Spent the better part of the last two days trying to update my
tool/equipment inventory list to check insurance levels etc. I am
currently using an excel spreadsheet which works ok, but I'm wondering
if one of those home inventory programs might be better? Like the ones
packaged with MS money or Quicken.
I have a column for the item description, the value for a single item,
quantity, extended value, purchase date etc. I am using categories like
major equipment (drill press, welder), hand tools, supplies etc. Much of
the stuff I don't have purchase dates for because I bought it long ago,
or inherited it from my father. I've put guestimates for value on these.
I originally did this list just from memory. I suspect I'm missing a
quarter of the stuff I have in the shop. I've not opened every tool box
drawer and checked to make sure it is on the list. I also have not been
very disciplined about taking digital photos of said tools.(:
I'm struggling a bit with how to value each of these items on the
inventory list. If I buy a power tool on sale, do I put the sale price
or the regular retail price? That value of course will change a bit over
time. I do have replacement value insurance, but I was just wondering
how to properly document this stuff?
What are you guys doing in this area?
As a side note, I also updated my race car/racing equipment inventory
value list..... I sure hope my wife never finds either of these two
lists!:)
Wayne
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