There are different ways you can keep track of last year's inventory being carried foward and purchasing new inventory:
1. Using excel or google sheets: This is a good way for businesses to keep track of their inventory however, it can become difficult in real time and can be time consuming.
2. Use pen and paper: This can be a good method for businesses with simple inventory needs, but can be time consuming and one has to be very careful to avoid mistakes.
3.Using software: If their are variety of inventory items, softwares available for managing inventory can be used. The downside of this method it can be expensive than other methods.
Always make sure that the beginning inventory always matches with the prior year ending inventory, except when the business is new, in that case the beginning inventory will be zero.
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