Label columns with inventory details like item name, quantity, price etc.
3
Input initial inventory list
4
Setup formulae for automatic calculations like total price, sell-through percentage etc.
5
Add a 'date received' field for incoming inventory
6
Create a separate sheet to record incoming inventory
7
Update the main inventory sheet with incoming inventory data
8
Create a separate sheet to record outgoing inventory
9
Approval: Supervisor for outgoing inventory sheet
10
Update the main inventory sheet with outgoing inventory data
11
Prepare a back-up of the updated file
12
Create a graph to visualize inventory changes over time
13
Define reorder levels for each inventory item
14
Set an automated alert for reaching reorder levels
15
Generate a report of inventory movement for the month
16
Approval: Manager for monthly inventory report
17
Review and update the inventory policies if needed
Create a new Excel sheet for inventory
Begin by creating a new Excel sheet specifically for managing your inventory. This sheet will serve as the central hub for all inventory-related data and calculations. It will allow you to track and monitor your inventory effectively.
Label columns with inventory details like item name, quantity, price etc.
In order to organize and categorize your inventory, label the columns in your Excel sheet with relevant details such as item name, quantity, price, and any other information that is important for your inventory management process.
Input initial inventory list
Enter the initial inventory data into the Excel sheet. This includes item names, quantities, prices, and any other relevant details for each inventory item.
Setup formulae for automatic calculations like total price, sell-through percentage etc.
To streamline your inventory management process, set up formulae in Excel for automatic calculations. This includes calculations for total price, sell-through percentage, or any other calculations relevant to your inventory management needs.
Add a 'date received' field for incoming inventory
Include a 'date received' field in your Excel sheet to keep track of when new inventory is received. This will help you monitor the overall flow of inventory and determine how frequently you receive new stock.
Create a separate sheet to record incoming inventory
Create a new sheet in your Excel file specifically for recording incoming inventory. This will allow you to keep track of the details of each incoming shipment, such as the supplier, quantity, and any other relevant information.
Update the main inventory sheet with incoming inventory data
After recording the details of incoming inventory in the separate sheet, transfer the data to the main inventory sheet. This will ensure that your main inventory sheet reflects the most up-to-date information and allows for accurate tracking and analysis.
Create a separate sheet to record outgoing inventory
Similar to the incoming inventory, create another sheet in your Excel file to record outgoing inventory. This sheet will help you keep track of the details of each outgoing shipment, such as customer information, quantity, and any other relevant details.
Approval: Supervisor for outgoing inventory sheet
Update the main inventory sheet with outgoing inventory data
Once you have recorded the details of outgoing inventory in the separate sheet, update the main inventory sheet with the relevant data. This will ensure that your inventory records accurately reflect the changes in stock due to outgoing shipments.
Prepare a back-up of the updated file
Regularly create backups of your inventory management Excel file to avoid any potential loss of data. This step is essential to ensure that even if there are any issues with the main file, you have a recent backup to rely on.
Create a graph to visualize inventory changes over time
Use Excel's graphing capabilities to create a visual representation of your inventory changes over time. This will allow you to quickly analyze and understand trends in your inventory levels, helping you make informed decisions for future inventory management.
1
Line Chart
2
Bar Chart
3
Pie Chart
4
Area Chart
5
Scatter Plot
Define reorder levels for each inventory item
Determine the appropriate reorder levels for each item in your inventory. Reorder levels are the minimum quantities at which you should place new orders to maintain sufficient stock levels. Setting these levels will help you avoid stockouts and keep your inventory optimized.
Set an automated alert for reaching reorder levels
Implement an automated alert system that notifies you when inventory levels reach or fall below the defined reorder levels. This will help you take timely action to restock and avoid any disruptions in your inventory management.
Generate a report of inventory movement for the month
Create a report summarizing the inventory movement for the given month. This report will provide valuable insights into your inventory management performance and help you identify areas for improvement or optimization.
Approval: Manager for monthly inventory report
Will be submitted for approval:
Generate a report of inventory movement for the month
Will be submitted
Review and update the inventory policies if needed
Regularly review and update your inventory policies to ensure they align with your current business needs and goals. This step will help you adapt your inventory management practices and strategies to changing circumstances or market conditions.
