Forum Discussion
Managing Inventory with Excel
I recommend that you adhere to the suggestion of SergeiBaklan. Parts are classified under the line item "Raw Materials Inventory". The policy you wish to adopt is a flagrant violation of International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP) because you deliberately conceal the data regarding the value of parts acquired and used during a given period. Such parts, whether acquired (or used) during a given period or unused as at a given date, must be presented in the financial statements (or disclosed in the notes thereto). Otherwise, such a concealment is tantamount to a material misstatement that warrants an adverse opinion on the financial statements.
Thank you Twifoo, but this has nothing to do with our Financial Reporting or our Accounting Principles. This is only for tracking of labels that are used in my department and to have a quick reference for reordering. I do not work in Finance or Accounting, or Inventory.
Regardless of your intention, the golden rule is that data must be preserved to satisfy present and future needs. Erasing or concealing data is nonsense. You may find no use for it now but you may find it useful later. Whether in corporate or personal work, data must be preserved always. No reason is acceptable!
Again, Twifoo, I am only using this as a counting mechanism. It is not intended to be an actual Inventory tracking function. There is no need for you to explain to me why I shouldn't be using Excel in this manner; nor is there a need for you to berate me. I would appreciate it if you would kindly keep your comments to yourself. Thank you.
