How to Use Excel for Inventory: Everything To Know About Using

by James Antonio

Excel is the best choice for keeping records and everything. Tracking inventory by using Excel can be considered as simple and complicated as well. You can add almost 250 kinds of categories, entries for different workbooks, complex formulas for calculations, and more. When it becomes integrated with QuickBooks, you can always count for a treat. Be it your business transactions, profit and loss or any other report, with excel it becomes easier and efficient. Steps to use excel for inventory.

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Dancing Numbers helps small businesses, entrepreneurs, and CPAs to do smart transferring of data to and from QuickBooks Desktop. Utilize import, export, and delete services of Dancing Numbers software.

All you need to do is to figure out the right details for tracking as well as the categorizing of your data. With this approach, Excel will always have so much to offer and your mind will stay at ease. You will become pro and you can do what not when it comes to magic calculations.

Following are some of the suggestions for things to track under Excel spreadsheet:

  • Description
  • SKU
  • Location
  • Bin number
  • Barcode or QR code numbers
  • Quantity
  • Reorder quantity
  • Units
  • Cost
  • Reorder flag
  • Inventory value

These above mentioned terms are just some suggestions to count for. You can always remove things that are not relevant to your business. You can also add a few of the additional items you’d like to track, in case we missed something. These specific categories will give you some good ideas to ensure that you have a solid idea for building your inventory management spreadsheet.

You could always choose to stop here with your Excel inventory tracking spreadsheet. Many organizations do it and have successful results. If you’re still feeling like taking things up a notch, then you can add smart calculations to your spreadsheet. You can use Excel’s powerful computational tools.

Some of the most commonly used calculations on an Excel inventory spreadsheet. Try these for starters:

  • Quantity in stock
  • Quantity in reorder
  • Purchase costs
  • Inventory value

With Excel, you can almost customize and configure it to your preference and do almost anything or everything. If there are some other calculations, then as well you would find valuable for managing your inventory. For this, you need to add them to your sheets.

If you’re all set to take Excel for a spin as your best inventory management tool, then the very first step involves finding the right template of spreadsheet for you. Here are again a few options to consider:

Build Self Designed Spreadsheet

If you already are a pro, then you can start building your sheet from scratch. It will give you better manual control and the freedom to design your spreadsheet as per your preference.

By taking this specific approach, you’ll be getting exactly what you want and need because you’ll customize it to meet your specific inventory challenges. IT can be considered as time taking but the benefits of having a spreadsheet that conforms to your company’s inventory management requirements is something that outweighs the other doubts.

The obvious and potential downside can be that building a spreadsheet from scratch can become pretty challenging. If you have complex requirements and aren’t familiar with the ins and outs of Excel.

Use a Pre-Filled Template for Excel

At any point, if designing an entire Excel inventory management spreadsheet from scratch appears to be too overwhelming (or not the best use of your time), then, you can always opt for a pre-built template. You can avail any template of your choice from a wide range of needs. If you can open Excel and search for “inventory,” you’ll be able to find pre-designed examples that may meet your requirements.

From there, it’s just a matter of finding one that suits you the best as per your business requirements and include all the major areas you need. You just need to select it, and apply your data and information.

Find a Template Online

If you don’t find anything suitable or you want something more than just Excel’s templates, then do not worry at all. There’s an entire world of internet that has zillion templates available in excel.

With a gazillion users, the Excel template community is full of spreadsheets that are designed and used by others. Several of these templates are free and some can be paid. As per your requirement, you can choose accordingly. You can find one you like, then just go ahead and download it, and it’s all set to go for record keeping.

Points to Remember While Working with Excel

Some points to consider while working with Excel:

You need to Audit the Data on a Daily Basis:

We’ve always discussed how human error is always a possibility that never gets ruled out with Excel spreadsheets. In order to avoid such mistakes, you can simply conduct daily audits of your data. By utilizing the benefit of regularly scheduled audits, you can ensure to overrule the problems before they have the opportunity to get piled on over the time.

Alternate Solution is to Track Your Inventory Both on Paper and on the Spreadsheet.

This suggestion may appear like double work (because it is), but it will also give you a better picture by offering a daily count to compare. You can keep a check on your spreadsheet and spot discrepancies. The delay in updating is one of the biggest and most common reasons for human error with Excel spreadsheets happens when there are delays updating the sheet.

Store the Backups in the Cloud space

Your Excel inventory sheets or any other reports related to your business is one of the most important documents. For this, you need to ensure that it’s backed up and saved at a safe place which gives you easy access at all times.

Consolidation of the Data for Monthly Reporting

With Excel, analyzing historical data becomes very challenging. We can ease off all the challenges by consolidating the data on a monthly basis. This way, your data management will become great.

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Features of Dancing Numbers for QuickBooks Desktop

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Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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