Physically checking inventory is necessary to keep records accurate.
Tracking inventory is essential for most companies. Accurate inventory allows managers to forecast inventory needs, record unexpected losses and report profit on goods sold. White-label inventory tracking programs can be prohibitively expensive for smaller companies. Many companies can efficiently track their inventory using a fairly simple Excel spreadsheet. Learning track inventory using Excel can help you add value to your business.
Instructions
1. Open Microsoft Excel or your preferred spreadsheet editor. Create a new workbook.
2. Select a cell in the top row and type "Item Number." Press the "Tab" key to move to the next cell to the right.
3. Type "Item Description" in the new cell. Move to the next cell by pressing the "Tab" key again and type "Item Location." Repeat with any other information you would like to track, such as purchase price and sale price, date sold or name of customer.
4. Click on the cell directly under the cell labeled "Item Number." Enter the item number for the first inventory item. Press the "Tab" key and enter the information -- such as item description or location -- in the cell under the appropriate heading.
5. Repeat with each inventory item until all current inventory can be found in the spreadsheet.
6. Update the spreadsheet daily. Add new rows with the information of any inventory received. Change the location of any items moved or sold. Update any other columns following a transaction involving the item.
7. Conduct regular physical inventory checks. Print off the inventory spreadsheet, and verify that the location and description match the numbers for each item. Mark each item off, recording any discrepancies as you find them.
8. Correct the spreadsheet according to the written notes from your physical inventory check.
Tags: each item, inventory item, inventory using, Item Number, next cell