Businesses in the manufacturing and the food industries handle different inventories as per recorded in their respective financial reports. The goods produced and sold by business entities to consumers form part of the Inventory on the Balance Sheet. Managing product inventory effectively is vital in order to have a smooth flow of the company’s operations.
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To Track Inventory on goods, an appropriate inventory sheet is necessary. The various product inventory templates presented on this website show inventory forms fit for a particular types of products. They are provided in Word and in PDF formats and are available for your perusal.
Product Inventory Database Template
Financial Product Inventory
Product Valuation Inventory
Retail Product Inventory
Health and Personal Care Product
What is a Product Inventory
Product inventory is comprised of the goods in stock readied for the purpose of a sale. There are three components in product inventory, as follows:
- Raw Materials – This includes the needed materials for the production of the goods.
- Work-In-Progress – These are goods that have undergone a percentage of the production process.
- Finished Goods – This are the completed products of the production process, ready to be sold to customers.
For examples, look into the different Asset Inventory Templates on this website.
How to Make a Product Inventory Sheet
In creating a product inventory sheet, you can choose to run a word processing program, a spreadsheet program, or a database program. The following are important elements necessary in a product inventory sheet as shown on Inventory Management Templates:
- Product Code, Name and Description – A list of the goods is needed for every stage of the production process.
- Product Quantity and Cost – This column of the sheet involves the transfer of goods for the given period. Applying cost to the transfers is usually done by the accounting personnel in charge of the inventory process.
- Inventory on Hand – This includes computed and actual inventory count. The computed inventory is the net quantity generated from applying the transfers to the starting inventory. Reconciliation is done afterwards explaining the need for a manual count.
Food Product Inventory
Monthly Product Inventory
Product Planning Template
Product Sales Inventory
How to Manage Product Inventory
Proper management of product inventory is essential to lessen redundancy in administrative expenses. Here are some tips you can adopt in managing product inventory:
- Have a production plan. Incorporate a daily production plan to avoid overstocking products. Goods are subject to depreciation and damage when kept in warehouses for a long time. Stock goods or products just enough for sales orders.
- Make accurate inventory records. Transfer of goods between production departments must be accounted for so as to maintain accurate information. You can use of Free Inventory Templates for product inventory sheets and reports.
- Categorize goods properly. Classify your products using the ABC classification. Prioritize high demand products in organizing inventory; second, goods with average demand; lastly, the slow moving items.
- Implement a periodic inventory. Time should be allotted time for the cross-checking the report generated with the actual products in stock.
Products are essential in generating revenue especially for manufacturing and food industries. Recording inventory data on sheets for every part of the production process helps in catering to consumers and in making accurate financial reports for stakeholders.