it impossible for the small warehouse 
of moderate means to issue a receipt that will be readily acceptable 
as collateral for loans outside of a limited local field. The main 
purpose of the United States warehouse Act enacted August 11, 
1916, is to give to the warehouse receipt the greatest possible value 
as collateral. The form of receipt shown here embodies the prin- 



14 



BULLETIN 520, U. S. DEPARTMENT OF AGRICULTURE. 



cipal requirements of this act and it also conforms to the essential 
features of the Uniform Warehouse Receipts Act, which has been 
adopted by 32 States, Alaska, the District of Columbia, and the 
PhiUppine Islands. 

For the convenience of those interested in the system described in 
this bulletin and for those who desire to have the various forms 
printed, the Department of Agriculture, through the Office of Markets 
and Rural Organization, wiU supply, without cost, printers' copies of 
the several forms used in this system. Warehouses installing the 
system may refer to this office any questions regarding its installation 
or operation. When it is possible to do so, the Office of Markets and 
Rural Organization will render such assistance as may be required 
in making minor changes in the receipt or in other forms, to meet 
local conditions. 



39771 



o 39771 o 

DOE WAREHOUSE 



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(Town) (SUt.) 

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A SYSTEM OF ACCOUNTS FOE COTTON WAREHOUSES. 



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A SYSTEM OF ACCOUNTS FOB COTTON WABEHOUSES. 



17 



INDOKSEMENTS. 



STATEMENT OF LIENS. 

I hereby certify that, other than the following, there are no 
hens or mortgages against the cotton described on the face of 
this receipt. 



{| 



(Signed) 



Id 



Witness: 



Reverse side Form No. 3A. 



18 



BULLETIN 520, U. S. DEPARTMENT OF AGRICULTURE. 




A SYSTEM OF ACCOUNTS FOE COTTON WAREHOUSES. 



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20 



BULLETIN 520, U. S. DEPARTMENT OF AGEICULTtTRE, 



INDORSEMENTS. 



STATEMENT OF LIENS. 

I hereby certify that, other than the following, there are no 
liens or mortgages against the cotton described in the attached 
certificate. 

(Signed) - 

Witness: — 



Bftvene aide Form No. 80. 



A SYSTEM OF ACCOUNTS FOB COTTON WAREHOUSES. 21 



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22 



BULLETIN 520, U. S. DEPARTMENT OF AGRICULTURE. 



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STATEMENT OF LIENS. 

I hereby certify that, other than the following, there are no 
liens or mortgages against the cotton described on the face of 
this receipt. 



(Signed) 



Witness 



Reverse side Form No. 3E. 



24 



BULLETIN 520, V. S. DEPABTMENT OF AGEICULTUEE. 



§ 

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Depositor. 


Marks. 




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A SYSTEM OP ACCOUNTS FOR COTTON WAREHOUSES. 



25 







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January 

February... 


April 

May 


July 

September. . 


November. . 
December. . . 


i 


































































Ad- 
vances. 




































































































IDUAL ACCOUNT RECORE 

Address 


































Turn- 
ing 
out. 
































: 




































































































Weigh- 
ing. 






■-7- 


























— 
































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Months 

in 
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Date of 
delivery. 


































D'l-ION WAREHOUSE SYSTEM 
FORM NO. 5 

INDIV 




























• 








«5' 


































Length 
staple. 


1 
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No. 


































Date 
received. 


































O. M. 

Stor 








































26 



BULLETIN 520, U. S. DEPARTMENT OF AGRICULTUEE. 



O. M. & R. O. Cotton Wabehouse System, Form No. 6. 

LOCATION. 



Original. 


1 

j Traasfer. 


Out. 


No. 


House. 


Section 


Tier. 


House. 


Section 


. Tier. 


1 

2 

3 

4 

ft 

6 

7 

8 

9 



1 

2 

3 

4 

5 

6 

7 

8 

9 



1 

2 

3 

4 

5 

6 

7 

8 

9 



1 

2 

3 

4 

5 

6 

7 . 


































































































































































































































































<* 




































































































































































































































































••••••.••«• 



A SYSTEM OF ACCOUNTS FOB COTTON WAREHOUSES. 



27 



0. M. AND B. 0. Cotton Warehouse System Form No. 7. 

OUTTURN ORDER. 

Date 

Turn out of the warehouse and dehver to 

-\.B/C 


as described by the following tag numbers and marks: 




Tag 
No. 


Marks. 


K 


Tag , 
No. 


Harks. 


y 


Tag 
1 No. 


Marks. 


'V 






































































































































V 


















































































































(SiffDftd^ 


\KJ±^l.f 


._ — , _ _ — _ — 


Work done f\B ordered 
19-. 




Received for from 

the above checked b/o 

(Signed).-. 
Per._- 


the 


Doe Warehouse 



i 






28 



BULLETIN 520, U. S. DEPARTMENT OF AGRICULTURE. 



O. M. & R. O. Cotton Warehouse System. 
Form No. 8. 



DAILY REPORT OF OPERATION 



DOE WAREHOUSE, — cfissr 



(State.) 



Date.. 



COTTON 



IN 

Received previous to date 

Received to-day 



OUT 



..b/c 
-b/c 



Turned out previous to date. 
Turned out to-day 



b/c 

b/c 



Total 

Exceptions 



Previously carried 

New policies 

Canceled 

Total to-night 



Paid out for labor this JJJ,^ 

Number bales handled i. — 

Cost per bale ( cents) 

CASH RECEIPTS 



b/c 

b/c 



Number of bales on hand . 



b/c 

b/c 



INSURANCE 



s. 
%. 
I. 



Premiums 

Premiums 

Return premiums. 

N«t 



S. 
$. 
I. 



LABOR 



CASH DISBURSEMENTS 



Previously reported — 
Received to-day 


Balance. 
toNo 


S. 
. t. 


Previously reported 

Paid out to-day 


• • • w» ••«•••• 


Total 

This report includes — 
Cash receipts No 


Total 

$ 

REMAI^KS 


- 



Cash disbursements No to No. 

Duplicate checks No to No. . . . 



Warehouseman. 



A SYSTEM OF ACCOUNTS FOR COTTON WAREHOUSES. 



29 



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30 



BULLETIN 520, U. S. DEPARTMENT OF AGRICULTUEE. 



O. M. & R. O. Cotton Wareuoubs System, CREDIT, 
Form No. 9. 

CASH JOURNAL. 
























































































































































































































































Miscella- 
neous. 




, - 














































































8 


















































































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ledger. 


















































































Bank 
withdrawals. 


















































































Check 
No. 










































• 

a 
I 











































A SYSTEM OF ACCOUNTS FOR COTTON WAREHOUSES. 



31 



0. M. & R. 0. Cotton Warehouse System. 
Form No. 10. 

CASH DISBURSEMENT TICKET. 

No 

Bv 




■*-*j 

Paid to Date 


..,191-. 




Amount. 







































0. M. & R. 0. Cotton Warehouse System. 
Form No. 11. 

CASH RECEIPT TICKET. 

No. 
Bv 






Received from .1 Date 


.-,191.. 




Amount. 







































0. M. & R. 0. Cotton Warehouse System. 
Form No. 12. 

SALE TICKET. 

Date 


Sold to 


Bv - 


i^ J --- 












































TOTAT. SALTIS • • 








* " ' 1 1 



PUBUCATIONS OF U. S. DEPARTMENT OF AGRICULTURE RELATING TO 

MARKETING OF COTTON. 

AVAILABLE FOR FREE DISTRffiUTION BY THE DEPARTMENT. 

Studies of Primary Cotton Market Conditions in Oklahoma. (Department Bulletin 

36.) 
Relation of Cotton Buying to Cotton Growing. (Department Bulletin 60.) 
Economic Conditions in Sea Island Cotton Industry. (Department Bulletin 146.) 
Cotton Warehouses: Storage Facilities now Available in the South. (Department 

Bulletin 216.) 
Cotton Warehouse Construction. (Department Bulletin 277.) 
Disadvantages of Selling Cotton in the Seed. (Department Bulletin 375.) 
Relation Between Primary Market Prices and Qualities of Cotton. (Department 

Bulletin 457.) 
A Study of Cotton Market Conditions in North Carolina with a View to Their Improve- 
ment. (Department Bulletin 476.) 
Cotton Ginning Information for Farmers. (Farmers' Bulletin 764.) 
Losses from Selling Cotton in the Seed. (Farmers' Bulletin 775.) 
Cotton Improvement on a Community Basis. (Separate 579 from Yearbook 1911.) 
Improved Methods of Handling and Marketing Cotton. (Separate 605 from Year- 
book 1912.) 

FOR SALE BY THE SUPERINTENDENT OF DOCUMENTS, GOVERNMENT PRINTING 

OFFICE, WASHINGTON, D. C. 

Cotton, the Greatest of Cash Crops. (Office of the Secretary Circular 32.) Price 5 

cents. 
Controlling the Boll Weevil in Cotton Seed and at Ginneries. (Farmers' Bulletin 

209.) Price 5 cents. 
A Profitable Cotton Farm. (Fanners' Bulletin 364.) Price 5 cents. 



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ADDITIONAL COPIES 

OF THIS PUBLICATION HAT BE PROCX7RED rBOH 

THE SUPERINTENDENT OF DOCUMENTS 

GOVERNMENT PRINTINO OFFICE 

WASHINOTON, D. C. 

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