The Stock Inventory is the bookkeeping of items, the parts and raw materials that a business either uses in production or sells. Practice inventory management to ensure that you have enough stock and sales. The verb “inventory” refers to registering and counting items. It refers to all stock of various production stages. So, both retailers and manufacturers can continue to sell items and products. Inventory is a major asset on the balance for most companies. The main goal of the inventory template is for generating profit but if a stock is for sale it cannot be considered as inventory.
An inventory template is a complete, itemized list of every product and good your business has in stock. It includes raw materials, work-in-progress, and finished goods. An inventory sheet should include each item’s SKU number, name, description, cost, and quantity in stock. The inventory list is essential because it shows you exactly what you have available for sale or use.
How to Create Stock Inventory in EXCEL
Steps to follow
Chose the type you prefer for your stock inventory list.
Through the given template select options the one that is suitable or meet your preferences.
You will find this choice to the right of the template’s preview window. It will make your template.
You can delete the pre-formatted data and enter your data under the item number, item name, item cost, etc. So one template created in the right way can be copied and used over and over, for a variety of organizational uses.
Insert your Inventory Data.
To modify a pre-filled column, double-click it, delete the number or word there, and enter your stock’s information. However, every inventory list should contain the following options:
It Divided into Two Parts
Asset or Serial Number- It determines the specific product from their Serial Number.
Description of Item
Location- Where the Product have been
Condition- Of the Products
Initial Value, Down Payment, Date Purchased and Loan
After that, you can Enter- Monthly Payment, Operating costs, Total Costs for the Subtotal
Expected value, Annual and Monthly Depreciation
For calculations you can go back to it at any time and add, subtract, or modify anything you like.
Importance of Stock Inventory
- To learn your inventory turnovers
- Find out which Item and Stock Aren’t Selling
- Exact Income Tax Reporting
- Keep you organized and spend accurately