How to Use Excel for an Inventory Accounting System

Written by stephanie ellen
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How to Use Excel for an Inventory Accounting System
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Microsoft Excel can be used for a variety of business needs, including keeping track of inventory. Whether you have to keep track of software, documents or the cost of goods sold, Excel has a template to use. With an Excel template, you don't have to create an inventory accounting system from scratch; you can easily enter and keep track of your inventory.

Skill level:
Moderately Challenging

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Things you need

  • Excel 2007 or Excel 2010

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  1. 1

    Click the "Microsoft Office" button, and then click "New."

  2. 2

    Click "Inventories" from the list in the left-hand column.

  3. 3

    Double-click the inventory sheet you would like to use. For example, you could choose "Book Inventory" or "Parts Inventory." The inventory will download and open automatically in Excel. There are dozens of templates you can choose from, including inventories for home and business. The actual number of templates you can access will depend upon your version of Excel and if you have downloaded any templates from the Internet.

  4. 4

    Click on any items contained within brackets to customise the spreadsheet. For example, you might click [Company Name] to enter your company name.

  5. 5

    Follow the instructions on the template to fill in the inventory list. Once you have populated the template with your items, Excel will use built-in template formulas to calculate the number of items in your inventory. For example, a home inventory template may have an auto-summation formula in the "Total Items" box of your worksheet, which updates automatically with each entry you make into the spreadsheet.

Tips and warnings

  • Before you enter a number into a cell, take a look at the function, or fx, box at the base of the toolbar. If the function box has a formula in it, you are not supposed to enter data into that box: Excel is calculating the result for you.

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