There are a variety of options currently being used in schools. Many schools have set up their own inventory system using MS Excel and MS Access programs, some have also added bar codes to their systems to enable easy stocktakes. Some schools are developing school wide intra-net options for whole school inventories.
There can also be a mix of options being used within a school. For example: many schools use one Excel spreadsheet for equipment and another for chemicals, which allows sorting of entries such as equipment location or chemical DG class. Some keep an Excel database of commonly ordered practical activities i.e. name of activity, equipment/chemicals required and their location if stored as a kit. Some schools use RiskAssess for ordering equipment and archiving information regarding activities. For chemicals, some schools use chemical management systems, such as ChemAlert or Chemwatch and some government school sectors have templates e.g. http://education.qld.gov.au/health/safety/hazards/substances.html
There are also a couple of commercial products specifically developed for school science departments available[i], which I understand are pre-populated with school science equipment and will therefore need to be tailored for your school situation.
Laboratory Stock Controller: http://shop.omegascientific.com.au/index.php?route=product/product&produ...
SciList: School Science Department Stock Management System: http://www.carobcom.com/scilist.htm
Perhaps users of the Science ASSIST website might like to add further comments below.
[i] Science ASSIST provides these links as a service but is not an endorsement of these companies.