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This article was co-authored by Gina D'Amore. Gina D'Amore is a Financial Accountant and the Founder of Love's Accounting. With 12 years of experience, Gina specializes in working with smaller companies in every area of accounting, including economics and human resources. She holds a Bachelor's Degree in Economics from Manhattanville College and a Bookkeeping Certificate from MiraCosta College.
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An inventory report is a summary of items belonging to a business, industry, organization, or home. It provides a comprehensive account of the stock or supply of various items. They can be written in various forms and lengths. A good inventory report should always be clear, simple, and exhaustive.[1]
Steps
Inventory Report Template
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List your inventory items. List every item that you have in stock. This will be the list that helps you stay organized with your inventory in the future. Keep in mind that you may have multiple locations. If you have more than one stock room, make sure to list which stock room you’re taking inventory for.[2]
- List items that are no longer available. Even if you have run out of a certain item, keep it on the report and you’ll list it as “0” stock.[3]
- Keeping track of your inventory accurately is highly advisable; you must be able to assess the value of your inventory for tax purposes.
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List them in an organized fashion. When listing your items, think of a good way that will help you search for items on your inventory report. You can order them anyway you want, but try listing them alphabetically or by serial number.Advertisement
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Keep a space for description. Under your inventory items, leave a space for description. This will help you keep track of differences in items. For example, you can list separate colors or sizes in this space but have a total inventory count next to the original item. Also, you can mark down if an item is damaged or missing in your description.
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Assign a price to each item. Depending on the kind of inventory you have, list prices. The price may be what you paid for the item, what price you sell the item at, your bottom expenses, or your bottom earnings from the item.[4]
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Make a column to list stock remains. Next to the list of your items, make a column where you can list the amount of stock you have per item. If necessary, leave room for labels—boxes, dozen, pairs, etc.[5]
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Fill out descriptions. Go through your list of items and begin filling in descriptions. This will help you get organized before taking your inventory counts. When looking over your items and filling in your descriptions, start organizing your items into groups to make counting stock faster. There are multiple ways you can do this.
- Organize your stock room by item alphabetically.
- Pull the items you have an excess of into the front.
- Order them by serial number.
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Select a time frame. Inventory reports should be filled out on a consistent basis: weekly, monthly, or annually. Be sure to label the time frame that you’re using before taking count of your items.
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List inventory. Go through your inventory and list the amount of stock you have for each item. Be sure to label your stock review with a unit of measurement if needed. Also, list “0” for any items that you’ve run out of. Don’t leave the space empty.[6]
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Sign and date. Once you’ve filled out your inventory report, double check your stock review. A proper review will give an accurate account of expenses, stock items, and damaged items. If everything is accounted for and labeled properly, sign and date the report.
Community Q&A
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QuestionWhat are the advantages of writing an inventory report?
Community AnswerThe report gives you knowledge of what is left in stock. This prepares you for the next purchase purchase of goods. -
QuestionWhat colors are best to use in a store report?
Community AnswerThe colors are generally not important. Keep it simple and not flashy or overly bright.
Video
Tips
References
- ↑ http://docs.oracle.com/cd/A60725_05/html/comnls/us/inv/phyrpts.htm
- ↑ http://docs.oracle.com/cd/A60725_05/html/comnls/us/inv/phyrpts.htm
- ↑ http://docs.oracle.com/cd/A60725_05/html/comnls/us/inv/phyrpts.htm
- ↑ https://www.costguard.com/Tutorial/about_files/Inventory_Reports_Lists.htm
- ↑ http://www.businessformtemplate.com/preview/Inventory_Report
- ↑ https://clearlyinventory.com/resources/inventory-basics/
About This Article
An inventory report is a summary of current stock in a business. To write an inventory report, you’ll want to list every item you stock and how many of each item remain. If any items are out of stock, just number them as 0. You should also leave space for a description of the item, where you can note how many colors or sizes you have in stock. Here, you can also mention if an item is damaged or missing. If you have multiple stock rooms, note which room each item is in so you know where everything is. You’ll also want to mark each item’s price to help you keep track of expenses and profit. Arrange your items alphabetically or by serial number. At the bottom of the report, make sure you sign and date it for your records. For more tips, including how often to do an inventory report, read on!
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