Inventory management has never been a simple task for the business – especially in the context of business scale expansion, interracial, diverse types of goods, cash flows requires the strict control. A minor deviations in the data inventory can entail serious consequences: cargo loss, enter the wrong time, the cost of storage increases, even affect the financial statements, investment decisions.
Therefore, how to make report inventory become a core tool to help businesses understand the complete picture of cargo: entered what – how much – survive, how many – the present value is how much. The establishment is reported import – export – inventory standards not only is the task of inventory accounting, which is also an integral part in the operating procedures of professional modern enterprise.
In this article, from the perspective accounting professionals business, AccNet will guide detail from concept – structure – how – support tools – all the common mistakes, help you not only understand the right but also fully master the technical report inventory standards and practices.
1. Report inventory is what?
Definition
Report inventory (usually called reports NXT) is a table integrated whole movements of goods in a specific time period: including the number, value of goods survive the beginning of the period, arising import – export in the period, survive the end of the period. This is the type of report background in management, inventory management, business accounting.
The main goal of how to report inventory, this is:
- Give the data accurate – timely – enough about the situation of goods in stock
- Decision support order entry, discharge, transfer of goods, reasonable
- Strictly control the flow of money through value analysis, inventory
- Is grounds for comparison with actual inventory, financial statements
For example, A retail business, using electronic reporting NXT to detect a product code “Bluetooth Headset XZ3” did not arise in 3 consecutive months, high inventory, from which decision-discount liquidation to the optimal rotation of inventory.
Who is used to report inventory?
How to make report inventory not only for accounting – that is still working tools essential with many different departments within a business, including:
- Inventory accounting: a person who directly integrated reporting
- Stock: check data, collated with conservation practice
- Purchase parts: based on the inventory to determine the amount of income
- Parts sales: get inventory to consulting, product sales policy
- Board of directors: effective tracking inventory, business assets
According to the survey from SmartLog 2024, 87% of small and medium enterprises in Vietnam is still reporting NXT Excel or sheet of paper, out of which, 46% had discrepancies between reports, actual inventory at least 1 time per quarter, primarily due to the process of reporting has not basically.
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2. Structure of a report inventory standard
The basic criteria in the report
A report NXT standards, need to ensure the data field core follows:
| STT | Item code | Name of goods | Unit | Survive the beginning of the period | Log in | In any | Survive the end of the period | Value preservation |
In which:
- The first viable states: taken from the end of previous period
- Enter in the states: the total number of warehouses in the report period
- In the states: the total number of out of stock
- Survive the end of the period = the first viable + Import – Export
- Value inventory = Inventory end of period × cost Price or average price
The only goal this way report inventory may be accompanied by notes, batch, expiry date, date of entry – option to request control.
Report form is often used in business
Depending on the characteristics, activities, businesses can apply multiple templates of different reports:
- Synthesis report under the category of goods: suitable for senior management want to look overall
- Detailed report by warehouse or item code: help warehouse/accounting track specific items
- Report according to the mold flexible time (day/month/quarter): service analysis, trends, import – export
- Sample reports in a row: often used in the business has the items multidisciplinary (such as FMCG, construction materials...)
Hint: You should standardize the sample report in business according to logic in Excel or software, in order to avoid dependence on the individual handle manually.
3. Instructions on how to do report inventory using Excel
Excel is still the most popular tool today when business starts to set accounting system basic inventory. However, to ensure the reports NXT right – enough – less errors, you need to have the process of reporting clear, from the stage of data preparation to handle using the formula.
Prepare input data completeness & accuracy
Pre-made how to make report inventory, you need full synthetic input data, including:
- List of goods: item Code, item name, unit, group of
- Table warehousing: Date of entry, item code, quantity, entry price
- Table export warehouse: Date, item code, quantity and price (if any)
- Of the first viable states: the Number of goods remaining early states, taken from the previous period
Tips expert: Should create a sheet for each table, code goods must be homogeneous to easy-to-use synthetic formula.
Set the formula for calculating the input – output – inventory
This is the most important step in how to report inventory. You should create a summary table with the columns: item code – name – unit – survive first – import – export – survive the end – value conservation. The common formula:
- Calculate total income: =SUMIF(BangNhap[item Code], [@Code], BangNhap[Number])
- Total production: =SUMIF(BangXuat[item Code], [@Code], BangXuat[Number])
- Survive the end of the period: =first viable states + Import - Export
- Lookup item name: =VLOOKUP([@item], DanhMuc, 2, FALSE)
- Value, exists: =Inventory end of period × the Price of capital
Note: If the business price average end need to calculate average price earnings according to each states.
Hint professional format for Excel report
Not only the right recipe, how to make report inventory also need to show the professional, easy to read:
- Coloring subject line, fixed line head to track more easily
- Create a filter (Filter) to filter quickly in the warehouse, items, survive low
- Mounting conditional formatting: inventory alert the maximum rate (car, yellow)
- Lock region contains recipe, only allowed to enter in the column data
The result: You will have a report inventory can update daily in parts inventory, accounting, management catch up all the fluctuations.
Read more: File warehouse management with Google sheets to share easy to follow real time
4. Software solution alternative ways of reporting inventory crafts
When businesses grow, the volume of goods increased a hundred – thousands of code, the reporting tools, Excel starts to become cumbersome and risks.
When Excel is no longer enough?
Below are the signs that shows how to report inventory using Excel no longer meet the requirements for inventory management:
- Excel File is heavy, open, slow, error-prone recipe
- Input crafts confusing, overlapping, lack of control
- Does not support multi-warehouse management, decentralize users
- 't have the ability to sync with the accounting system, sales, purchasing
- Take a lot of time, synthetic no inventory alert in excess
According to the research of the Base.vn 2023, more than 42% of businesses lost an average of 4 – 6 hours per week only to handle inventory report in Excel, 33% of which ever happened serious errors due to wrong code or enter the wrong number.
Benefits of using accounting software inventory
Specialized software helps to automate the entire process of inventory management:
- Sync data from the goods – goods – inventory in real time
- Automatically report according to each branch, each warehouse, each group of goods
- Warning of inventory for too long, daily, almost, about to expire
- Connect with electronic invoicing, financial accounting, management reports
- Data export format: PDF, Excel, Power BI...
Solution hints: AccNet Inventory – accounting software inventory intensive for business English. AccNet Inventory software is inventory management specialist located in ecosystem AccNet ERP, in accordance with Vietnam business needs:
- Cargo tracking multi-warehouse, multi-batch, according to expiration date
- Integrated inventory accounting, financial accounting
- Automatically reports NXT daily, week, month
- Responsive from small business to medium scale production
AccNet Inventory are more than 3,000 business effectively used to replace Excel, reducing 80% of the processing time data warehouse.
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5. Common mistakes when reporting inventory
Although manipulation how to report inventory on Excel or using the software, if the business does not tightly control the process of reporting, then the errors can still occur. Here are the most frequent errors that many businesses have been facing.
Data input wrong or missing homogeneous
- Tap the wrong item code, item name, unit does not match between the import – export – directory
- 't fully updated the coupons import/export arising in any
- Fragmented data when many people enter data manually into the different file
Impact: When the data input to false, all the later (inventory last value inventory, accounting reports) are losing value, can cause huge losses financially.
The omission of the code does not arise transactions
A lot of reports NXT show only items that arise import/export without showing inventory static (non-volatility in the states). This:
- Misleading, but that ended when the fact still remains
- Make business skip the processing of the long, slow-moving
Solution: Always ensure that displays all the rows in the report, including non-arising, to capture panoramic warehouse.
Does not distinguish between conservation practice, inventory accounting
This is serious errors, which often occur in business process inventory or not consistency between the accounting department, warehouse.
- Survive the reality is the amount of inventory carried in stock
- Inventory accounting is the number of conservation under books or software
The disparity between these two numbers if not dealt in time will lead to loss of control over property, controversial internal or deviation in financial statements.
According to data from MISA (2024), 29% of small businesses is the difference inventory from 5 to 15% between the actual books, the main cause is not for regular screenings.
How to make report inventory not only is a spreadsheet mere, which is the “map operation” of the entire supply chain business insider. Done correctly this report – business can:
- Optimal inventory, save money flow
- Avoid buying excess or missing orders
- Ensure data input accuracy for financial accounting, tax
- Increase the ability to control, reduce risk, losses, errors
If you are using Excel, felt reports slow, difficult to control, easy error – the time has come you need to solution more professional. Let's experience AccNet Inventory – software inventory accounting in depth, to help you:
- Automatically updated input – output – inventory in real time
- Report instant – precision multi – angle
- Management flexibility in the warehouse, items, batch codes, - term use
- Integrated smooth with invoicing systems, finance, buy and sell
CONTACT INFORMATION:Free Demo AccNet Inventory at this
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- ☎️ Hotline: 0901 555 063
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