A-Z Glossary Terms
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 Payable Report – A type of report that indicates a bill that needs to be paid in the foreseeable future.
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.
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.
Coll. #/ 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 or avails a service.
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 Location – In the case of stock transfers, the destination location 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# /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 the payment or receive payment.
Enable/Disable – A status that signifies the usability of a particular function.
Ending Inventory Cost – 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.
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.
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.
Item Receipts – An act of receiving stocks from a certain Transfer Order.
Line Total – The total amount for the invoice line.
Location – A location where inventory is stored or maintained.
Lot # – Identification number assigned to a particular quantity or lot of material from a single manufacturer.
Net of VAT – Price of a product before adding the value-added tax (VAT)
On Hand Stock – The amount 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.
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 for 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#/ 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.
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 Category – The generic category/name a product belongs to.
Product Sales per Customer Report – A report that summarizes product sales by categorizing by the 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 size.
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 the first official offer issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services.
Purchasing Price Matrices – A special price matrix that can be applied to a specific supplier account/group.
Purchase Return – A transaction where the buyer returns the goods previously bought to the seller for some reason.
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 are in inventory and are ready to be sold.
Reconciliation – Process of ensuring that two sets of records are the same.
Reference # – A set of numbers used as reference or a connection to a specific transaction.
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#/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.
SA# /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 Price Matrices – A special price matrix that can be applied to a specific customer account/group.
Sales Return – Merchandise returned by a seller for some reason e.g. incorrect goods delivered.
Selling Price – Pertains to the price normally set after considering the cost of manufacturing, shipment, and marketing.
SKU/ Stock Keeping Unit – Name, or a number assigned to a product to identify the price and other product-related information. An SKU is used to track inventory in a retail store.
Source Location – In the case of Stock Transfer, the source location pertains to the original place where the stock is coming from.
ST# /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.
Transaction – An instance of buying or selling.
Transfer Order – An act of transferring stocks from one location to another.
Unit Cost – 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.
Voided – A status that signifies a transaction is no longer valid.