If I'm feeling particularly creative, I will bundle a group of "loot" index cards, and stick them in an envelope, then label the envelope "OAKEN TREASURE CHEST," or "ORC's BACKPACK," or some such. The player can then have that warm, fuzzy feeling of opening up the envelope and finding a stack of treasure inside!!
Another boon with the 3x5 index card: if the player loses the card, then the character lost the item. If the players are arguing over which character actually picked up the item first, I simply ask them who has the card. Ownership is nine-tenths of the law. If the player sells an item, I require the player to give me the card back, at which time I rip it up and throw it away, and give them a card with "250 gp" written on it, or some such.
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