What Is Inventory?
An Inventory is a list of all items contained in a particular place. It represents a comprehensive summary of all objects that belong to a home, office, business, or just one room or part of the building. Whether you manage a business that requires a precise inventory to serve the needs of your clients or you simply want to arrange your belongings for personal use, create an inventory to organize these items and assets.
See our library of Inventory templates below to find the one you need:
- A Home Inventory allows users to keep track of all objects they have in their households for insurance purposes or simply to know which possessions they currently have.
- A Clothing Inventory is a common management tool for fashion retails who need to meet the demand of their customers by always offering enough clothing items in their storage.
- A Moving Inventory is a smart and efficient way to group all the belongings when an individual or company changes its place of residence or location.
- A Home Office Inventory lets people who work from home record the supplies they use to do their job in order to claim deductions from the IRS.
How to Do Inventory?
Here is how you create a proper and full Inventory template:
- Record all the inventory items you have in stock. You can draft a table or a diagram if it helps you visualize the objects better. When you prepare for moving, you can categorize the items in different tables or sections so that it will be easier to unpack and keep everything in order.
- Indicate items that are missing for some reason or are no longer available. When you prepare an inventory for your business, you need to list all objects that must be present and refill the stock at the first opportunity while writing down "0" across them in the inventory. It is recommended to use an inventory turnover ratio to see how many times you have sold and replaced these items during a certain period of time - this way you will be able to make better business decisions regarding manufacturing and pricing.
- Compose the inventory by serial numbers or alphabetically - try to come up with a system that will make your inventory easy to comprehend, especially if later you will have to report back to your supervisors or present the information from the inventory for an official audit.
- Do not forget to put a brief description of the items in a separate column. It will be helpful if all the objects are different or you have assigned numbers to all of them; otherwise, you need to describe them by size, color, and distinctive characteristics to recognize them in the future. You should also mention any faults or defects some items may have to distinguish them from the rest.
Related Forms and Templates:
Use this template to create an inventory of a home office for business or tax-related purposes.
If you're looking to move, this document can be useful to keep an inventory of anything you want to keep track of during the moving process.
The purpose of this document is to take inventory and summarize data about the contents of an individual's house and estimate its financial value.