Another vote for Excel. I use it to keep track of my model, game, and book collections.
For models I use columns for Category, Manufacturer, Kit name, Kit number, Scale, location (where it is stored). Very easy to use.
And SWMBO will not let me take new acquistions up to the hobby room until it has been added to the spreadsheet, so it is always up to date. I send the list to my email/phone so that when I am at a flea market, model show, hobby shop, etc., I know what I have and can decide if I need or want a double or it's a kit I need.