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Note: Terms are defined as they relate to their function
within PurchaseSoft software or methodology.
A report that displays all PO lines which have a cumulative
receipt quantity that is greater than the quantity
invoiced to date.
An invoice matching report that displays all items
that have been received but not yet invoiced.
The original cost of an asset.
The date an asset was originally acquired.
The difference between the actual inventory quantity
and the expected inventory quantity.
A back-up supplier of goods or services.
An identification number that uniquely identifies
an asset, similar to the way an item number uniquely
identifies an item.
Amount of inventory available to fill orders. Calculated
as the quantity of inventory on-hand plus inventory
on order minus inventory requested.
Average cost is one of the two costing methods used
by the inventory system. Average costing updates current
values with actual values of materials received, typically
using the PO price. Standard costing keeps inventory
costs at a fixed unit, based on the standard cost
applied to the item in the master file.
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A method of comparing multiple quotation prices for
the same RFQ.
The amount of the budget at the beginning of the budget
period. As requisitions are created, the remaining
balance is reduced, but the budget amount remains
the same.
Perimeters used to determine whether a Requisition
or PO is created within budget start and end dates.
Requisitions and PO's created outside of established
budget dates.
A report that lists the requisitions and PO's created
outside of the budget dates.
The maximum amount allocated for purchases from a
particular catalog.
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A catalog contains a group of items that have a fixed
price. Catalogs may be set up by supplier, commodity,
project, or a variety of other groupings.
A literal description of the items stored in various
catalogs.
An identification number assigned to a catalog.
The current purchase price an items in a catalog.
The cost center in the general ledger that an item
is charged to.
A system date that records when a PO Line, PO header
or requisition was closed.
A designation used to classify Items of a similar
nature, usually for grouping purchases of like Items
for contract negotiations.
A state of approval that indicates whether a supplier
accepts the terms of the RFQ or meets some other corporate
standard.
The person or persons representing suppliers your
company transacts business with.
The date on which a contract price is in effect.
A negotiated price for a specific item from a specific
supplier.
A conversion of units of issue (stock-keeping units),
into units of purchase. For example, steel may be
issued by the coil and purchased by the ton, with
four coils per ton. In this case, the Conversion Factor
would be 4.
The date on which an inventory count took place.
The value of an asset after depreciation, at today's
date.
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The warehouse that will display by default for a user's
inventory transactions.
An account code that specifies the department that
is charged for the item.
The number of months over which an asset value depreciates
to zero. For example, if an asset will be completely
written off after three years, the depreciation rate
is 36.
The monies received when an asset is recorded as disposed.
The variance between the current asset value and the
disposal value is the net recovery or net loss on
the asset.
Purchase orders, requisitions or RFQ's that have been
created, but not sent to vendors.
The date you expect materials to be delivered.
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The date a Lease expires.
(assets)
The date on which a warranty contract will expire.
(inventory)
The date by which certain perishable items, such as
chemicals or pharmaceuticals should be used.
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The date a supplier acknowledges that materials ordered
will be delivered.
The point at which ownership of materials transfers
from the seller to the buyer.
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The values of GST and PST sales taxes respectively
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Hazardous Materials Code
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The date on which an asset was put into service, for
leasing information.
The amount paid at the initiation, or first payment,
of the lease.
The dollar value of the insurance added to the PO
on the invoice.
The total value of an invoice after discount, sales
tax, freight, insurance and shipping and handling.
A verbal description of an individual inventory item.
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The date that captures the last time an item was issued
from stock.
The unit cost used for an item if no contract price,
quotation price or catalog price is available.
The date on which an item was last purchased from
a given supplier. An item can have multiple last purchase
dates, one for each supplier it was purchased from.
The time needed to procure an item from a supplier.
The date a lease is signed, (not necessarily the date
the lease became effective).
The value of each payment made on a leased asset each
lease period.
The interval over which lease payments are made on
leased assets.
An Inventory record that represents where inventory
is or can be stored.
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The original manufacturer of an item (not necessarily
the supplier you use to buy the Item from).
The system setting that determines when an invoice
is matched.
The level which the on-hand quantity of an inventory
item should never exceed.
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Net Recovery (or loss) is the difference between the
current value of an asset at the time it is disposed,
and the recovery value.
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The current physical quantity of material stored in
the inventory system.
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The date by which the invoice should be paid.
The frequency with which lease payments are made.
Combining multiple requisitions for the same supplier
into a single PO which is subsequently sent to the
supplier.
The date a purchase order is first created.
The final value of a purchase order after all discounts,
tax and freight costs are calculated.
A record of each item ordered, by supplier.
The preferred Supplier for an item.
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The quantity of an inventory item that has been ordered
but has not yet been received.
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The total amount of an item either requisitioned from
stock (inventory items), or requisitioned from purchasing
(non-inventory items).
A calculation of on hand quantity of inventory plus
planned receipts, minus allocated inventory.
The total amount of items requisitioned or on order,
not yet received.
The confirmation of how many inventory items were
actually found and issued to an end user, based on
the "pick sheet" that was used to pick the
inventory from stock.
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The actual date a receipt transaction took place,
(not the date on which the receipt transaction was
recorded). Used to calculate a supplier's delivery
performance.
The disposal value of an asset at the time it is disposed.
The point at which inventory should be replenished.
The default amount of an item that the inventory system
will request for requisitioning when the available
quantity of an item reaches the reorder point.
Indication of whether a requisition is open or closed.
A requisition is open if no lines have been ordered.
Otherwise it is closed.
The sum of all requisition line values.
The date by which the responses to the RFQ should
be received.
The quantity entered on a request for quote line that
the supplier will use to respond with a pricing quotation.
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The inventory level that on-hand inventory should
not go below before new materials are received into
stock.
A unique number used to track inventory and asset
items. For example, stocked items will be stocked
under the same item number, but might have individual
serial numbers.
Standard Industry Code. Used to categorize suppliers
by industry for reporting and consolidation purposes.
The SIC code is similar to the commodity code except
that it represents industries rather than groups of
items.
A unique identification number used to distinguish
one supplier record from all others.
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The total value of a purchase order subject to sales
tax calculation, after any discounts and line item
tax exemptions.
The full amount paid on a lease during the lease period,
including any initial payments.
The cumulative value of each receipt quantity for
a given PO Line.
The date an inventory transaction took place, (not
necessarily the date on which it was recorded).
The number of items involved in an inventory transaction.
Used to update the on hand quantity, as well as other
inventory information.
The date on which an asset transfer took place, (not
necessarily the date on which the transaction was
recorded).
The current value of an asset at the time it is transferred
from one location to another.
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The cost of a single item on a line item, such as
a requisition or PO Line.
The number of items that constitutes a single unit.
For example, pencils may be sold 100 per box. One
unit would equal 100 pencils.
Universal Standard Products and Services Classification
Code. An international coding system which provides
a consistent, standardized framework to identify sources
of products and services. (8 characters)
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The value of a line item, equal to the quantity ordered
(or requisitioned) multiplied by the unit cost on
the line item.
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The annual cost of warranty, or maintenance, for a
current asset.
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An Inventory reporting function, year end close copies
all year-to-date figures to the previous year and
year-to-date quantities are reset to zero.
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