Pro Tip: Use 'Ctrl - F' to search by keyword.
(⌘ - F if you're on a Mac)

NOTE: 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.

___________________________________________

ADD:

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

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

________________________

ALERT:

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

________________________

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. 

________________________

BARCODE (Shopventory field):

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

The same barcode can be applied to multiple items. 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.

________________________

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 Items & 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

________________________

BASIC PLAN:

Our free 'Basic' plan still gives you access to our sales reporting and dashboard insights, but does not include inventory management functions like inventory alerts, 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.

________________________

BUNDLE:

See also: Kits/Bundles

A Bundle is a new product in your inventory based on existing items. 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 Items & 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 Item for alternate pricing or commission tracking purposes. Also called a Bundle Variant.

________________________

BUNDLE VARIANT

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

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

________________________

CATALOG INFORMATION:

All inventory information except quantities and costs.

________________________

COGS (COST OF GOODS SOLD):

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

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 Item

________________________

COMPONENT:

A Bundle component is defined as the inventory item(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

________________________

COSTS / COST PER ITEM:

This is the merchant's cost per item. 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

________________________

DEAD INVENTORY REPORT:

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

________________________

DEFAULT COST:

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

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

________________________

EDIT:

This option enables you to replace the existing quantity of an item. 

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

________________________

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

________________________

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

________________________

INTERNAL TRANSFERS:

Transfers of inventory items between your Shopventory locations. Internal Transfers can be created in the Purchase Orders section of Shopventory or from the "Actions" button on the Items & Variants page using the "Transfer Option". Learn more

________________________

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

________________________

ITEM:

An article of inventory. 

NOTE: One Item can have multiple Variants.

________________________

KITS:

See also: Bundles

A Kit or Bundle is a group of inventory items being sold as one new item. 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 item 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

________________________

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

________________________

LOTS:

A "Lot" is a batch 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

________________________

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

________________________

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.

________________________

POS TRANSACTIONS:

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

________________________

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 items listed on the Purchase Order. Learn more

________________________

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

________________________

SALES REPORT:

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

________________________

SKU:

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

________________________

SKU NUMBER:

Most often, this is the "Barcode Number" of an item. 

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

________________________

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

________________________

TAGS:

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

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

________________________

VARIANT / VARIATION:

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

See Also: What is a Variant?

________________________

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

________________________

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 items in the warehouse. Learn more

_______________________________________

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.

Did this answer your question?