"Inventory Count Sheet Template"

What Is an Inventory Count?

An Inventory Count is a standard operating procedure that consists of keeping track of the stock an organization owns, counting it, and recording the collected data for future analysis and management.

Whether your goal is to reconcile the internal records of the business, find out how much stock the entity has in its possession now, estimate future income based on the number of sales, or ensure you have enough items at any time to meet the needs of the client base, this process will be crucial for your company.

You may find an Inventory Count Sheet template below.

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How to Count Inventory?

Follow this Physical Inventory Count Checklist to optimize and improve the inventory management in the warehouse that stores the items your company plans to sell or use for further manufacturing:

  1. Since taking a physical count of inventory is challenging, both physically and mentally, it is advised to authorize two employees to work on this task. One of them will examine the items in stock, and the other will fill out the spreadsheet - a printed-out tool later replicated to create an electronic copy of the document. In case the area is large, it would make sense to pair up more than two employees and divide the warehouse so that the workload is not overwhelming.
  2. While the Inventory Count is in progress, make sure the supervisor or manager is in touch to answer the questions of individuals conducting the operation, mark the shelves or areas that were checked already, note items that were discovered in wrong locations and relocate them, and track the efforts of the employees to decrease the likelihood of repeated errors.
  3. Complete an Inventory Count Sheet. It usually looks like a table - the columns specify the name of the item, provide a brief description if needed, indicate the item's category, size, and cost, and include the location of the item in the warehouse. You also have to confirm when the count took place and who performed it - once you are done, sign the papers and submit the sheet to your supervisor who will verify the accuracy of the details.

How Often Should You Count Inventory?

The frequency of Inventory Count depends on the amount of stock available and on the preferences of the warehouse manager. Small businesses may choose to keep track of stock every day, when the last shift ends, while big companies that own or rent large warehouses opt for checks that take place less often - weekly, monthly, or yearly. Consider the following Inventory Count methods that differ in frequency:

  1. Full count. Examine the warehouse area by area, shelf by shelf, and box by box. It is necessary to schedule this count taking into account several factors - how many people can conduct it, how big the warehouse is, and when the next delivery from a supplier arrives. You may do it at the end of every week or month when no items are added or taken out of the warehouse or on the day the business is closed which means the employees will have time to record the data properly.
  2. Cycle count. This approach means the warehouse employees do not check the entire place at once - they select a particular area or a category of foods that gives the person that carries out the inspection an idea of what the warehouse currently has. A cycle count can be performed every day, even during work hours, and it may last for a long time. It is possible to delegate the duty to one of the low- or mid-level employees instead of instructing an experienced warehouse worker to conduct the check.
  3. Ad hoc count. If you have discovered discrepancies during a previous Inventory Count, while you are selling the goods, or preparing a shipment, it is a good idea to correct the inventory with the help of an unscheduled check - it occurs randomly, whenever there is an issue. Focus on a specific item, track the internal records that show how many of them you are supposed to have in stock, and fix the error by updating the spreadsheet or restocking the warehouse.

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Inventory Count Sheet
Department:
Counted by:
Sheet Number:
Item
Description
Quantity
Location
__________________________
Signature
__________________________
Date
©
TEMPLATEROLLER.COM
Inventory Count Sheet
Department:
Counted by:
Sheet Number:
Item
Description
Quantity
Location
__________________________
Signature
__________________________
Date
©
TEMPLATEROLLER.COM