Glossary

Account Payment

A payment made towards invoices that have outstanding balances owing, either from Deferring Payment, or Layaway.

Appraisal

A document appraising the value of the item, for insurance or taxation purposes.

Break Apart

Separating an inventory item into its base components, and using some or all of those components in the alteration or enhancement of another inventory item.

Consignment

An inventory item for sale that the store itself does not own.

Custom Work

A description of any enhancements made to an item, based on the wishes of the customer.

Customer

A person has made a purchase from the store, and whose details are recorded by Executive.

Customer Merge

Merging the history of one customer with that of a second, the first of which is the only customer to retain her name in the database.

Deposit

Occurs when the customer decides to make a payment (deposit) that will be used towards an as of yet, undetermined future purchase.

Employee Code

A 2 or 3 letter code that represents an employee to Executive. Employees use this code when making all transactions.

Estimate

A statement indicating the likely cost of a Job Bag.

Gift Certificate

A voucher that can be redeemed for items, based on its printed dollar value.

Gift Registry

A record of items desired by a customer for some future event, such as a wedding or anniversary. This record is available for people other than the customer to use to make purchases for that customer.

Insurance Quote

A statement outlining the circumstances regarding a lost or damaged insured item, and its repair or replacement value.

Internal SKU

A numerical code that is given to all items at the time they are received into the store's inventory.

Inventory Merge

Merging the history of one inventory item with that of a second, the first of which is the only item to retain its name in the database.

Inventory Reconciliation

The act of modifying the inventory database to match the actual inventory on hand.

Item

A product that exists, existed or will exist in the store or warehouse at some time.

Job Bag

Am Appraisal, Custom Work, Stock Item, or Repair, conducted by the staff at the store.

Layaway

Occurs when a customer makes a partial payment for an item, and does not receive that item until the balance owing is paid.

Markup

The amount of money added to the cost of an item to determine the asking price.

Memorandum

A written promise to return a specified inventory item on demand or on a certain day.

Product Mark Down

The temporary reducing of an item's sale price, usually for some promotion, clearing of inventory, or discontinued item.

Purchase Order

A document used to request a company or person to supply a product or service in return for payment.

Rattail Tag

A long tailed tag that you attach to an item, which contains that items description and price.

Repair

A description of the work and supplies used to repair an item, and the cost of the materials and billable hours.

Sale

A record of the purchase transaction made by a customer for an inventory item.

Scrap Bin

A record of the unused items that were separated during a break-apart.

Special Order

A purchase order made for an item that is usually in stock, but is currently out stock, and is required for a customer by a certain date.

Supplier

Someone whose business is to supply a particular service or commodity to your store.