If you run a business in which you maintain a stock of things you sell, you will use the inventory entry register. A business needs to keep track of the inventory and make sure that no item goes out of stock. For this purpose, close monitoring of the inventory stock is performed. Stock outflowing and inflowing are kept track of so that the business remains aware of every stock detail.
What is an inventory entry register?
It is a professional tool that all those people use who want to keep track of inventory items. A register is a form of worksheet in which every detail regarding a new entry in the inventory is recorded.
Why is it important to have a stock entry register?
If you sell different products to your customers, you need to have information regarding the stock available to you and the stock your warehouse has run out of. This way, you ensure the availability of the stock in the warehouse. Therefore, using the register for stock entry is crucial. It is used as a main part of the inventory management system.
Main parts of the worksheet
As the name suggests, you will need the inventory entry register whenever a new stock item comes in. The register or the worksheet records the information about the stock that a business receives. In general, the stock is present in different forms.
In general, the inventory entry register keeps the details about:
- All the items that are brought to the inventory can be used whenever they are sold
- Goods that are produced and sold by a business in bulk
- Description of the merchandise
- Raw materials that are purchased or produced by the business to facilitate the manufacturing process
- Supplies are brought to the warehouse through the supplier.
Excel Worksheet File Size: 45 KB
What information does a warehouse register collect?
When you know that you can use this register for keeping a record of the items and supplies you should be able to fill in all the empty fields present in the register. Following are the details that are collected:
Date of the entry:
The first column of the register asks the user to mention the date on which the item or merchandise has reached the warehouse. This is essential information as it tells how long a product stayed in the warehouse and from which it belongs.
Details of the entry:
In the next column, the user is required to describe each item brought to the warehouse. Here the user will tell whether the new entry is a raw material, merchandise, or a supply.
In the next column, the user tells the purpose of that entry. Some items are brought to the stock because they are used by the company for carrying out various tasks while some are purchased for reselling purposes. The purpose should be vivid and to the point.
In case the company has purchased the entry, the price per unit should be specified.
Benefits of the stock entry worksheet…
There are plenty of benefits. Some of them are discussed below:
It helps in easy tracking:
There are so many details regarding the inventory entry and so many entries to keep track of. It is not possible for any human being to remember all the details. This is where the use of the worksheet of entries makes sense. The tracking of the inflow of the stock becomes easy with the use of the worksheet.
It helps in seamless transition:
When merchandise moves from the inventory, its status changes. This way, the transition occurs and the register records it. At the same time, if a person using the worksheet goes on leave, the other person will be easy to carry on the job since everything is already documented in the register.
It helps in calculations:
After a specific time period, every business takes a review of the warehouse to determine which product is needed and which is not. The entry register helps make these decisions as it can tell which item has been bought recently and is not required as of yet.
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