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Note: Terms are defined as they relate to their function within PurchaseSoft software or methodology.

Accrual analysis
A report that displays all PO lines which have a cumulative receipt quantity that is greater than the quantity invoiced to date.

Accrual report
An invoice matching report that displays all items that have been received but not yet invoiced.

Acquisition cost
The original cost of an asset.

Acquisition date
The date an asset was originally acquired.

Adjustment quantity
The difference between the actual inventory quantity and the expected inventory quantity.

Alternate supplier
A back-up supplier of goods or services.

Asset ID
An identification number that uniquely identifies an asset, similar to the way an item number uniquely identifies an item.

Available inventory
Amount of inventory available to fill orders. Calculated as the quantity of inventory on-hand plus inventory on order minus inventory requested.

Average cost
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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Bid analysis
A method of comparing multiple quotation prices for the same RFQ.

Budget amount
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.

Budget dates
Perimeters used to determine whether a Requisition or PO is created within budget start and end dates.

Budget exceptions
Requisitions and PO's created outside of established budget dates.

Budget variance report
A report that lists the requisitions and PO's created outside of the budget dates.

Buy limit
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.

Catalog description
A literal description of the items stored in various catalogs.

Catalog number
An identification number assigned to a catalog.

Catalog price
The current purchase price an items in a catalog.

Charge code
The cost center in the general ledger that an item is charged to.

Closed date
A system date that records when a PO Line, PO header or requisition was closed.

Commodity code
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.

Contract date
The date on which a contract price is in effect.

Contract price
A negotiated price for a specific item from a specific supplier.

Conversion factor
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.

Count date
The date on which an inventory count took place.

Current value
The value of an asset after depreciation, at today's date.

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Default Warehouse
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.

Depreciation Rate
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.

Disposal values
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.

Draft documents
Purchase orders, requisitions or RFQ's that have been created, but not sent to vendors.

Due date
The date you expect materials to be delivered.

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End date
The date a Lease expires.

Expiration date (assets)
The date on which a warranty contract will expire.

Expiration date (inventory)
The date by which certain perishable items, such as chemicals or pharmaceuticals should be used.

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Forecast date
The date a supplier acknowledges that materials ordered will be delivered.

Free on board (FOB)
The point at which ownership of materials transfers from the seller to the buyer.

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GST/PST Values
The values of GST and PST sales taxes respectively

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Hazardous Materials Code

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In service
The date on which an asset was put into service, for leasing information.

Initial payment
The amount paid at the initiation, or first payment, of the lease.

Insurance value
The dollar value of the insurance added to the PO on the invoice.

Invoice total
The total value of an invoice after discount, sales tax, freight, insurance and shipping and handling.

Item description
A verbal description of an individual inventory item.

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Last issue date
The date that captures the last time an item was issued from stock.

Last price paid
The unit cost used for an item if no contract price, quotation price or catalog price is available.

Last purchase date
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.

Lead time
The time needed to procure an item from a supplier.

Lease date
The date a lease is signed, (not necessarily the date the lease became effective).

Lease payment
The value of each payment made on a leased asset each lease period.

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).

Matching method
The system setting that determines when an invoice is matched.

Maximum stock
The level which the on-hand quantity of an inventory item should never exceed.

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Net recovery
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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On hand quantity
The current physical quantity of material stored in the inventory system.

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Pay by date
The date by which the invoice should be paid.

Payment period
The frequency with which lease payments are made.

PO batching
Combining multiple requisitions for the same supplier into a single PO which is subsequently sent to the supplier.

PO date
The date a purchase order is first created.

PO total
The final value of a purchase order after all discounts, tax and freight costs are calculated.

Pricing record
A record of each item ordered, by supplier.

Primary supplier
The preferred Supplier for an item.

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Quantity on order
The quantity of an inventory item that has been ordered but has not yet been received.

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Quantity requisitioned
The total amount of an item either requisitioned from stock (inventory items), or requisitioned from purchasing (non-inventory items).

Quantity available
A calculation of on hand quantity of inventory plus planned receipts, minus allocated inventory.

Quantity in process
The total amount of items requisitioned or on order, not yet received.

Quantity picked
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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Receipt date
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.

Recovery value
The disposal value of an asset at the time it is disposed.

Reorder point
The point at which inventory should be replenished.

Reorder quantity
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.

Requisition status
Indication of whether a requisition is open or closed. A requisition is open if no lines have been ordered. Otherwise it is closed.

Requisition value
The sum of all requisition line values.

Response date
The date by which the responses to the RFQ should be received.

RFQ quantity
The quantity entered on a request for quote line that the supplier will use to respond with a pricing quotation.

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Safety stock
The inventory level that on-hand inventory should not go below before new materials are received into stock.

Serial number
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.

Supplier number
A unique identification number used to distinguish one supplier record from all others.

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Taxable total
The total value of a purchase order subject to sales tax calculation, after any discounts and line item tax exemptions.

Total cost
The full amount paid on a lease during the lease period, including any initial payments.

Total receipts
The cumulative value of each receipt quantity for a given PO Line.

Transaction Date
The date an inventory transaction took place, (not necessarily the date on which it was recorded).

Transaction Quantity
The number of items involved in an inventory transaction. Used to update the on hand quantity, as well as other inventory information.

Transfer date
The date on which an asset transfer took place, (not necessarily the date on which the transaction was recorded).

Transfer value
The current value of an asset at the time it is transferred from one location to another.

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Unit cost
The cost of a single item on a line item, such as a requisition or PO Line.

Unit of Measure (UOM)
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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Value ordered
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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Warranty cost
The annual cost of warranty, or maintenance, for a current asset.

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Year End Close
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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