Short answer is Yes. 

According to the ATF 2007-1 ruling, any Explosives Licensee can keep computerized records rather than in a paper form, as long as the process is consistent with the requirements to maintain the records in a compliant manner?

There are three things you need to ensure when you are using a computerized system. 

1. Data should be entered into a database. 
2. Once data is entered into a database, that entry CANNOT be edited or modified at a later date
3. All changes made to a record in the database should be tracked as an entirely new entry without deleting or modifying the original entry

The simple answer to this is NO. You SHOULD NOT be using Excel to track this. However, there is a work around. 

The problem with Excel is that it is very easy to modify an existing record at a later date – which makes the entire process non-compliant. And, a lot of companies use Excel to track their PowderMag inventory

To be ATF 2007-1 compliant using Excel, you should make sure that all the change history is maintained. You can also be ATF 2007-1 compliant if you have a well-trained workforce that all agree to a process.

However, we do come across a lot of instances where — especially in larger organizations — permissible people turn off (or forget to turn on Tracking) in the Excel spreadsheets. There have been a few instances at a few sites where somebody easily turned off the history, made changes, and then turned it back on. Excel also does not track which specific employee made changes to the sheet. While it can be audited, it is a long, laborious, and pain-staking process.