This is one of the most important metrics to keep your eyes on. You should be tracking either the cost per unit or cost of goods sold. UoM can be represented as units, sq ft, meters, liters, or pretty much any other unit of measurement. However, those that sell an assortment of products or have different accounting principles may find this field useful. This column may not fit or be necessary for every business. This is another obvious one - how many SKUs were received, sold, adjusted, and so on. What if you are giving away a couple of pairs for a charity event? In this scenario I would use the ‘adjust’ reason followed by ‘Mens Black Nike Shoe Size 11 - Adjust, Boys and Girls Club’ as the description. We can write that description as ‘Mens Black Nike Shoe Size 11 - Sold, Amazon’. For example, let’s say that EX1001 sold on Amazon. When you adjust or make a sale I would still recommend the same receiving description but then appending the action or reasoning. When you receive an item it makes sense to describe the SKU that was received. There’s clearly no need to go deep on the reasoning behind this column, except that it’s a must for data mining and reporting at a later stage. You can use a custom ID that you created and assigned to a SKU if your process requires it, but for most retail businesses the SKU number is the recommended choice. Every good inventory management process needs to have some sort of unique identifier to keep everything organized. The template starts with a SKU number that acts as our unique identifier. We encourage you to customize your template to best fit your needs and business model.) SKU Number (or custom ID) (Note: This template is also not a one-size-fits-all tool. The how-to-use and basics are down - let’s talk about why we chose to include what we did. The pivot table shown above is being automated by pulling in the data from the inventory sheet. This method is beneficial for historical referencing, reporting, and accuracy. The same goes for when you sell or adjust your inventory - you will record that as one record. So when you receive inventory you will record that as one record. What does that mean and why does it matter?Įach event should have its own line of data. It’s worth noting that this template is intended to be used in a historical format. This is a simple and efficient template for inventory management - because Excel can only do so much.
INVENTORY TEMPLATE FREE
If you’re looking for a free and flexible inventory management tool (one that also has a dashboard!) for Microsoft Excel or Google Sheets, you’ve come to the right place. So we thought, ‘who better to bring this system to you than the guys who wrote the book on Inventory Management’? Perhaps you just want to see what additional metrics you should be tracking? That’s cool too. But regardless, you should be using some type of system or process to track your inventory.
INVENTORY TEMPLATE SOFTWARE
We totally understand that some retailers may not be ready for advanced retail software like RetailOps.
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