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Collecting and organizing inventory data in Excel, including item names, quantities, prices, and sales data. Using Excel formulas and functions to calculate inventory value, cost of goods sold, and other metrics for analysis.
- Sum
- Sumif
- Sumifs
- Lookup
- Vlookup
- Hlookup
- Xlookup
- There’S A Lot More to Excel Than You Might Expect
If there's one formula you'll use in your entire life, then SUM would be it. This function allows you to add values without selecting each cell individually. You can save time by using this command and then choosing the cell range you want to add. Formula:=SUM(number1,[number2],...) 1. NUMBER1: This is the first value for adding. It can be any numb...
This formula adds one layer of complexity to the sum function. You can use the SUMIF command if you want to filter out the cells you want to add. For example, if you only want to find the sum of inventory sold from a specific supplier, you can use SUMIF. If you're going further to narrow down your filter to a particular product, you can use SUMIFS....
Formula: =SUMIFS(sum_range,criteria_range1,criteria1,[criteria_range2,criteria20,...) 1. SUM_RANGE: These are the cells to be added. 2. CRITERIA_RANGE1: These are the cells that Excel will test. If the values here are true based on CRITERIA1, the corresponding SUM_RANGE cells are added. 3. CRITERIA1: This is what defines CRITERIA_RANGE1. This can b...
This function has two options: VECTOR and ARRAY. The Vector option is best for looking up data in specific columns. The Array option, conversely, searches for values in multiple rows and columns. It has since been superseded by VLOOKUP and HLOOKUP but remains for compatibility with older spreadsheets. Formula: =LOOKUP(lookup_value,lookup_vector,[re...
The VLOOKUP function is helpful for data arranged in columns. Excel looks for the value you assign in the first column of your chosen range. It will then count across columns based on the number you give and return a corresponding value. Formula:=VLOOKUP(lookup_value,table_array,col_index_num,[range_lookup]) 1. LOOKUP_VALUE: This is the value that ...
The HLOOKUP function is almost the same as VLOOKUP, except that your data here should be arranged by row. Formula:=HLOOKUP(lookup_value,table_array,row_index_num,[range_lookup]) 1. LOOKUP_VALUE: This is the value that Excel will look for in the first row of your table. 2. TABLE_ARRAY: This is the range of cells where the function will operate. Exce...
The XLOOKUP function is the evolution of the VLOOKUP and HLOOKUP formulas. It allows you to return multiple results, and you can use it to search for both by column or by row. However, this only works with Microsoft 365 versions of Excel. Formula:=XLOOKUP(lookup_value,lookup_array,return_array,[if_not_found],[match_mode],[search_mode]) 1. LOOKUP_VA...
These are some of the formulas you can use to help you manage your inventory. If you want to use Excel in other aspects of your life, these formulas can help you solve real-life problems. Knowing how to use these functions and a little formatting can get your inventory management system to go a long way.
- Updates Manager | Senior Writer
May 15, 2024 · How to Keep Track of Inventory in Excel (With Easy Steps) Written by Afia Kona. Last updated: May 15, 2024. What Is Inventory Tracking? Inventory tracking involves monitoring and managing a company’s inventory levels, movements, and status. The primary goals of inventory tracking are:
Feb 26, 2024 · Key features include: Customizable templates: Excel provides flexible templates for diverse inventory needs. Data manipulation: Sort, filter, and analyze inventory data with ease. Formulas: Use built-in formulas for calculations like total stock value. Tables can visually represent data for better insights: Integration Capabilities With Other Tools
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Apr 3, 2020 · A basic template for your Excel inventory should include the product number, product name, item description, item price, item cost or value, item stock, quantity to reorder, and, if you want to update sales quantity or value, quantity sold.
Jul 26, 2022 · How to maintain an inventory management system in Excel with 20 formulas. How to manage your product data with Sales Layer. Working with Excel can be challenging, and even more so when it comes to managing your product inventory.
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