Download UAE VAT Inventory Management template in Excel and Spreadsheet. As per the VAT Law, it is mandatory for every business to maintain Inventory to keep record on its purchase and sales process.
Different countries have different inventory management systems protocol. This excel template is useful for UAE area however, with little customization, this template can be useful for other countries and regions.
Why inventory management is important ?
Inventory management means keeping record of incoming, in stores and outgoing inventory i.e. Raw materials, spares and any other thing that is useful in rending final product or services. It also provides information about current status of products in hand, the purchase price per unit, and the value of stock in hand, etc.
Furthermore, this excel template assists you in knowing the sales pattern of products, through which you can know the best performing products and maintain stock levels accordingly. It also helps to know the exact stock of each product. Thus, helping you to understand when and which products to be re-order. Thus, Inventory management has various implications like –
- Understanding the sales and purchase patterns
- Making right calculated decisions for re-ordering
- Optimizing the storage or inventory cost (average)
- Identifying the perfect mix and hero products/ inventory
This template is useful for businesses such as retail, wholesale, and especially e-commerce businesses. This template comes with pre-applied formula and field validations.
About UAE VAT Inventory Management Excel Template
Once you download this inventory management excel template for UAE, you will find three sections, namely,
- Header Section,
- Inventory Section, and
- Value of Stock Section
1. Header Section
The header section consists of Company name and the header of the sheet “VAT Inventory Management Excel Template”.
2. Inventory Section
This section consist of following subheadings:
- Product ID: You can predefine the product id for your products.
- Product Detail: In addition to the above you can describe your product name here also.
- Quantity Purchased: Enter quantity purchase for the product.
- Quantity Sold: Enter sales of products against its respective cell. This will give you exact inventory status of the product.
- Quantity in Stock: Quantity in stock has predefine formula. The formula apply here is Purchase – Sales = Quantity In Stock
3. Value of Stock Section
- Price/Unit: Mention Price per Unit here to calculate value of the stock without VAT.
- Value of Stock Without VAT: Value of Stock without VAT also has predefine formula. The formula apply here is Stock in Hand X Price per unit.
- 5% VAT: This cell will calculate only the amount of 5 % VAT. Formula: So, Value of Stock without VAT X 5%.
- Value of Stock Including VAT: Moreover, Prior to the implementation of the VAT, Value of stock = Price/Unit X Stock in Hand. Now it is Value of Stock = Value of Stock without VAT + Amount of 5 % VAT.
- Reorder Level: Furthermore, Reorder level means a limit of the product below which if the stock goes the sheet must provide indications. Define a level for Reorder. Also, It will highlight the row if a product stock is below that limit it. So, we can reorder the product to prevent the unavailability of goods. As discussed earlier, there is a checkbox in the header section. If checkbox is check, the product below the reorder level will automatically highlight.
- Reorder Quantity: Reorder quantity is number of products to be ordered.
- Discontinued Product: Mostly, it happens that there are some products whose sale has stop and we don’t buy them.
Download and use UAE VAT Inventory Management Excel Template
To use this free UAE VAT Inventory Management excel template, you should have Microsoft Office/ Microsoft Excel installed in your system. After installing Excel or Spreadsheet, download the zip file of this template, extract the template using WinRAR or 7Zip decompressing software.
Once extracted, you can open the file using Excel and start entering data or customizing the template. You can customize the currency, color scheme, fields in this excel template as per your requirement.