Index cards
Remember that old Deal-A-Meal commercial? I have adopted the concept for magic items. They get a number of cards per level, and then they are done.
Okay, for each character in my game I check that chart in the DMG guide of Wealth per Level and then I make a list of what cool items in my estimation they should pick up each level. Some useful (mw sword, wand of magic missile, cure potions, etc.) and some just for flavor and wonder.
I make a numbered master list, with the item description, aura, price, etc. The list is sorted by player level. The idea is that these are the items that they will get by the end of first level, then this batch will be sprinkled throughout the adventures they encounter at second level. Third, fourth, and so on.
Then I take a bunch of index cards, and I put a basic description on the card "longsword", "ring", etc. And the number of the item (keyed to my list). I actually try to find an appropriate picture from the net and I print it on the card.
When I am designing an adventure, I give the NPC's an appropriate number of cards of "loot". Some don't get any. Others might get double. But by the time the party levels they should have the right amount of magic loot appropriate to the wealth guide in the DMG.
The NPC's can actually use the potions and items against the PC's and often do. If say, a potion is consumed by the NPC, then the card goes back in the stack to be included in a later encounter.
Anyway, if the characters retrieve an item, they get the card. When they get around to identifying it, I tell them the stats that they can write in on the card themselves.
Sometimes it takes them awhile to get around to it, and they will ask me a couple of months later: "I identify that necklace we got off that orc that one time, what is it?" And I can refer to my list and tell them it is a necklace of fireballs or whatever and exactly how many charges it has and such.
The cool thing, is that my master list helps me keep track of exactly what I gave out to the party, and who has what. If they sell an item I make them give back the card.
Certain Items I have pegged as legacy items. So if I give out a +1 sword early on, it will have a special unique name on my master list, and a tiny little history about who forged it and when and who has owned it since. Bardic knowledge checks will reveal factoids about the item. And the item will be able to level up if the PC meets certain requirements. I don't have to decide that in advance, I can figure out the additional features I want to add to the item later, as the PC advances.
One funny side effect is that, even though I have included loot that I intended for various players, they don't alway divide the treasure as I would expect. So the keen kukri I designed for the two-weapon fighter might end up with the party rogue or the ranger. But whatever. That part is up to them.
