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How to Properly Track Inventory

When your business is still growing is the perfect time to keep operations basic, yet with little error. The most basic way to track inventory is by using an inventory ledger. This is a document or an electronic record of inventory transactions. You can create an inventory ledger using an accounting software, a spreadsheet or by using a physical notebook. Once you get a good idea of your inventory and how it moves, and as your inventory stock grows, consider moving to a fully digital method.

A standard inventory ledger should include:

  • Sale/purchase date
  • Product name
  • Quantity
  • Price
  • Transaction description
  • Total amount paid
  • Total price paid
  • Total amount owed

Your basic inventory ledger will look something like this:

Each time an inventory item is sold or purchased, a record in the inventory ledger should be made. If you are looking for a downloadable ledger template, try this one from smart sheet:
https://www.smartsheet.com/free-excel-inventory-templates

For more on inventory management, inventory best practices, and more, Download our full-length guide today!

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