Inward Outward Software In Excel
How to Use Inward Outward Software in Excel for Inventory Management
If you are running a small business that involves buying products from suppliers and selling them to customers, you need to keep track of your inventory levels and transactions. You need to know how much stock you have, how much you need to order, and how much you have sold. You also need to record the details of each purchase and sale order, such as date, quantity, price, supplier, customer, etc.
Inward outward software in excel
One way to do this is to use an inward outward software in Excel. This is a simple and effective solution that allows you to manage your inventory and sales using Excel spreadsheets. You can create and use an inward outward software in Excel by following these steps:
Step 1: Create a Product List
The first step is to create a list of all the products that you buy and sell. You can enter the product name, category, re-order point, and unit price in a table like this:
Product Name Category Re-order Point Unit Price
Pen Stationery 100 0.5
Notebook Stationery 50 1
Mouse Electronics 20 10
Keyboard Electronics 10 15
This table will help you to categorize your products, set the minimum inventory level for each product, and calculate the total value of your inventory.
Step 2: Create an Inward Outward Register
The next step is to create an inward outward register where you will record the details of each inward and outward transaction. An inward transaction is when you receive products from your suppliers, and an outward transaction is when you deliver products to your customers.
You can create a table like this to record the inward and outward transactions:
Inward/Outward Date Order No. Product Name Quantity Unit Price Total Price Supplier/Customer Name
Inward 01/01/2020 PO-001 Pen 200 0.5 100 ABC Stationery
Outward 01/02/2020 SO-001 Pen 50 0.5 25 XYZ School
Inward 01/03/2020 PO-002 Mouse 30 10 300 DEF Electronics
Outward 01/04/2020 SO-002 Mouse 10 10 100 GHI Computers
This table will help you to track the date, order number, product name, quantity, unit price, total price, and supplier or customer name for each transaction.
Step 3: Calculate the Current Inventory Level
The third step is to calculate the current inventory level for each product. You can do this by using a simple formula in Excel:
=SUMIF(Inward_Outward_Column,"Inward",Quantity_Column)-SUMIF(Inward_Outward_Column,"Outward",Quantity_Column)
This formula will sum up the quantity of all the inward transactions and subtract the quantity of all the outward transactions for each product. For example, if you enter this formula in cell E2 for the product Pen, it will give you the result of 150 (200-50).
You can copy this formula down for all the products in your product list. You will get a table like this:
Product Name Category Re-order Point Unit Price Current Inventory Level
Pen Stationery1000.5150
Notebook Stationery501
Mouse Electronics201020
Keyboard Electronics1015
This table will help you to know how much stock you have for each product at any given time.
Step 4: Compare the Current Inventory Level with the Re-order Point
The fourth step is to compare the current inventory level with the re-order point for each product. The re-order point is the minimum inventory level that you set for each product, where when the current inventory level hits that amount, you will place a new purchase order to replenish your inventory.
You can use a simple formula in Excel to compare the current inventory level with the re-order point:
=IF(Current_Inventory_Level<=Re-order_Point,"Re-order","OK")
This formula will check if the current inventory level is less than or equal to the re-order point, and return "Re-order" if true, or "OK" if false. For example, if you enter this formula in cell F2 for the product Pen, it will give you the result of "OK" (150>100).
You can copy this formula down for all the products in your product list. You will get a table like this:
Product Name Category Re-order Point Unit Price Current Inventory Level Re-order Status
Pen Stationery1000.5150OK
Notebook Stationery501Re-order
Mouse Electronics201020OK
Keyboard Electronics1015Re-order
This table will help you to identify the products that need to be re-ordered and avoid stock-outs or excess inventory.
Step 5: Generate Reports and Charts
The fifth step is to generate reports and charts that can help you to analyze your inventory and sales data. You can use Excel's built-in features such as Pivot Tables, Pivot Charts, Slicers, and Filters to create dynamic and interactive reports and charts.
Some of the reports and charts that you can create are:
Total inventory value by product category
Total sales value by product category
Total sales value by month
Total sales value by customer
Total purchase value by supplier
Best-selling products
Product categories contribution to sales
Inventory turnover ratio
Average inventory level
Average order size
These reports and charts will help you to understand your inventory and sales patterns, identify your strengths and weaknesses, and make informed decisions for your business.
Conclusion
In this article, we have shown you how to use inward outward software in excel for inventory management. We have explained the steps to create a product list, an inward outward register, and a current inventory level table. We have also shown you how to compare the current inventory level with the re-order point and generate reports and charts to analyze your inventory and sales data.
Using inward outward software in excel can help you to keep track of your inventory levels and transactions, avoid stock-outs or excess inventory, and make informed decisions for your business. You can use Excel's built-in features and formulas to create and use an inward outward software in excel easily and effectively.
If you have any questions or feedback regarding this article, please feel free to contact us or leave a comment below. We hope you find this article helpful and informative. d282676c82
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