How to Arrange an Inventory Spreadsheet
Inventory is what an organization or individuals have and should have at hand. They can be consist of products, materials, tools, ingredients, supplies, etc. These things keep a business running or an individual secured with his or her assets. Inventory is done to keep track of losses and gains at the same time. One of the things it does is causing effects on our financial status. If you know that you need to arrange one, below are the steps and tips that will help you out to organize an inventory spreadsheet.
1. Create a Checklist
List the items that will be checked for the inventory. Are they the office supplies that are almost running out? Are they the food stock for your restaurant’s kitchen? Or are they your family’s grocery items? Wherever and in whatever purpose this inventory is for, the inventory list is the first thing you should supply. Place a checkbox beside each item because you are already into it, check the quantity of these items. Indicate if they are already out of stock or in stock but with limited supply. Specify then how many are left for you to also know how many should still be purchased, brought back, or looked for. They may be materials that were borrowed, lost, or already consumed. Ascertain to it that your data set is correct by carefully looking into them one by one.
2. Compose Item Descriptions
To be effective with your inventory management, you have to make specifications of the items that you have listed. It will help the inventory staff in tracking returned and missing items more efficiently. Describe the items by their physical characteristics, e.g. color, size, and brand, and quantity. Detail their corresponding price list as well for the items that are regularly purchased, so that the next time that you will be buying those items, you can readily make a budget for shopping for them.
3. Spread the Sheet
There are spreadsheet applications that are always ready for organizing your information. On the other hand, there are also spreadsheet templates that are always ready to be downloaded anytime just like our inventory spreadsheet templates above. Customize them by inputting the items and their descriptions on it. Orderly distribute them in rows and columns. Run an inventory sheet review. Make sure figures are transcribed accurately.
4. Update the Inventory Regularly
Many different transactions are made within a day. Reminding yourself to record things later will not help you stay organized and on track. Always bring a handy notebook with you so you can write notes on the spot. Avoid using paper because the chances of missing a single sheet of paper are very high. If you are a logistics company doing this inventory, you don’t want to miss a scheduled delivery for your customers, right?
If you have just taken notes of the changes in your stock, make sure to transfer them to the inventory spreadsheet before the day ends so your to-dos will not pile up.