Inventory control is the spine for any business that is selling product. Inventory Control Sheet can also be used at home to document home inventory, to keep track of personal properties that you might have in the house or in the basement. Inventory management can also be used to plan food and drinks for an event. It helps you to be organized and keep track of all your possessions. If you are running a business, whether a small business or a corporate company, Inventory Control Sheet will help you to keep the business operations running by managing your stock and keeping track of your sales so you are able to know which products are selling fast. This article will discuss about tips for preparing an Inventory Control Sheet.
Reorder Point:
It is the inventory quantity of stock at hand that generates the purchase of a preset amount of stock refill inventory. If the purchasing process and the supplier performance go as you have planned, then reorder point should result in stock refill arriving before the stock at hand is used up. This will not interrupt the production process and other activities, so the total amount of the stock inventory at hand will be used before the reorder stock arrives. The reorder point in each Inventory Control Sheet is different for every item of inventory because items have different usage rate.
Item Number:
Item numbering in Inventory Control Sheet will help you to know exactly which items needs reorder, and this will help to avoid mistakes of reordering items twice of reordering items already available in the stock.
Date of Last Order:
Last order date will show you when last a particular item was stocked. This will help you in knowing which items will need stock refill and also you can determine the items that are performing better. An Inventory Control Sheet will include date of last order so that you can be able to keep track of your stock capability.
Item Name:
This section will contain different items with different names to avoid confusion when refilling the stock. It also enables to completely control the stock inventory.
Stock Location:
This will show the location of a particular item. For example, you will be able to know if an item is on the shelves in a particular store of company.
Item Description:
When preparing an Inventory Control Sheet, item description is very important to avoid double entries of same items and also to be able to distinguish items.
Cost per Item:
This will show the price of each and every item in the stock.
Stock Quantity:
This section will indicate the total amount of stock that you have either in the store or on the shelves.
Total Value:
This will show the total value of each item in the stock.
Reorder Level:
This is the level of inventory that triggers an action to refill a particular inventory stock. This is the minimum amount of an item which a firm holds in stock, so that when an item is sold up to that level then it must be reordered.
