I first came across a form like this used by one of my college professors. He used a checkout sheet to keep track of books he lent out. Companies and organizations with many tools and employees will often use barcode scanners linked to inventory management software. Small repair shops with tools that don't get taken out of the shop may opt for the 'a place for everything and everything in its place' approach. But, there are still plenty of situations where a simple pen-and-paper sign out sheet works well.
The whole process is about developing a set of best practices to keep your equipment in tip-top shape. The software then serves to automate these processes, make sure they get done in a timely fashion, and provide analysis to help an equipment manager make intelligent choices. It’s much easier to keep track of your office supplies when they are stored in the same area. If you don’t have a centralized office supply area, you might want to consider creating one on a shelf, inside of a closet, or on top of an unused desk or counter in the office. After you’ve carved out an area, you can organize items by frequency and use.