Track Product Inventory with Excel: A Step-by-Step Guide

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Track Product Inventory with Excel: A Step-by-Step Guide

Keeping track of your business inventory, whether it's stock to sell to customers or key assets for your business, is essential. Excel simplifies this task, allowing you to use templates or create your own inventory tracker. This guide will help you save time and efficiently manage your inventory.



What Will You Learn?

  • How to find an inventory template
  • How to set up basic column headers
  • Common Excel features to use for inventory tracking

What Do You Need?

  • Excel (web or desktop)
  • 10 minutes

1. Find an Inventory Template

Before creating your own inventory list in Excel, explore existing templates that you can download and customize. Here’s how:

  1. Open Excel: Select File > New.
  2. Search for Templates: In the search box, type "inventory" or a similar term.
  3. Browse the Results: Click on any option to see a larger screenshot and a description.
  4. Select a Template: Once you find one you like, select Create.
  5. Customize the Template: Use it as-is or update it to fit your needs.

Tip: For more templates, visit create.microsoft.com and find various templates for Microsoft 365 apps.

2. Set Up Basic Column Headers

Choosing the right column headers is crucial for tracking your inventory. Here are some recommended headers with descriptions:

  • Inventory ID: Create a unique ID for each item.
  • Item Name: Name of the items. IDs help distinguish between similar or replacement items.
  • Item Category: Category for the item, such as "Accessory".
  • Quantity in Stock: Quantity currently in stock for that specific item.
  • Cost per Item: This could be your business cost per item or the current selling price. Consider adding another column to track both.
  • Total Inventory Value: Quantity in stock multiplied by the cost per item. Use a simple multiplication formula to automate this calculation.
  • Reorder Limit: Set a limit for when you should reorder an item to prevent it from becoming out of stock.
  • Last Reorder Date: Track when you last ordered an item. This is useful for frequently reordered items.
  • Discontinued: Track items you no longer carry in your inventory.
  • Notes: Add extra information or specific details about items.

3. Useful Excel Features for Inventory Tracking

Excel has powerful features that can enhance your inventory tracking and save time. Here are a few suggestions with links to detailed articles:

  • Create a Drop-down List: Limit the options in your categories column to reduce mistakes or typos.
  • Use Excel as a Calculator: Automate calculations for inventory value and other metrics.
  • Freeze Panes: Lock rows and columns to keep column headers visible while scrolling.
  • Conditional Formatting: Highlight information, such as items below the reorder limit, to draw attention.
  • Filter Data: Focus on specific categories or items to manage your inventory more efficiently.

By leveraging these tips and Excel’s features, you can streamline your inventory management process and ensure you always have the right stock levels.

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