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- To calculate current stock, or inventory, you can use Excel Tables with a formula based on the SUMIF function. In the example shown, the formula in K7 is: = SUMIFS (In [ Qty], In [ Color],J7) - SUMIFS (Out [ Qty], Out [ Color],J7) Where "In" is the Excel Table on the left, "Out" is the table in the middle. Generic formula
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This formula demonstrates a very simple inventory concept where current inventory is simply the result of all incoming stock minus all outgoing stock. In the example, colors are treated as unique item identifiers – imagine a product available in one size only in just three colors: red, blue, or green.
- Sum
- Sumif
- Sumifs
- Lookup
- Vlookup
- Hlookup
- Xlookup
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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 It has since been superseded by VLOOKUP and HLOOKUP but remains for compatibility with older spreadsheets.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.
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- SUM. One of the most basic formulas for managing products and data in Excel. The SUM formula allows you to add up values in a row or column simply by selecting the last cell in the desired row or column and pressing Alt+.
- SUMIF. The SUM formula can be expanded with SUMIF, which enables you to add up all the values that meet certain set criteria. For example, the total value of products for a specific customer, or the total sales for a product in a particular channel.
- SUMPRODUCT. This is another basic function for adding up, subtracting, multiplying or dividing products from a range. You can use it to calculate average shipments and returns, average sales prices by product or profit margins for each product.
- INCOMING STOCK. Managing the number of units for each product that arrives into your inventory is essential to avoid any disparities between the numbers from your sales channels and your actual inventory.
Mar 21, 2024 · Table of Contents. What Is an Excel Inventory Template? Things to Include in an Excel Spreadsheet for Inventory. Best Excel Inventory Spreadsheet Template of 2024. Item Inventory Excel Template. Small Business Inventory Template. Larger Business Inventory Template Excel. Benefits of Using an Inventory Excel Sheet. Ease of Use. Consistency.
Create a Basic Inventory Formula by the SUMIF Function. In our example, we want to subtract values in column F from values in column C, based on the products. The formula looks like: =SUMIF($B$4:$B$8, H4, $C$4:$C$8) - SUMIF($E$4:$E$8, H4, $F$4:$F$8) For the first SUMIF, the parameter range is $B$4:$B$8 and the criteria is in the cell H4.
Mar 20, 2023 · The basics of Excel formulas. Before providing the basic Excel formulas list, let's define the key terms just to make sure we are on the same page. So, what do we call an Excel formula and Excel function? Formula is an expression that calculates values in a cell or in a range of cells.
Automated calculations: Formulas and functions in Excel can automatically calculate inventory values, reorder points, and more, saving time and reducing error. Data analysis: Excel provides tools for generating inventory reports and insights, facilitating informed decision-making and optimization.
