Inventory Glossary Terms

Access Right

A particular feature that a User may be allowed to use. For example Access Rights might be "Add Inventory" or "Edit Invoice".

See also User, User Access

AUC

Average Unit Cost.

See also Average Unit Cost (AUC), First In First Out (FIFO), Item Pricing System, Last In First Out (LIFO)

Audit Log

The process of recording which actions have been taken (log) for the purpose of an audit (to check).

See also User

Average Unit Cost (AUC)

A type of Item Pricing System that averages the purchased price in order to set a sale price.

See also First In First Out (FIFO), Item, Item Pricing System, Last In First Out (LIFO)

Barcode

A visual image that can be scanned via a barcode scanner to identify the item.

See also Barcode Scanner, Item

Barcode Scanner

A device that typically plugs into a computer to allow for the "scanning" of barcodes. Scanned barcodes are then used to identify an item.

See also Barcode, Item

Category

Along with the Sub-Category the Category is used to organize and group together Items. This helps to find items and also produce reports.

See also Item, Sub-Category

Comma Separated Values (CSV) File

A standard file format used for transferring information between different programs. \r\n\r\nA program is said to "export" or save to a CSV File and then "import" or load from a CSV file. For example Microsoft Excel can export a spreadsheet to a CSV File by selecting File/Save As and then changing the "File Type" to Comma Separated Values.\r\n\r\nThis file can then be imported into other software, such as iMagic Inventory.

Commission

A payment for services or goods supplied. Users can be set with Commission percentage, allowing for tracking of sales people against Invoices created.

See also Invoice, User, User Access

Commission Report

Shows the total commission earned by a sales person over a period.

See also Commission, User, User Access, User Access Control

Custom Invoice

A type of Invoice that can be customized to change the layout or details it contains.

See also Invoice

Customer

An individual or business that has been Invoiced.

See also Invoice

Customer Field

A Field that relates to a Customer.

See also Customer, Field

Default Location

A special Location that exists for all Locations. This can be used by the system when no other Location is currently available.

See also Item, Location, Warehouse

Expiration Date

Records the expiry date of perishable goods, such as food, flowers, drugs etc.

See also Item

Field

A single piece of information stored in a database. A field could be a customer's name, city, phone number, etc.

See also Customer, Invoice, Item

FIFO

First In First Out.

See also First In First Out (FIFO)

File Export

The process of saving a piece of information from a program into another file format for the purpose of importing, or loading, into a different program.

See also Comma Separated Values (CSV) File, File Import

File Import

The process of loading a previously "exported" file into a program. The export/import process is done to transfer information from one program to another.

See also Comma Separated Values (CSV) File, File Export

Financial Quote

Same as a Quote.

See also Quote

First In First Out (FIFO)

A type of Item Pricing System that sets the sale price based on the order in which the item was received. For example if 3 widgets were received where the cost was $1, $5 then $3. The sale price will be set to the "First In", being $1.

See also Average Unit Cost (AUC), Item, Item Pricing System

Fixed Pricing

A type of Item Pricing System that sets the sale price at a fixed amount.

See also Average Unit Cost (AUC), First In First Out (FIFO), Item, Item Pricing System, Last In First Out (LIFO)

Inventory

A collection of Items.

See also Item

Invoice

A list of Items sent to a Customer for payment. Usually also includes the Item price and quantity.

See also Customer, Item

Item

A representation of a physical item of stock. Usually stored against a quantity to indicate the total available.

See also Inventory, Number in Stock

Item Custom Field

An additional piece of information (field) that can be manually added to extend the functionality of the system.

See also Field, Item

Item Description

A usually long text entry that describes the item and it's features.

See also Item

Item Field

A Field that relates to an Item.

See also Field, Item

Item Group

A collection of Items that when added to an Invoice automatically include all individual Items or a collective Item name. For example an Item Group called "Car" would include "Wheels" and "Hub Caps". When added to an Invoice it would show "Car" rather than the individual items.

See also Invoice, Item

Item Name

The name given to the item to identify it.

Item Number

Usually a unique number used to identify an item. This may or may not be the same as the item barcode.

See also Item

Item Picture

A photograph or other visual identification of an item.

See also Item

Item Pricing System

A method used to calculate the selling price of an item based on it's purchase price.

See also Item

Item Type

Indicates if an Item is "Service" or "Product". While both can be added to invoices, only Products would have their stock level adjusted.

See also Item

Item Units

The unit of measurement for an Item. This might be a "box", "carton", "pack", etc. Note that decimal fractions of an item can be sold if required. So you could set an Item Unit to "Yard" then sell "0.5" to indicate half a yard being sold.

See also Item

Last In First Out (LIFO)

A type of Item Pricing System that sets the sale price based on the order in which the item was received. For example if 3 widgets were received where the cost was $1, $5 then $3. The sale price will be set to the "Last In", being $3.

See also Average Unit Cost (AUC), First In First Out (FIFO), Item, Item Pricing System

LIFO

Last In First Out.

See also Last In First Out (LIFO)

Location

The place within a "Warehouse" where an Item is, usually, physically located. Items could be located in several Locations.

See also Item, Warehouse

Number in Stock

The total number of items that are currently available (in stock).

See also Item

Payment Method

The method a customer can use to pay an invoice. This may include cash, credit card, check, etc.

See also Customer, Invoice

PDF

Portable Document Format.

See also Portable Document Format (PDF)

Portable Document Format (PDF)

A type of file that can be opened on different types of computers (such as PCs, MACs and portable devices like smart phones). To open a PDF file requires a PDF Reader.

Price List

A list of prices for a given item. Each Price List is usually associated with the type of customer, for example Wholesale Price List, Retail Price List etc. Although it can identify discounts based on the type of customer.

Pro forma Invoice

See Quote.

See also Quote

Purchase Order

See Vendor Reorder.

See also Vendor Reorder

Quote

A statement that lists the items and cost of those items. Usually valid for a set period of time these are often used in accounting departments to authorize an order before it is made. When a quote is approved it is turned into an invoice.

See also Invoice

Sales Quote

Same as a Quote.

See also Quote

Stock

A collection of Items. Usually also implies a quantity of those items, as in "Do you have widgets currently in stock?".

See also Item

Stock Count

A process in which physical stock is counted and compared to the recorded stock totals.

See also Stock

Stock Take

The same as Stock Count.

See also Stock Count

Sub-Category

A further division of the Category. An Item would be associated with a given Sub-Category, where the Category would be implied.

See also Category, Item

Tax Rate

A percentage of a given sale sent to the government for the purpose of providing services.

See also Item

Transfer Stock

The process of moving Items from one Location to another. This would usually indicate the physical move from one place to another.

See also Item, User Access Control

User

A particular person who is accessing the system. A User may refer to a "login" or to a purchased license for using the system.

See also Access Right, User Access

User Access

A method to control which "users" (people) can access the system. Usually you can also set the Access Rights of a User. This allows you to specify which Users should have access to particular features.

User Access Control

The system that maintains the User Access, that is which people can use which parts of a system.

See also User, User Access

Vendor

An individual or company that supplies Items for sale.

See also Item

Vendor Reorder

An order sent to a Vendor with a list of Items. Vendor Reorders can usually be automatically generated by checking the current stock level of an Item against a Minimum Level. The quantity ordered is derived from the current stock level and the Reorder Level.

See also Item, Vendor

Warehouse

The physical building where any number of Locations are. Items are then stored within those Locations.

See also Item, Location

Warranty Returns

The count of items that have been returned by the customer under a warranty claim.

Year To Date

Indicates a figure on this day exactly 1 year ago. Often used in comparing sales when trends repeat annually. Such as comparing retail Christmas sales to last year.

YTD

Year To Date.

See also Year To Date