The Inventory Management Templates are pre-formatted, ready-to-use spreadsheets in Excel, Google Sheets, and Open Office Calc designed to facilitate the management and tracking of inventory.
These templates maintain records of products purchased and sold by a business. They contain pertinent information such as quantity in stock, unit pricing, and stock valuation, among other data points.
Furthermore, they provide the cost of inventory calculations necessary for preparing Profit and Loss Statements at the time of finalizing accounts.
Additionally, one can ascertain the precise inventory levels of each product. Reorder quantities can be specified, prompting the template to highlight products requiring replenishment.
With these inventory management templates, users can swiftly analyze purchasing and sales patterns over a particular period, thereby identifying top-performing products.
What is Inventory Management?
Inventory management refers to the process of monitoring and maintaining the purchase, sale, and stock of goods to ensure availability of supply when required, while minimizing dead stock.
This process involves:
- Managing appropriate purchasing.
- Proper Storage of products.
- Proper Dispatching and reporting of products.
- Monitoring Product-wise Sales.
- Analyzing stock movement.
Typically, small and medium-sized enterprises employ manual stock management tools, often created in Excel or other spreadsheet software like Google Sheets and Open Office Calc.
Inventory management templates vary across different business types, such as retailers, wholesalers, hotels, real estate, and others.
Importance of Inventory Management
Inventory management plays a crucial role in any business. Improper inventory management leads to losses in the form of customer dissatisfaction and dead stock. Hence, it is imperative for any business to effectively manage the supply chain from warehousing to order fulfillment.
Decrease Storage Costs
Excessive inventory storage leads to additional product costs and eventual surplus expenses. Inventory management aids in defining a proper ordering system, thereby saving unnecessary storage costs.
Minimize Losses
Purchasing excessive products can result in higher dead stock. Inventory tracking enables businesses to identify fast-moving products, mitigating the risk of over-ordering.
Moreover, there is a potential for theft by employees or handling staff. If a business conducts timely checks and regular product recounts, it can prevent such losses.
Product Availability
In today’s competitive markets, businesses must ensure product availability, especially in the e-commerce sector. A proper reordering system and timely execution can facilitate easy product availability and customer acquisition.
Minimize Order Processing Time
Every e-commerce business must maintain expedient order processing times. Proper inventory management leads to decreased processing times, thereby increasing sales potential.
Manage Multiple Sales Channels
When a business sells products across multiple sales portals, a high level of accuracy is required to maintain product availability on every channel. Proper inward and outward entries facilitate the seamless management of multiple sales channels.
Sales Forecasting
Outward inventory entries enable the identification of sales patterns. Furthermore, sales patterns from previous months or years aid in forecasting future sales.
Customer Satisfaction
Proper order execution and timely product delivery lead to customer satisfaction, which helps to build product brand reputation.
Apart from the aforementioned business benefits, inventory management aids in defining the Cost of Goods Sold (COGS). To prepare the Profit and Loss Statement, businesses must define COGS as well as the cost of inventory. Thus, it assists in the finalization of accounts.
Inventory Management Templates
This section consists of 3 different Inventory Management Templates for different inventory needs. All these Inventory Management Templates are available in 3 formats: Excel, Google Sheets, and Open Office Calc. Click on the desired icon button to download the respective file format.
Download Stock Inventory Management Template
We have created a simple Stock Inventory Template with predefined formulas and formating. Insert your daily inward and outward stock entry. In addition to that, you can keep an eagle’s eye on your stock as well as helps to increase the profitability of your business.
Inventory Control Template can be useful for all kinds of businesses. All retailers, wholesalers, store managers, and especially e-commerce businesses like Amazon, Flipkart, and Snapdeal vendors, etc and use this template.
Excel Google Sheets Open Office Calc
Click here to Download All Accounting Excel Templates for ₹299.
Important Note: The instructions provided regarding editing and customizing the Google Sheet template are clear. Saving a copy to one’s Google Drive using the “Make a Copy” option from the File menu is necessary to edit and customize the template.
The mention of other Excel-based accounting templates, such as Profit & Loss Account, Accounts Receivable, and Accounts Payable templates, is helpful for users seeking additional financial management tools.
Contents of Stock Inventory Management Template
The design of the Inventory Control Template consists of two sections: the Heading Section and the Inventory Section, as described below.
Heading Section
The first line serves as the heading, “Inventory Control Sheet.” A checkbox is provided next to the heading, which, when selected, will highlight all items requiring reordering.
Other sub-headings for Data input section are as below:
Inventory Section
Inventory Control ID: In this field, a unique alphanumeric identifier can be assigned to products, as demonstrated by the example “ABC001” in the worksheet.
Product Detail: You can describe your product name under this subheading.
Quantity Purchased: Insert the Quantity of product purchased is entered here.
Price/Unit: Price per Unit is entered here.
Quantity in Stock: Quantity in stock is derived by subtracting Quantity Sold from Quantity Purchased.
Value Stock in Hand: Value of Stock in Hand is derived by multiplying Stock in hand with Price/Unit.
Reorder Level: You have to input a level for Reorder. This level indicates when a product’s stock falls below the specified limit, prompting the need for reordering.
In the Heading Section, a highlight checkbox is there. If you tick that checkbox, the product below the reorder level will be automatically highlighted.
Reorder Quantity: Reorder Quantity can be entered according to the sale of the desired product. It can either be predefined or vary according to the sales pattern.
Quantity Sold: Daily sales of each day will be entered here, which will give you an exact inventory status of the product.
Discontinued Product: Here you have to enter “Yes” if and only if the product is discontinued by your supplier. Typing “Yes” here will change the data in the row with a strike-through line.
See image below for reference:
Users can generate various reports with the help of this template, such as reports for a particular product, stock level, reorder level, and more, by selecting the desired options from the drop-down menus.
Report Generation
The table function of Excel is used in making this template. Thus, you can generate different reports with the help of this template.
Reports on a particular product, product id, amount, tax, etc. by selecting it from the drop-down menu. Just click on the switch beside the subheading and select the report you want to generate.
Download Stock Inventory Management Template With Tax (VAT/GST/Sales Tax)
This template is beneficial for individuals residing in countries where taxes such as GST, VAT, or Sales tax are applicable. A simple and easy-to-use template for Stock Inventory Management with Tax has been created using Excel’s table function and predefined formulas.
Excel Google Sheets Open Office Calc
Contents of Stock Inventory Management Template With Tax
Inventory Management Template consists of 3 sections: Header Section, Inventory Section, and Value of Stock Section.
The contents of this template are the same except the value of the stock section.
Value of Stock Section
Price/Unit: the price per unit here to calculate the value of the stock without VAT.
Value of Stock Without VAT: Value of Stock without VAT also has a predefined formula. The formula applied here is Stock in Hand X Price /Unit.
5% VAT: This cell will calculate the amount of 5% VAT. Formula: Value of Stock without VAT x 5%.
Value of Stock Including VAT: Value of Stock = Value of Stock without VAT + Amount of 5% VAT.
Reorder Level: The reorder level is a limit for the product stock, below which the sheet will provide indications for reordering.
Hence, define a level for reordering. It will highlight the row if a product’s stock falls below that limit, indicating the need to reorder the product to prevent unavailability.
As we discussed earlier, there is a checkbox in the header section. If the checkbox is checked, the product below the reorder level will be automatically highlighted.
Reorder Quantity: Reorder quantity is the number of products to be ordered. You can set it according to the sale of the product. It can either be predefined or vary according to the sales pattern.
Discontinued Product: Sometimes, there are products whose sales have been stopped, and we do not buy them anymore.
It might also happen that it might be a special edition and discontinued by the supplier.
If you enter “yes” against any such product in these cells, it will display a strike-through line upon the values, indicating that the product has been discontinued.
Download Asset Inventory Management Template
We have created a simple and easy Asset inventory and tracker with predefined formulas and formatting that helps you to record more than 500 personal/company assets.
Furthermore, it also consists of a Quick Asset Tracker, where you can search for details of any asset by search the asset by its unique ID.
Excel Google Sheets Open Office Calc
Contents of Asset Inventory Management Template
This template consists of 2 sheets: Asset Inventory and Quick Asset Tracker.
Asset Inventory
In this sheet, you need to record each asset of your company with all relevant detail. It is designed in such a way that you can record all the minute details of the asset.
Personal assets include extra house, commercial properties, personal equipment, etc. Whereas, company asset includes all the assets purchased for running an organization. It includes office furniture, computers, routers, godowns, office vehicles, etc.
At the top, insert your company’s/individual’s name. Just beside this, there is total asset value. As you make an entry in the inventory sheet along with its price detail it will update the amount in this cell.
This sheet consists of the following columns:
Asset ID
Name of Asset
Asset Category
Description of Asset
Department
Room/Ward No.
Date of Purchase
Seller’s/Supplier’s Name
Guarantee (in Months)
Warranty (In Months)
Purchase Price
Installation Charges (if applicable)
Total Cost of Asset
Model No.
Serial No
Remarks
Insert relevant details applicable to your asset in the above-mentioned heads. Add assets as and when you purchase the asset and don’t forget to remove when you discard.
Quick Asset Tracker
Once you have a lot of assets it is hard to scroll through the sheet and look for the relevant details. To simplify this we have created the quick asset tracker where you can simply find details of assets in just seconds.
In the previous sheet, each asset is given a unique ID. All you have to do is to enter the asset ID and click enter. It will automatically fetch all the details of that particular asset using the VLOOKUP Function. That’s it.
Asset Management Tips
Here some tips that can be helpful in effective asset management:
- Define all assets. Keep a record of all assets along with their prices.
- Set up a proper process for acquiring new assets.
- Don’t buy whatever is requested. Check thoroughly the need and then buy.
- Before importing data from other systems, be careful and always recheck.
- Design a loss prevention plan for your assets. The need of every business is different. Make sure it suits your operations.
- Make decisions maximizing your ROI.
- Develop a smart and consistent auditing plan for the least expected scenarios.
- Share your management strategy across all departments.
- Diversify your SKU attributes.
- Provide adequate systems training to staff for proper and maximum utilization of your equipment and to save unnecessary damages.
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More Inventory Management Templates
Frequently Asked Questions
What is Cycle Counting in Inventory Management?
Cycle counting refers to counting a subset of inventory items at regular intervals, rather than awaiting an annual or quarterly stocktaking. This practice facilitates the identification of erroneous inventory records and aids in the prevention of internal misappropriation.
What is ABC Analysis in Inventory Management?
ABC analysis is a method of categorizing inventory items into different priority levels for cycle counting. It is an inventory classification technique employed by businesses to prioritize products based on their sales patterns.
What is Inventory Forecasting?
Inventory forecasting entails estimating future demand for a product by analyzing historical sales data and identifying patterns.
What is Economic Order Quantity (EOQ)?
Economic Order Quantity (EOQ) is a method by which businesses determine the optimal quantity to order for purchase to minimize unnecessary inventory costs. These costs encompass expenses associated with holding stock, shortages, and order processing.
What is the FIFO (First-In, First-Out) Method?
FIFO (First-In, First-Out) is a fundamental principle of product rotation that aids in maintaining product quality and freshness. Products that are produced or acquired first are sold first, thereby minimizing spoilage and waste.
What is the LIFO (Last-In, First-Out) Method?
LIFO (Last-In, First-Out) operates in the opposite manner to the FIFO method. Products that are produced or acquired last are sold first. This method serves to minimize taxable profits. However, the LIFO method is not widely accepted by tax authorities in most jurisdictions.
What is Opening Stock?
At the commencement of an accounting year or the inception of a business, the inventory available in the inventory account is referred to as Opening Stock or Beginning Inventory.
What is Closing Stock?
Inventory on hand at the conclusion of the accounting year or the termination of a business is referred to as Closing Stock.