Glossary of Terms | Smarter Sales & Inventory Management | Zayls

by Joseph Aquino
2 years ago
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Knowledge Base Glossary of Terms

A-Z Glossary Terms

A

Accounts Payable Report – A type of report that indicates a bill that needs to be paid in the foreseeable future.

Accounts Payable Aging Report – A type of report that categorizes payables (money you owe to a supplier) to suppliers by time buckets e.g. 0 to 30 days.

Accounts Receivable Aging Report – A type of report that categorizes receivable (money owed by a buyer) based on time buckets e.g. 0 to 30 days.

Accounts Receivable Report – A type of report that indicates a transaction that is awaiting payment from buyers.

Activity Log – A history of all updates created by a user.

Ad hoc transaction – A transaction that is done for a special purpose like a sales return where neither the buyer nor the seller knew what sales order the specific product came from.

Allocated Stock – A stock that has been ordered by a buyer but has not been delivered yet.

Available Stock – The difference between On Hand Stock and Allocated Stock.

 

B

Barcode – is an optical, machine-readable, representation of data; a data that describes a particular object.

Beginning Inventory Cost – is an inventory account balance at the start of an accounting period.

Bill of Lading – A detailed list of a shipment of goods in the form of a receipt given by the carrier to the person consigning the goods.

Brand – A product manufactured by a company under a particular name; a unique mark created by a company to signify their organization.

Buying Price – The price an individual pay for a product.

 

C

Coll. # – lit. Collection Number. A unique number or a set of numbers that may or may not be system generated that represents the Collection transaction.

Collection – The act of collecting/receiving payment.

Credit Limit – Maximum allowable credit that a lender gives (a seller) to a particular lender (a buyer).

Credit Memos – A document issued by the seller of goods or services to the buyer, reducing the amount that the buyer owes to the seller. A credit memo may be issued because the buyer returned something from the seller, or there’s a pricing dispute, or other reasons where the buyer will not pay for the full amount of the invoice.

Customer – Anyone who buys a product.

D

Date Collected – The date the payment is collected.

Date Transferred – The date the stock is transferred.

Deductions – A reduction in price.

Deliveries – The turning over of goods to a designated recipient or recipients.

Delivery Date – A planned or targeted delivery date.

Delivery Schedule Report – A type of report that shows all planned delivery.

Destination Warehouse – In the case of stock transfers, destination warehouse pertains to the end point of where your stock will be transferred.

Discount – A decrease in normal selling price typically done for promotional purposes or for giving patrons a reward for their loyalty.

DR# – lit. Delivery Receipt. A unique number or a set of numbers that may or may not be system generated that represents a specific Delivery transaction.

Due Date – Typically applies to bill and payment; the time in which the company shall make payment or receive payment.

 

E

Enable/Disable – A status that signifies the usability of a particular function.

Ending Inventory Cost – is an inventory account balance at the end of an accounting period.

Expiration Date – pertains to the exact date when a product is no longer edible, ­and the quality is no longer acceptable.

 

F

Final Price– pertains to the price after discount, if there are any, is applied.

Form Numbers – A system generated sequence that generates unique transaction numbers.

 

I

In/Out – A status of stock movements happening.

Incoming Stock – pertains to an expected incoming stock delivery.

Inventory – A complete list of items such as goods in stock that the company sells.

Inventory Log – shows the history of all stock movements.

Invoice – A document issued by a seller to a buyer relating to a sale transaction indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer.

 

Line Total – The total amount for the invoice line.

Lot # – is an identification number assigned to a particular quantity or lot of material from a single manufacturer.

 

N

Net of VAT – the price of a product before adding the value-added tax (VAT)

 

O

On Hand Stock – A number of stock that is available for selling.

Original Price – pertains to the original selling price created.

Out of Stock – An event where the inventory is exhausted.

 

P

Payment Entry – pertains to the record that has been made that indicates the payment has been made for an invoice or bill

Payment Mode – pertains to the mode of payment the buyer pays the goods received e.g. cash and checks.

Payment Terms – The period allowed to a buyer to pay off the amount due; Deferred payment period e.g. 0 to 30 days payment term.

PO# – lit. Purchase Order number. A unique number or a set of numbers that may or may not be system generated that represents a Purchase Order transaction.

Product Category – The generic category/name a product belongs to.

Price List – shows the price of all goods in inventory.

Price Matrices – A special price matrix that can be applied to a specific customer group.

Product Attributes – A specific property that differentiates a product e.g. color, size, shape.

Product Sales per Customer Report – A report that summarizes products sales by categorizing by sales agent, customer group, and customer.

Product Type – pertains if a product is available either for buying/selling or both.

Products – A tangible or intangible good that satisfy a need or want that is offered to the market.

Products Variants – pertains to the different products under the same name that may be distinctive in color, shape, and sizes.

Purchase History Report – A type of report that shows purchase orders and their status.

Purchase Orders(PO) – A purchase order is a commercial document and first official offer issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services.

Purchase Return – A transaction where the buyer returns the goods previously bought to the seller for some reasons.

 

Q

Quantity – The amount or number of materials.

Quantity Allocated – The amount of material or goods allocated but not yet delivered to a customer.

Quantity Available– The difference in the amount of material or goods between Quantity on Hand and Quantity Allocated.

Quantity Incoming – The amount of material or goods available that is ordered and is to be delivered in the foreseeable future.

Quantity on Hand – The amount of material or goods that is in inventory and is ready to be sold.

 

R

Reference # – A set of numbers used as reference or a connection to a specific transaction.  

Reconciliation – is the process of ensuring that two sets of records are the same.

Regular Discount – A decrease in normal selling price that can only be applied to Price Matrices.

Re-Order Point – The quantity of stocks that would prompt the business to reorder a product.

Restock – In case of Sales Returns, restock pertains to the return of the goods to the inventory count.

RO# – lit. Receive Order Number. A unique number or a set of numbers that may or may not be system generated that represents a Receive Order transaction.

 

S


SA # 
– lit. Stock Adjustment Number: A unique number or a set of numbers that may or may not be system generated that represents the Stock Adjustment Transaction.

Safety Stock  – An expected number of the stock the business should have to avoid the product from going out of stock.

Sales Agent – A person who handles customer accounts.      

Sales Order – An order/document issued by a business to its customers.

Sales Return – Merchandise returned by a seller for some reasons e.g. incorrect goods delivered.

Selling Price – pertains to the price normally set after considering the cost of manufacturing, shipment, and marketing.

SKU – lit. Stock Keeping Unit is a name, or a number assigned to a product to identify the price and other product related information. A SKU is used to track inventory in a retail store.

Source Warehouse – In the case of Stock Transfer, source warehouse pertains to the original place where the stock is coming from.

ST# – lit. Stock Transfer Number. A unique number or a set of unique numbers that may or may not be system generated that represents the Stock Transfer Transaction.

Stock Adjustments – An act of adjusting inventory count e.g. a product was broken or stolen.

Stock Transfers – An act of transferring/shipping stock from one location to another.

Supplier -The source/manufacturer of a product.

 

T

Top Selling Products -Products that are high in demand.

Transaction – An instance of buying or selling.

 

U


Unit Cost 
– is the total expenditure incurred by a company to produce, store and sell one unit of a particular product or service.

Units of Measurement – is a definite magnitude of a quantity that is used as a standard for measurement of the same kind of quantity.

 

V

Voided – A status that signifies a transaction is no longer valid.

 

W

Warehouse – A location where inventory is stored or maintained.