In this article, we will guide you through how to use this inventory control template which is able to effectively track the In, Out and Balance and show the stock reorder suggestion.
Download the template from the end of this article.
Basic Structure of the Template
This template basically has four parts. These are Stock In, Stock Out, Stock Balance and Stock Re-Order. Stock In and Out section has to be filled manually when there is new transaction of In and Out of the stock. Stock balance will be auto calculated by using the SUMIF function. Safety stock is the stock that is required to supply in transit period and for the special order. By Comparing the balance stock with the safety stock, the reorder suggestion will be automatically given. When you see the reorder notification, you have to place the order to your supplier or production department.
Key Notes
- This template is especially useful when you have few numbers of products i.e. 20 to 50. If the number of products is large, it may be difficult to handle and manage them.
- In the example, I have taken few rows only for example. Practically you need more rows to track the In and Out of the stock. You can expand the rows as much as you need by simply copy and paste.
- If you want to calculate the safety stock by using formula (in more scientific way), please follow the guideline of this video tutorial. Video link: https://youtu.be/aIou6GWNEH8?si=J7iJmMJkZgSFoWNM (This is designed in Google Sheets, same method can be applied in Microsoft Excel.
Template Download Link
Download this inventory tracker and control template from below download button.
