An excel inventory is effective tool to use for maintain an inventory & tracking individual items for potential management of inventory control in excel spreadsheet. The document may contain inventory information of all transactions that affecting to inventory including incoming, outgoing and waste of items. Actually, Excel have some advance tools and features that may help to manage & control the inventory effectively.
Simply you can manage inventory records of all items with appropriate stock levels, date, item name, purchased, sold, wastage items, consumption, and re-order levels of particular item.
Overview to Excel inventory template
When the business dealing with multiple transactions of different items that needs to proper management and controls over it. Then the business needs a sufficient the stock inventory management and controls. Each item and its updated stock related information can be get through proper inventory management. Even accessing multiple items and tracking each with its specific location are also important. Hence, Excel inventory template will be serve same things with easy, flexible and systematic way.
With Excel inventory template you can manage all the stock and its related transaction with minimum effort. Even you can get accurate and auto calculated figure by using simple formulas in excel. It may be easy to track, shorting items and print the information with simple operations.
What can include in excel inventory management template?
Here we are talking about inventory that used for maintaining consumable goods. As you know the purpose of the maintain the consumable goods is to use for production process for manufacturing the product in organization. This excel inventory template will be help you manage your daily transactions related to items. Even at end of the day you can see the balance of each individual items which are physically in your storage.
Here are some elements that may you can have used for record your inventory in excel spreadsheet:
The item code helps the tracking each item from the inventory system. This may be unique code for each item individually. Most of the inventory operators are knowing only item code even, it is using for each transaction.
Short description of item. The description may be in brief, that will give an initials information about item grade, type of item, use etc.
Unit of measurement:
This is unique details of item may use for verification of physical stock, calculation of unit for amount etc. this field describes the form of item.
Date of transaction:
The date may be either input item date or output item date. The date will help to understand and manage the record in chronological order.
This field may contain quantity and amount of the opening balance of item. The balance which are carry forward from previous month can be mention here.
Normally in the purchase details all incoming items details can be used at this stage. But there will be no any party or any product specific details are requiring. Only quantity and figures are useful for the inventory management.
All the outputs from the inventory, use for various purpose in manufacturing facility can be include in this field. The quantity consumption can be calculating on base of purchase price figure.
Waste quantity & Amount:
Every item has expiry date, even some materials have nominal but have wastage. It is very important to identify those waste quantities and deduct from inventory is very important for accurate figures.
The calculations of all the inventory like inputs are plus and outputs are minus from the total quantity as well as amount. At the end of the day closings helpful for verify physical quantity at the storage.
This is unique and very important aspect of the inventory management system. The re-order level should calculate on base of the regular requirements of the organization. It will display status of the current stock and requirements for maintain accurate item stock figure on the stock in inventory.
This is auto calculation element of the inventory template. This existing levels are describing the actual status of the stock figures. The uniqueness of this field is to presenting the specific color code for each stock level. It may display Either is may RED mean stock is under the minimum level or GREEN mean stock is up to minimal level or sufficient level.
Excel Inventory Templates: Samples & Examples for Inventory in Excel Spreadsheet
Excel Inventory management template
Inventory management excel template is easy and flexible template that will be free of cost. The template may help to organize all the items that are used in organization for various purposes. It may help to manage accurate inventory with minimum effort of transactions for individual item.
Stock inventory excel template
If the organization have consumable goods store or warehouse, to accurate recording each transaction related to inventory needs to be sufficient software to manage that all. Normally, specific software can be costly for limited transactions. Hence, excel made inventory can be sufficient for recording each transaction related to stocks. Maintaining stock inventory is necessary requirement of any scale of business. So, this template will be help to organize their stock with effective manner.
Excel template for inventory management
Managing an inventory of regular items for stock in excel can be smart choice. Because excel have advance tools and features that making works easier for any operator. Actually this is simple inventory template will be effectively organizing the items that are in your store. Even, end of the day you can verify the physical stock and excel sheet for any selected items. That may be increase the reliability on accurate stock management.
Inventory tracking excel template
Best feature of this template is easy to track each item, location or details which hare associated with items & recorded in the sheet. Even you can get sufficient results that may helpful for further analysis. There are multiple items, multiple description such as supplier information, amount, dates, locations, item code etc. can include in it.
Benefits of using excel inventory templates
It is obvious that to maintain inventory you need a specific tools and platform that makes possible to handle inventory related transactions. Either you use special software or use excel spreadsheet. The best part of the excel sheet is free of cost. I think for small and medium scale business can get the benefit from it. Even large scale businesses are also using the excel for department inventory.
Here are some best suitable benefits specifically for stores:
Flexible design – Excel have features to customize it.
With the excel inventory template, it is very easy to change the design, add any field or remove and easier for operating. Even you can manage all your items with specific color code, highlight any quantity or any other specific needs can be possible in excel. Hence, the best part of the excel inventory template is flexibility.
Inventory re-order level in excel spreadsheet
This is best feature that may very complex even with special software. But with excel have an advance tools and formula, so this task will be makes easier and beneficial. In the re-order level, you have to pre-define the minimum and maximum levels and set the formula for that, later on after entry it will automatically calculate the status.
Easy to highlight current status
This common feature is very often for excel inventory template. Obviously it will be auto calculate all the status that you want see. Even more, in the excel inventory you can highlight your stock with current status level.
Analyze your regular uses, and wastage
This is advance feature of the excel inventory template. Normally, the special software can only give require outputs but with excel, you can manage and enhance your data as your needs. Even, you can identify the regular uses of items in your product lines. Hence you can identify how much excessive items are used in manufacturing. Even, you can easy to identify and track the records for analysis of wastage on production lines. The excel spreadsheet will allow you to sorting list and track the records where are your most of the items are being wastage.
Sort consumption records for specific outcomes
It will be easier with excel inventory template to making a sort all the records for identify location wise uses of consumption for specific item. More than it, the template also can sort the records to identify which item, item quantity and which specific areas are using. The outcomes from this sorting will gives a idea to sufficient control for minimize the uses of items. You can get accurate analysis from excel inventory template. Even it may very beneficial, if you seriously understand the features of excel spreadsheet.
Different between finished product inventory and consumable goods inventory.
When we are talking inventory that may be either finished product inventory of consumable goods inventory. Both the inventories can have used for different purpose, different methods are used for maintain and also have different transactions. Normally, there some different points that are described as below:
Finish product inventory
Normally, finish product inventory may include the raw materials as inputs of product manufacturing, semi-finished product stock as various production levels, wastage at various level of production, packaging stock inventory, Ready for sales inventory and sold materials as outputs of the inventory stock management.
Consumable Goods inventory
The goods which are used for production processes such as chemicals, mechanical parts, machine fuels, spares and parts of equipment etc. The goods are maintaining in inventory system as separately at consumable goods store. This inventory may contain Name of supplier, Inputs & output quantities of materials, consumption quantity, waste and final stock. Even, it may also include re-order level or inventory for auto-purchasing.
Actually, both the inventory can be varying as different industrial segments. But normally above mentioned elements of inventory may common for each one. This simple different that making a huge individual system at its place. Hope this information will be helpful for your business.