TERM

ACRONYM

DEFINITION

Aged Inventory Management System

AIMS

A process designed to take a proactive approach to aging inventory. The goal of AIMS is the reduction and elimination of old inventory. This is accomplished by using a tiered system of assigning spiff and price markdowns to items dynamically as they age.

Bulk Master Record

An inventory record that serves as the item record for all bulk items of that style number.

Bulk Quantity Record

Bulk quantity records are a subset of bulk master records, but are based on shipments. For example, if you receive 10 of a particular bulk item, a bulk quantity record is created.

Bulk Instance Record

Bulk instance records are created when a bulk item is sold or otherwise used individually. Creation of an instance record depletes the quantity record for that item.

Bulk Pricing Methods

• General Merchandise, UPC/SKU:  Appropriate when an item is carried in quantity and carries the same cost and price each, e.g., charms, batteries, and bead lines.
• Buy and Sell Item by Unit of Measure, IUOM:  Appropriate when an item is carried in quantity that includes a physical count and a measure and sold per measure, e.g., melee diamond parcels.
• Buy and Sell by Measure Only, UOM:  Appropriate when an item is carried in measure and sold per measure, e.g., gold stock.
• Mixed Retail Pricing, PRE:  Appropriate when an item represents a group of like-items of differing costs and prices but consistent markup, e.g., watchbands.

Cost of Goods Sold

COGS

The direct costs attributable to the production of the goods sold by a company. This amount includes the cost of the materials used in creating the good along with the direct labor costs used to produce the good. It excludes indirect expenses such as distribution costs and sales force costs.

Consignment

Items owned by a customer that reside at and are to be sold by the store, at which time the customer will receive payment. Also see memo items.

Gross Return on Investment

GROI

An inventory profitability evaluation ratio that analyzes a firm's ability to turn inventory into cash above the cost of the inventory. It is calculated by dividing the gross margin by the average inventory cost and is used often in the retail industry.

Customer Account Types

CH: House Account

Reward Card: Reward Card

L: Layaway

R: Repair

CR: Store Credit.

Inventory Types

A: Assembled

P: Take-Off

U: Custom

S: Stock

M: Memo

C: Consignment

O: Special Order

T: Trade-In

B: Built

E: Template

V: Virtual Model

F: Faux Model

L: Live Model

Item Statuses

I: In stock

L: On Layaway

S: Sold

A: Memo Out

V: Returned to Vendor

M: Missing

D: Disassembled

U: Consumed here (i.e., as a part) Consumed gone (no status letter, determined by sold or in stock)

X: Scrapped

G: Giveaway

N: Donation

W: Work in Progress

C: Canceled

E: Template

Purchase Order Statuses:

Q: Queued

E: Entered

B: Backordered

O: On Order

C: Canceled

Item by Unit of Measure

IUOM

Bulk item pricing method; see bulk pricing methods above.

Levels

In concert with Rapid Reorder, a designation of the minimum number of an item to be kept in stock at all times.

Memo Item

Items owned by a vendor that reside at and are to be sold by the store, at which time the vendor will receive payment. Also see consignment.

Mixed Retail Pricing

PRE

Bulk pricing method; see bulk pricing above.

Purchase Order Statuses

• New:  P/O line added, not saved or ordered
• Entered:  P/O line added and saved, but not ordered
• Ordered:  P/O line entered and ordered
• Received:  Full quantity for this P/O line received to inventory
• Canceled:  Order has been canceled
• Back Order:  Items ordered but unavailable for shipping

Reprice/Re-Cost

The repricing feature allows you to change the price of an item or several items. Re-cost allows you to change and track replacement cost of an item.

Radio Frequency Identification

RFID

A technology that allows reading of tags by radio frequency. The tag contains a chip which the wand can interact with. They do not require line-of-sight with text or a barcode.

Server

A computer that may or may not serve as a workstation, but in any case, houses the databases.

Special Order Status

• Need More Info
• Need to Order
• Waiting on Vendor
• All Here
• Part Here
• Complete or Canceled

True Return on Investment

TROI

The return on investment taking account how long the item has been in inventory.

Unit of Measure

UOM

Bulk pricing method; see bulk pricing above

Universal Product Code/Stock Keeping Unit

UPC/SKU

Bulk pricing method; see bulk pricing above

Work in Progress

WIP

A build or assembly that has been initiated but has never added a SKU and does not have a completed task.

Workstation

A computer running The Edge that does NOT house the databases.