Excel Templates for Inventory Management
Creating a proper inventory management template will save you a lot of time and confusion that usually comes with inventory management.
Using Excel to create an inventory management template is probably one of the cheapest and easiest methods. The reason being is because when you look at the cost to buy an inventory management software. Next develop programs to train employees to use the software.
This can be both time consuming and costly. With Excel it can help you to save a lot of time. As difficult as some persons may find Excel to be it can be way easier than some of the other software out there.
Fill-in-the blank Excel KPI templates, dashboards, scorecards:
Additionally when you use excel to create an inventory management template. You are not just going to insert some data into a spreadsheet and that’s it. You can also turn those information into charts and diagrams. By doing this you can get a different view point on the data for further analysis.
This feature is really powerful when you come to grips of it because if you should just look at hundreds of lines of data and trying to make sense of it. This can be a tedious task that will also take a lot of focus.
By visualizing the data into for example the different charts that’s available it will surely make things easier.
Below you can see an example of to create a simple inventory management template in Excel:
How to create an inventory management template
You are going to firstly create 9 columns these are going to be date, reference number, part number, item name, vendor, store location, number of units, unit cost and total cost.
In the date column you are going to put the date that the items arrived. The reference number is for the reference number of the item. The item name and vendor columns are self-explanatory. For the store location column you are going to put where the item is stored, these are going to be backdoor, indoor or outdoor.
For the number of units column put the number of units you bought. In the unit cost column insert the cost for each unit. Lastly in the total cost column. You are going to put the total cost of everything thing, you are going to multiply the number of units column times unit cost.
To use the multiplication formula in Excel is pretty easy. All you got to do put is the = sign then the operation in the total cost column. So suppose you bought 2 units at a 1 unit cost $10. You are going to have (=2*10) in the total cost column, press enter and you will see the result. You can see an example of everything below.
By looking at the example above you can see that it’s pretty simple to create a report in Excel. If you want a more sophisticated template and you don’t have the time to create one. You can get a template off the internet.
The only thing for you to get started with it once downloaded is to just insert your data and you’re ready to go. But following this short guide will help you know some of the basic functions of what Excel can do. It probably can encourage you to pursue further learning in it in order to learn new skills.
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