Glossary

Definitions of Common Terms within Shopventory:

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


 

'Add Quantity or Cost':

This option enables you to add quantities to the existing total. For instance, if the item has a quantity of 5 and you select 'Add Quantity or Cost' and enter 10, the total will be saved as 15.

 

Alert:

An inventory Alert is a set of conditions to define what 'Low Supply' means for a particular items or set of items. Alerts can be set up in the 'Alerts' tab at the top of the Shopventory site.  Click here for a step-by-step guide to Alerts.

 

Barcode / SKU:

This field is optional. Usually, this field is filled with the number on the Barcode of the item, or with a custom number used to identify this particular Variation.

 

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

 

Bulk Upload:

See also: ' Import Items/Quantities/Costs

This refers to the practice of using a spreadsheet to upload mass changes and updates to inventory. Shopventory offers Bulk Upload for non-Clover customers (but we are working to add Bulk Upload functions for other integrations as well).  Click Here for a step-by-step guide to Bulk Upload.

 

Bundle:

See also: Kits/Bundles 

A 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 Kits/Bundles page. Click Here for a step-by-step guide to Kits/Bundles.

 

Bundle Builder:

This is a zero-cost, zero-priced item that is created for the purpose of being added to bundles with a single other item. Bundle Builders enable features like Commission Tracking and Variable Pricing (e.g. Wholesale vs. Retail).  Click Here for a step-by-step guide to using Bundle Builders.

 

Catalog Information:

All inventory information except quantities and COGS (Cost Of Goods Sold)

 

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.

 

Component:

A Kits/Bundles 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.

 

Database (Primary):

The (Primary) Database is the list of inventory and quantities that has the final say in any disagreements about inventory information. It is strongly recommended that Shopventory be set as the Primary Database. This means that any changes to inventory quantities or COGS made in the point of sale would be overridden by Shopventory.  Click Here for a step-by-step guide to the Primary Database Settings.

 

Dead Inventory Report:

The Dead Inventory Report is a list of all inventory items that have not sold for more than 30 days.  Click Here for a step-by-step guide to the Dead Inventory Report

 

'Edit Quantity or Cost':

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 or Cost' and enter 10, the total will be saved as 10.

 

'Export Inventory Counts (and COGS)':

This function will wipe out all inventory information in your point of sale and replace it with all the inventory information in Shopventory. Shopventory can take up to a maximum of 10 minutes to push updates to the point of sale, so this option is really only there in case you need to do it faster.

 

'Export Product Catalog':

This option will replace only the catalog information (see above) in your point of sale with the information in Shopventory. 

NOTE: This action is required if you are attempting to delete more than 50% of your inventory via Bulk Upload.

 

External PO's:

Purchase Orders created corresponding to Vendors outside your company.

 

'Import Inventory Counts (and COGS)':

This option will pull in all inventory information from the point of sale and replace Shopventory's information. 

 

'Import Items/Quantity/Costs':

See also: Bulk Upload.

This refers to the practice of using a spreadsheet to upload mass changes and updates to inventory. Shopventory offers Bulk Upload for non-Clover customers (but we are working to add Bulk Upload functions for other integrations as well).  Click Here for a step-by-step guide to Bulk Upload.

 

Integration:

An integration refers to a merchant ID provided by your point of sale. One business may have multiple integrations for the same account if they have more than one location. A point of sale integration is required for Shopventory to be able to provide sales information.

 

Internal Transfers:

Transfers of inventory items between an account's locations. 

 

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.  Click Here for a step-by-step guide to Inventory Reports.

 

Item:

An article of inventory. One Item can have multiple Variations.

 

Kits/Bundles:

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 Kits/Bundles page.  Click Here for a step-by-step guide to Kits/Bundles.

 

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.

 

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 Kits/Bundles. 

 

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 actual 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. The sale itself is what counts, not the number of items being sold.

 

Primary Database:

The (Primary) Database is the list of inventory and quantities that has the final say in any disagreements about inventory information. It is strongly recommended that Shopventory be set as the Primary Database. This means that any changes to inventory quantities or COGS made in the point of sale would be overridden by Shopventory.  Click Here for a step-by-step guide to the Primary Database Settings.

 

Purchase Orders:

These are forms that are filled out to keep track of 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.  Click Here for a step-by-step guide to Purchase Orders.

 

Reconciliation Worksheet:

This is a form which can be printed out to enable easy stock takes. All the inventory for that location will be listed on the form. Employees can then go through the store and fill in the correct quantities.

 

Sales Report:

This report provides the sales totals for a given date range, also broken down by item.  Click Here for a step-by-step guide to sales reports.

 

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.

 

'Sync Product Catalog':

This option pulls in all the catalog information from the point of sale provider. This does not pull in quantities or COGS.

 

Tags:

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

 

Template:

See Also: Bulk Upload.

The spreadsheet template is the full list of current inventory in the format that Shopventory is programmed to read it. Changes may be made to the fields, but only where marked as "[editable]". Changing the structure of the template or deleting any part of it will yield an error upon attempted upload.

 

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.

 

Vendor:

A Vendor (or 'Supplier') 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. Vendor Management is available on 'Professional' and 'Elite' plans. You can view our current pricing and plan information on our  Pricing Page.

 

Warehouse Location:

A Warehouse location is defined as a location with no integration. Warehouse locations cannot process sales and inventory items cannot be created into a Warehouse location. A Warehouse location will simply copy the inventory list of all the other locations and allow you to store separate quantities of those items in the warehouse.