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NOTE: If you don't see a definition you were looking for, please let us know using the chat button on the bottom-right corner or at help@shopventory.com.

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ADD:

This option in the "Actions" button on the Products & Variants page enables you to add quantities to the existing total. 

For instance, if the product has a quantity of 5 and you select "Add" and enter 10, the total will be saved as 15. Learn more

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ALERT:

An inventory Alert is a set of conditions to define what 'Low Inventory Quantity' means for a particular product or set of products. Alerts can be set up in the alerts section of Shopventory. Learn more

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ASSEMBLY / LABOR COST:

The cost required to put together a bundle, such as prep/cook time or the cost of non-component materials and labor required to assemble or create the final bundle. 

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BARCODE (Shopventory field):

Usually, this field is filled with the number on the visual barcode of the product, or with a custom number used to identify a product. This field is optional.

The same barcode can be applied to multiple products. As opposed to a SKU number, which can only be used by one product at a time. SKU vs Barcode

  • For Clover users, the barcode field in Shopventory will integrate to the product code field in Clover. 
  • For Square users, the Barcode field does not correspond to any field in Square. Use the SKU field instead if that number needs to appear in Square.

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BARCODE (Printing & Scanning):

A visual Barcode is a string of vertical lines that has a number embedded into it. Barcodes can be printed from the "Actions" button on the Products & Variants page. Learn more

To scan an existing Barcode for the purposes of updating inventory, you can use the Shopventory Barcode Scanner Mobile App.

To assign or scan Barcodes for other purposes, you can use an external Barcode scanner. Learn more

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BASIC PLAN:

Our free 'Basic' plan still gives you access to our Sales Reports, Dashboard Insights, Inventory Reports, Catalog Management and Profit Margin Reports but does not include Inventory Alerts, Dead Inventory Reports, Kits/Bundles, Vendor Management, or Purchase Orders.  What's Included in the Free Basic Plan?

You can also view our current pricing and plan information on our Pricing Page.

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BUNDLE:

See also: Kits/Bundles

A Bundle is a new product in your inventory based on existing products. Bundles can be used to track ingredients of recipes, or Commissions or Wholesale pricing, or any number of things.

For instance, if Bread, Ham, and Cheese are listed in the Products & Variants tab, a Bundle can be created called Ham Sandwich. The bundle will display in the point of sale as a separate entry apart from the ingredients.

When the bundle is selected, the corresponding components will also be deducted in the quantities designated for that bundle. Learn more

Note: A Bundle can also be used to create an alternate version of a single Product for alternate pricing or commission tracking purposes. Also called a Bundle Variant.

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BUNDLE VARIANT

A bundle variant is an alternate version of an existing product. For instance, you can create a bundle variant in order to separate out the wholesale and retail values of a product. 

Bundle variants can be used to track commissions, give alternate pricing, or indicate information for back-office calculation. Learn more

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CATALOG INFORMATION:

All inventory information except quantities and costs.

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COGS (COST OF GOODS SOLD):

COGS (Cost Of Goods Sold) is the cost per product. 

So, for instance, a merchant selling a bottle of Coca-Cola may sell it for $1.25, but it only cost that merchant $0.65 to buy the bottle. The merchant's COGS would be $0.65. Learn more

See also: Costs / Cost Per Product

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COMPONENT:

A Bundle component is defined as the inventory product(s) that will go into that Bundle. For instance, the components of a ' Ham Sandwich' Bundle would likely include Bread, Ham, and Cheese. Learn more

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COSTS / COST PER PRODUCT:

This is the merchant's cost per product. So, for instance, a merchant selling a bottle of Coca-Cola may sell it for $1.25, but each bottle only cost that merchant $0.65 to buy the bottle. The merchant's cost would be $0.65. Learn more

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DEAD INVENTORY REPORT:

The Dead Inventory Report is a list of all inventory products that have not sold for more than ___ number of days. Learn more

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DEFAULT COST:

This is the cost that Shopventory pre-fills when adding quantities or when adding a product to a Purchase Order.

Changing the Default Cost will not update any Lot Costs. Learn More

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EDIT:

This option enables you to replace the existing quantity of a product. 

For instance, if the product has a quantity of 5 and you select 'Edit' and enter 10, the total will be saved as 10. You can also set the Default Cost and Price for your Products with the Edit button. Learn more

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GROSS PROFIT

This is the pre-tax amount of your intake minus your cost. So to put it mathematically:

Total Revenue - Total Cost = Gross Profit

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INTEGRATION:

An integration refers to an external account connected to Shopventory. 

Most often, this is a Merchant ID assigned by your point of sale provider linked to a specific pool of inventory. But, it can be an e-commerce integration, accounting integration, or social media integration. 

One business may have multiple integrations connected to Shopventory. One Shopventory location can also have more than one integration connected (this means they all share the same inventory). Learn more

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INTERNAL TRANSFERS:

Transfers of inventory products between your Shopventory locations. Internal Transfers can be created in the Purchase Orders section of Shopventory. Learn more

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INVENTORY REPORT:

The inventory report is a snapshot of inventory for a given minute in time. Inventory reports can be customized by date and time to provide historical information. Learn more

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KITS:

See also: Bundles

A Kit or Bundle is a group of inventory products being sold as one new product. For instance, you could build a 'Ham Sandwich' bundle containing Bread, Ham, Cheese, etc. The bundle will display in the point of sale as a separate product apart from the ingredients. 

When the bundle is selected, the corresponding ingredients will also be deducted in the quantities set in the Bundles page. Learn more

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LOCATION:

An independent pool of inventory. A business can have more than one than one 'Location' in Shopventory. One location's sales or updates to inventory do not affect another's. Learn more

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LOTS:

A "Lot" is a group of units that are received for an article of inventory. 

For instance, if I add a quantity of 12 units to one of my products, I have added a Lot that contains 12 units to that particular product.

Each Lot has its own unit cost to help you track changing costs over time, as you may pay three different prices to your Vendor for the same product on three separate orders.

Separating each Lot also gives you far more accurate reporting and profitability info since each Lot's cost is separated. Learn more

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PARTIAL QUANTITIES:

This refers to a quantity that is not a whole number, like .075 or 1.5.

Partial quantities are supported by Shopventory and can be used to create Bundles. Learn more

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POINT OF SALE (POS):

This is the payment processor being used to make sales in Shopventory. It can refer to the provider or to the hardware itself. 

Generally, the point of sale refers to the physical register itself where payments are being accepted.

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POS TRANSACTIONS:

The number of sales being processed by the point of sale. One transaction can include any number of products. 

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PRODUCT:
An article of inventory. One Product can have multiple Variants.

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PURCHASE ORDERS (POs):

These are forms that are filled out to keep track of, and receive incoming inventory. 

Usually, a Purchase Order form itself is sent to the vendor to initiate the order. Receiving a Purchase Order in Shopventory will update the quantities of the products listed on the Purchase Order. Learn more

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RECONCILIATION TOOLS/WORKSHEETS:

A reconciliation worksheet is a form which can be printed out to enable easy stock takes (physical counting of inventory). Employees can print out a reconciliation worksheet, then go through the store and fill in the correct quantities. This makes it much easier to enter updates to inventory. Learn more

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SALES REPORT:

This report provides the sales totals for a given date range, also broken down by product. Learn more

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SKU:

SKU stands for 'Shop Keeping Unit'. This can be a substitute for the word 'Product' or it can be in specific reference to the SKU number.

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SKU NUMBER:

Most often, this is the "Barcode Number" of a product. 

However, the SKU number can be any unique number used to identify a specific Product and Variation. In Shopventory, a SKU number must be unique. Learn more

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SYNC:

Syncing is the process of pushing information from one system to another. Syncing in Shopventory only goes one way: Out from Shopventory to the point-of-sale.

Information can be synced to Shopventory from the point-of-sale manually by using the Import function in the settings section of Shopventory. Learn more

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TAGS:

Identifiers added to Vendor information to make searching through Vendor information easier.

*Shopify "Tags" are handled as Categories in Shopventory.

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VARIANT / VARIATION:

A Variant is a version of a product. A single product can have multiple different Variants. For instance, the product Umbrella can have several different Variants for instance: Umbrella (Blue), Umbrella (Red), Umbrella (Black), etc.

See Also: What is a Variant?

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VENDOR:

A Vendor (or supplier, distributor) is a person who supplies the Shopventory merchant with their inventory. 

This could be wholesaler or manufacturer. Vendor information can be stored in the Vendors tab in Shopventory. Learn more

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WAREHOUSE LOCATION:

A Warehouse location is defined as a location with no integration. Warehouse locations cannot process sales.

A Warehouse location will allow you to store separate quantities of those products in the warehouse. Learn more

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If you don't see a definition you were looking for, please let us know using the chat button in the bottom-right corner or at help@shopventory.com.

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