Inventory reconciliation template
Inventory reconciliation means comparing what your records say you hold (book stock) with what is physically on the shelf, then explaining every difference. Paste one line per SKU below to get the variance in units and value, or download the blank workbook. Free, no sign-up.
1. Reconcile your count
Runs in your browser. Nothing is uploaded and nothing is saved.
Blank template
Download the blank inventory reconciliation template (.xlsx): columns for SKU, description, book qty, counted qty, unit cost, variance in units and value (formulas filled down), status, reconcile notes and who checked. It opens in Excel; Google Sheets can import it (File, Import). Its formulas are plain IF, SUM and COUNTIF; we have not tested the file in Google Sheets itself.
How to reconcile, step by step
- Freeze the book quantities at the moment you start counting, and note the date and time.
- Count each SKU once, blind if you can (the counter does not see the book figure).
- Enter book and counted quantity. Variance = counted minus book: negative is short, positive is over.
- Recount every line with a large variance before anything else. Many differences vanish on a second count.
- Write the cause in the notes column: miscount, wrong unit of measure, receiving or shipping not yet booked, damage, mis-pick, theft.
- Adjust the book quantity only for differences you have explained or accepted, and keep this sheet as the record of the adjustment.
What to watch for
- A short on one SKU and an over on a similar SKU usually means items were put on the wrong line.
- Stock in transit, on hold or at another location is the usual reason a total will not tie out.
- Value variance uses the unit cost you enter; use the same cost basis the books use.
- This page sets no tolerance: how much variance is acceptable depends on your products and how often you count.
Also free: inventory shrinkage calculator, printable inventory count sheet and the cycle count schedule generator.
Checked against Shopify's help pages on 1 November 2026.
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