An inventory control template is tool may help to maintain and control the inventory even associated activities in stock. Practically, it key activities may be stock maintain, supply, storage, distribution, and updates. The tools may help to keep track the available inventory with financial point of view, it may accurately figure the amount engaged with stock. At first glance, this template outlines, maintain, and control the entire stocks include all associated activities within the organization.
In business environment, Inventory control is necessary to effectively management of inventory. The inventory controls may be also appreciatory helpful to various business processes.
- If you are expecting to keep track of your inventory in the real time, you have to deploy proper inventory control in the management.
- The control template will be help you to reduce the costs, improvement in inventory associated activities, and cash flow as well.
- The inventory control system actually much helpful for “future demands”. Such as – System can alert if the “Minimum re-order level” when it will be below the level.
- It may help to frequently monitor on existing storage capacity, and makes easier to compare with stock available.
- You can “Prevent Excess Stock” at the any level or any kind of stock.
- Inventory control sheet will be help you to analyze the available stock.
- You can optimize stock, warehouse space, and activities that are associated with the inventory system.
The inventory control is not just a document or tool, but it is actually helpful to organize the inventory. The system having a multiple benefit, depends on which scale, and how you handle the inventory in your internal system.
Simple Inventory Control Template Excel
Excessive inventory is one of the common and fire question for the business. Hence, the best solution is to use the effective tools that help the business to manage the inventory system. Usually, big scale businesses are using the specific software having multiple locations, multiple storages and giant inventory systems.
Hence, they can use it, but for small and medium scale business can’t effort the specific software may be costly and also needs to maintenance time to time. The best solution is using an Excel based inventory control system that is sufficient to manage medium scale business inventory as well its free of cost.
- Using this inventory control template – Excel worksheet, you can easily keep track your stock, locations, minimum and maximum level of inventory in the stock.
- With this template, it will be easy to manage ROL (Re order level) – minimum and maximum.
- This sheet having a specific function – Whenever your minimum or maximum level will cross the limits – it will be show in “RED” color. Hence, this alert may help you to check at a glance.
- The inventory control sheet also helpful when you are taking a physical count by manual inventory audit. Typically, this kind of audits are conducts quarterly, half yearly or even annual. You can compare the physical counts with inventory control sheet.
There are also some multiple uses that typically all businesses are not using. Such as tracking the life cycle of a part. level management, etc. But you can also manage with inventory control if you required.
Excel Inventory control sheet for store / warehouse
In the manufacturing, engineering, assembling etc., types business units are frequently requiring some consumable, chemicals or any other bill of materials that require to accomplish associated processes. May be there are multiple locations for storage, finish products as well other consumable goods that needs to maintain inventory. The business can use specific software that makes easier to maintain the associated transactions. But the software may be costly for small and medium scale businesses.
Using the Excel sheet for inventory management is one of the best option. The Excel application having a multiple and advance tools, features and functions which makes the management of stock and related transaction recording much easy.
How to Create Inventory Control template in Excel?
Creating an Inventory control in the excel is easy, if you know what contents, details and uses of formulas. The inventory control is one of the important tool where all the available inventory can easily maintain and tracking a location of particular item. There are actually many types of inventory control can be useful for business, but it’s all depending on the business types, product types and requirements of the business.
Select the design
Whenever you decided to create an inventory control sheet in Excel, first of all you have to select the design to ensure all the details will be cover in it. Usually in the inventory control should must focus on following things:
- Item units and its price
- Quantity of the item
- Location of storage
- Amount of total storage
Herein the section, you have to describe some important information that easier for the management to track the specific details. The section may include the stock ledger duration – where you can give a specific duration of time for maintaining the inventory. Details of the location – if you are maintaining its separately. Document’ standard format number, revision number and revision date.
Insert table for structure information
At below the general information, you have to insert table for creating a systematic detail. This section may include item code, item description, supplier name, unit of item. As well opening, purchase, consumption, waste, and closing balance of the item in “Quantity in unit” and in “Amount in dollar” for each.
This is actually unique requirements for the inventory control – The section may help the organization to identify the re-order level, where you have to specifically needs to describe the quantity of the level that may be “Minimum”, Maximum and reorder level.
Current level – Auto function.
Herein this section, do not needs to manage much more, because the formula of the monitoring current level is pre-set in the sheet. When you download this sheet, you do not need to enter the formulas, where already fixed it. You have to just needs to monitor the existing level of re-order level, even if the min or max level is “red” it may indicate it is out of order or needs to order further quantity.