InTents October/November 2022 - 45

Write the obituary
After we have deined the time of product
death, we need to let our software make
it stand out. As I mentioned before, most
dead items do not appear or smell any
different than our living products. Enter
the Inventory Obituary. Some folks who
use the no-sales-in-12-months deinition
refer to this as the " 13th month, irst day
report. " The report can be formatted in a
simple spreadsheet using these columns:
1. Item Code
2. Description 1: This will help us pull
the item out of the live inventory.
3. Quantity On Hand
4. Unit Cost
5. Total Investment: This is the
motivational column.
6. Date of Last Sale/Rental: Exclude
anything sold/rented within the
last 12 months.
Run the report and this will become
your inventory obituary. In order to
really turn up the stink factor, calculate
the sum of column 5. Don't be shocked
if you have a signiicant amount of
money accumulated. Let's just call it job
security for some lucky individual to be
named later. I will touch on the role of
the mortician a little later.
Identifying dead products is not an annual
event. I recently ran into a software
package that recommended running a
dead stock report on an annual basis.
This is not a good suggestion. We need
to be far more proactive than this. If we
employed this method, we could tack
on an additional 11 months of inventory
carrying cost to any items that died
in February. I need to know what died
every month. Make this report a part of
your irst-day-of-the-month routine.
Most people like to
employ the ostrich
approach to dead
stock-just stick our
head in the sand and
hope it goes away.
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InTentsMag.com 45
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InTents October/November 2022

Table of Contents for the Digital Edition of InTents October/November 2022

InTents October/November 2022 - Cover1
InTents October/November 2022 - Cover2
InTents October/November 2022 - 1
InTents October/November 2022 - 2
InTents October/November 2022 - 3
InTents October/November 2022 - 4
InTents October/November 2022 - 5
InTents October/November 2022 - 6
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InTents October/November 2022 - 45
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InTents October/November 2022 - Cover3
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