Inventory count sheet template and variance report

A count sheet lists each item with its SKU, name and location, and leaves boxes for the count, a recount and the counter’s initials.

• Sort it by location so a counter walks each aisle once.
• Hide the system quantity for a blind count, so counters write what they see.
• Leave blank lines for items found on the shelf that are missing from the list.
• Head each page with the count date, the area and who counted it.

Type or paste your items in step 1, then print. With no items, it prints a blank sheet to fill in by hand, and the blank template downloads as a CSV for Excel or Google Sheets.

Inventory variance is the counted quantity minus the system quantity, priced at unit cost.

• Difference = counted qty − system qty
• Variance at cost = difference × unit cost
• Variance % = difference ÷ system qty
• Count accuracy = items that matched exactly ÷ items compared

Example: the system shows 140 bags of an elbow fitting at 6.40 dollars each, and the count finds 132. The difference is −8, the variance at cost is −51.20 dollars, and the variance is −5.7%.

Items with no count are listed as Not counted and left alone, unless you tick “This was a full count”. Items counted but missing from the list are listed as Not in system.

Stop stock from moving, count every location, then compare the counts to the books and adjust.

1. Finish the paperwork first. Intuit’s QuickBooks Online guide says to convert open purchase orders to bills before you adjust quantities.
2. Print the sheets by location and give each counter an area.
3. Count, then recount the biggest lines. The variance table is sorted by dollar size, so the top rows are the recounts that matter.
4. Adjust the books to the final counts.

IRS Publication 538 says to take a physical inventory at reasonable intervals and adjust the book amount to agree with it.

Yes: drop the export in step 1, or use “Match two files” to compare it with a separate count sheet.

• QuickBooks Online: run the Inventory Valuation Summary under Reports > Standard reports, then export it. It has the quantity on hand, value and average cost for each product.
• QuickBooks Online, counts on paper: the Physical Inventory Worksheet lists your items with space to write the count.
• Shopify: Products > Inventory > Export, choose All states, and pick a location under Export from.

Save Excel files as CSV first. SKUs are matched with capitals, extra spaces and leading zeros ignored, so “00412” still matches “412”.

• Goods in transit. Stock received but not entered, or sold but not picked, shows up as a false variance.
• The adjustment account. In QuickBooks Online Plus and Advanced, + Create > Inventory qty adjustment posts to Inventory Asset and to Cost of Goods Sold under Inventory Shrinkage.
• Shopify stock that moved after export. Shopify skips import rows whose stock changed after the export, and emails you the rows that failed.

If counts keep drifting, our field guide on why Shopify inventory is not accurate covers the usual causes, and barcode inventory tracking for a small warehouse shows how to stop the drift at receiving and picking.