aids stock-taking and valuation.

1. Elosimple excel inventory User Guide
Elosimple
excel
inventory
User Guide
A user friendly MS Excel Inventory
Records Template; eases preparation of
inventory reports
Peter Elolo Darrah, C.A.(Gh)
Tax Audit, DTRD, Ghana Revenue Authority
elodarah@yahoo.com
+233244592866
+233202441763
12/19/2012

2. elosimple excel inventory template
FOREWORD ................................................................................................................................... 3
GETTING STARTED ...................................................................................................................... 3
HOW TO OBTAIN A COPY OF THE elosimple excel inventory template.............................. 3
HOW TO SAVE A COPY OF THE elosimple excel inventory template .................................. 3
HOW TO OPEN THE elosimple excel inventory template ...................................................... 3
OVERVIEW OF elosimple EXCEL TEMPLATE ........................................................................... 4
elosimple SHEETS ...................................................................................................................... 4
Index sheet ............................................................................................................................... 4
InventorySetup sheet ............................................................................................................... 5
Tally sheet ................................................................................................................................. 5
Report sheet ............................................................................................................................. 6
HOW TO USE elosimple EXCEL TEMPLATE ............................................................................. 6
INDEXING .............................................................................................................................. 6
TALLYING ............................................................................................................................... 8
Making Entries .................................................................................................................... 8
Accounting Periods ............................................................................................................. 8
Ledgers ................................................................................................................................. 9
INVENTORY REPORT ................................................................................................................... 9
SECURITY....................................................................................................................................... 9
SHORTCUT KEYS ........................................................................................................................ 10
CONCLUSION ............................................................................................................................... 11
BIBLIOGRAPHY............................................................................................................................ 11
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3. elosimple excel inventory template
FOREWORD
elosimple excel inventory template has been designed to ease preparation of inventory
records and reports (Andrews). The user is not burdened with the drudgery of preparing
columns for inventory heads (items) on several worksheets involved in the record-keeping.
All the user needs to do is just to set up the required Chart of Accounts (with Inventory
Codes) under desirable groups of inventory.
However, the eloInventoryRecords is only effective and accurate to the extent that the
formula cells are not inadvertently removed or altered by the user. The user, therefore, is
ultimately responsible for the accuracy of the records prepared; using this template.
GETTING STARTED
HOW TO OBTAIN A COPY OF THE elosimple excel inventory
template
The template can be obtained from the address on the Index and CashJournal sheets (i.e.
+233244592866, +233202441763 or elodarah@yahoo.com).
HOW TO SAVE A COPY OF THE elosimple excel inventory template
It is important to have MS Office Application which should be of a version not lower than MS
Office 2007 before the template can be saved on your system. If there is a lower version like
MS Office 2003 on your system, then the template must be saved as MS Office Excel 2003
before copied for transfer (saving).
HOW TO OPEN THE elosimple excel inventory template
A password request may be prompted at each time that an attempt is made at opening a
protected template; which must be supplied by the user.
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4. elosimple excel inventory template
OVERVIEW OF elosimple EXCEL TEMPLATE
elosimple SHEETS
We have the following sheets in elosimple excel inventory template Workbook:
Index sheet
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5. elosimple excel inventory template
InventorySetup sheet
Tally sheet
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6. elosimple excel inventory template
Report sheet
HOW TO USE elosimple EXCEL TEMPLATE
INDEXING
All the resources in elosimple excel inventory template workbook are found in the index
sheet. Each of these is linked (i.e. hyperlinked) to its location in the workbook. The index
page is accessible on any resource in the workbook.
The headings for Account Codes in the Tally are linked to the AccountSetUp Sheet. This is
activated by just a click on the heading: Allocation.
After getting the code click on the Tally link in InventorySetUp to return to the Tally to
complete the record.
Alternatively, simply click on the sheet tabs:
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7. elosimple excel inventory template
INVENTORY SETUP
This is the most important aspect of the recording process. With reference to the
InventorySetup sheet in OVERVIEW, type in the Business or Organisation Name, Start
Date, End Date and Accounting year.
This is best explained in the table below:
CELL
NUMBER EXPECTED CONTENT
C3 Business or organisation name
C4 Start date; e.g. 01/01
E4 End date; e.g. 31/12 or 12/31 for US-English system
G4 Accounting or period year: e.g. 2012
Proceed to type in the Inventory codes and respective Inventory items (heads). Those
Inventory Codes with respective Inventory Groups found on the template are somewhat
suggestive. User may use or apply own codes, items and group of accounts. You may insert
more rows while ensuring that you maintain the serial numbering in column A.
Utmost care need to be taken when preparing the chart of accounts. The grouping of the
codes determines the outlook of the inventory report.
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8. elosimple excel inventory template
TALLYING
There is an expandable tally table in the Tally sheet. We need to observe this table carefully
because this is where all the recording and posting of the material/product/item receipts and
issues are done:
USER’S REQUIRED
COLUMN RESPONSE FUNCTION
Date Make entry Transaction date
Supplier/Recipient name or
Received from/Issued to Make entry remarks
Voucher/Document serial
Reference Make entry number
RECEIPT/ISSUE(-) Make entry Precede issues with (-) sign.
Formulated to post receipts
and issues.
View balance for inventory
Allocation Figure No entry ledger in cell E10
Allocation Make entry Posts inventory names
Formulated to post inventory
Account No entry names
Making Entries
The tally table is expandable. Any attempt at entering the date or anything below the last row
in the table automatically generates a new row as many times as possible.
Any issue should be preceded by a minus (-).
It is very important to enter the inventory code. Without the entry of an inventory code such a
record can never be complete.
Please do not leave empty rows in between the records.
Accounting Periods
The user can get accounts for any period by selecting from the date heading.
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9. elosimple excel inventory template
Ledgers
The tally table can, also, be manipulated to show transactions for a particular item of
inventory and thus produce an inventory ledger.
The user can get transactions for a particular account by selecting such an account from the
allocation heading.
INVENTORY REPORT
An inventory report is concurrently produced on each entry or update in the Tally table. Once
costs are allocated (i.e. the lower of cost or Net Realisable Value) in the Setup, it is very
possible to have the value of Closing or Ending Inventory of any period of your choice; in the
accounting year or the whole accounting period and up to date.
Like the tally, the report table is also expandable.
The report may be saved in a Portable Document Format (PDF) to maintain its originality.
SECURITY
It is possible to loose all your documents unexpectedly due to the
presence of virus in your system; loss of soft materials. How about the
possibility of hardware loss through theft, robbery, fire, damage etc.?
That is all the more reason one needs to give prior attention to matters of
security in a computing environment.
To safeguard your work, please do the following from time to time:
 Check on your system’s health status; Go to start and click on
‘control panel’ and then on ‘Review your computer’s status’ or
‘Action Center’ to check on the effectiveness of your Anti Virus
Application.
 Scan your system and memory sticks (pen drives) on suspicion of a
virus.
 Ensure that you have a backup and get an external storage device
i.e. pen drive, hard drive etc for backing up important documents.
Hint: do not keep your system (computer) and the secondary drive
together.
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10. elosimple excel inventory template
 Important documents or files may be attached to emails or
uploaded to a trusted site (e.g. Google Drive) on a dedicated
remote server.
 Save Tally and Inventory Report in a PDF to avoid unwanted
alterations.
 You may put a password on your documents to restrict or prevent
access. (Hint: please do remember the password).
SHORTCUT KEYS
The following shortcut keys could help in saving time spent on performing some basic but
important tasks:
Press this key To do this
F1 Display Help
Ctrl+C (or Ctrl+Insert) Copy the selected item
Ctrl+X Cut the selected item
Ctrl+V (or Shift+Insert) Paste the selected item
Ctrl+Z Undo an action
Ctrl+Y Redo an action
F2 or fn+F2 Rename the selected item
Ctrl+home Move the cursor to the beginning of the document
Ctrl+Right Arrow Move the cursor to the beginning of the next word
Ctrl+Left Arrow Move the cursor to the beginning of the previous word
Ctrl+Down Arrow Move the cursor to the beginning of the next paragraph
Ctrl+Up Arrow Move the cursor to the beginning of the previous paragraph
Ctrl+end Move the cursor to the end of the document
Ctrl+Shift with an
arrow key Select a block of text
Ctrl+A Select all items in a document or window
F3 Search for a file or folder
Insert a selected row or column in MS Excel (Hint: select row or
Ctrl+Shift+plus column by clicking on the row or column label)
Delete a selected row or column in MS Excel (Hint: select row or
Ctrl+minus column by clicking on the row or column label)
Ctrl+;(colon) Insert date in an MS Excel cell
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11. elosimple excel inventory template
Press this key To do this
Ctrl+’(apostrophe) Repeat a an action in the previous MS Excel cell above
Alt+Tab Switch between open items
Alt+F4 Close the active item, or exit the active program
CONCLUSION
The elosimple excel inventory template is a concept formulated for spreadsheet users desirous
of preparing inventory records for any entity.
This is no accounting software but rather an idea facilitating spreadsheet accounting.
This concept gives the same level of convenience, speed and accuracy offered by any other
accounting system.
To avert the possibility of unauthorised alterations and loss of data, the following actions are
recommended:
1. Set up your savings in a back up mode; go to Save As dialog box, select Excel
Workbook, then to tools, select general options and check the Always create backup
box, OK and save.
2. Periodically save the Tally and Report sheets, weekly, monthly and quarterly or to
your own taste in a Portable Document Format (PDF).
This concept is very reliable as it is capable of preventing errors except for the fact that no
one else can be held accountable for your own inputs apart from your good self.
I am very grateful to all and sundry.
BIBLIOGRAPHY
Andrews, J. J. Accounting Campus.
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