Using it, you can combine data you’ve located with another value. The VLOOKUP function is helpful in situations when you need to find things in a table or a range in a row. VLOOKUP: =VLOOKUP(LOOKUP_VALUE,TABLE_ARRAY,COL_UNDEX_NUM, ) The FIND function allows you to isolate small, specific data, while the LOOKUP function allows you to perform a wider search. Mastering this formula can increase your efficiency greatly. FIND or LOOKUP: =FIND(TEXT,WITHIN_TEXT, ) or =SEARCH(TEXT,WITHIN_TEXT, )īeing able to find data quickly in all your values is extremely useful. However, this only works if you constantly update your ingoing and outgoing stock formulas so you know those are correct at any given time. This is helpful when looking into ordering more inventory, as you will quickly be able to see how much you have in stock. Stock Level: can combine the formulas you have already into a new formula so you can see what your current stock level is based on the incomings and outgoings. This formula can help you keep better, more accurate data and avoid overselling. The outgoing stock formula works with the SUMPRODUCT function to help you easily calculate how much inventory has been sold and shipped. Outgoing Stock: =SUMPRODUCT(($B5=item)*(movtype=”Outgoing”)*(quantity)) You can lower stress and the amount of work you have to do in the long run as this function can help you manage your stock levels appropriately. ![]() This will help when it comes time for an inventory audit as there will be fewer discrepancies between the numbers in your channels and the physical amount of inventory you have. You can use Excel to count your incoming stock using a variation of the SUMIF function combined with your product codes. Incoming Stock: =SUMIF(INCOMINGS CODE]] INCOMINGS) ![]() This helps calculate shipment and return values or sales averages by various markers. Multiplication is the default operation, but to change it, you simply replace the commas with the operator you want. SUMPRODUCT =SUMPRODUCT(RANGE1,RANGE2)/SELECT CELLĪnother variation of the SUM formula, SUMPRODUCT allows you to add, subtract, multiply or divide products from a certain range. This helps distinguish the sum of the value of products for a specific customer or something similar. The range specifies the range of cells you want to be evaluated by the criteria, which should be in the form of a number, expression, reference text or function. The SUMIF formula builds on the SUM formula but allows you to specify the criteria you are looking to get the sum of. If this is the case, a shortcut is to select the last cell in the row or column and hit Alt+. This will often look like adding the values of a row or column. The SUM function works to add values through individual values, cell references, cell ranges or a combination of the three of them. The program offers a host of options and shortcuts that aren’t necessarily intuitive, so here are 20 you should know when choosing an Excel spreadsheet for your inventory management. 20 Useful Microsoft Excel Formulas for Inventory Managementīasic inventory management is easier with inventory management Excel formulas. As your business grows, you need to keep up with the growing demands, and Microsoft Excel can help you do that. Inventory control formulas in Excel can increase the efficiency and productivity of your business as you become more organized in your inventory management.
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