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    POS Explained (words)

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    zeusk
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    Join date : 2011-12-04

    POS Explained (words)

    Post  zeusk on Mon Jun 25, 2012 6:32 am

    Account

    A category used to group financial information and to create financial statements for a business. Accounts are typically represented by an account number. A well-defined chart of accounts is essential for good financial records.



    Accounting interface

    A method of transferring distributions and vouchered receivings from retail softwareto an accounting software package.



    Accounts payable

    Amounts owed to others (a liability) for goods or services purchased on credit.



    Accounts receivable

    Amounts owed to a business (an asset), usually by customers who purchased goods or services on credit.



    Adjustment

    An increase or decrease to the quantity indicated in the retail software package. The adjustment ensures that the records in the retail software match the actual physical quantity in inventory.



    Additional markdown

    An increase of a previous markdown to further lower the selling price.



    Address Verification Service (AVS)

    A service that reduces credit card fraud by verifying the cardholder's address information when the physical card isn't available to swipe through an MSR device (e.g., as with telephone orders). AVS processing doesn't affect whether the charge is approved. Instead, AVS indicates whether or not the address provided by the customer matches the address on file with the credit card company so that the merchant can decide whether or not to process the charge.



    Aging

    A process that determines the age (number of days old) of customer open items.



    Allocated purchase order

    A purchase order that includes goods intended for delivery to multiple locations. Items ordered with an allocated purchase order can be shipped to a single location, and then transferred to their final locations, or they may be shipped to each individual location from the vendor.



    Alphanumeric

    Consisting of letters, numbers, and/or special symbols (*, &, $, etc.) in any combination.



    Alternate unit

    Represents a secondary unit of measure for receiving or selling an item. For example, the stocking unit for an item might be 'each,' but you might receive an item by the alternate unit 'case.'



    Audit trail

    A method of tracking transactions through the entire sequence of their history so that all financial information can be traced. Certain reports should be printed or stored electronically in the retail software as part of the business's permanent records.



    Authorization

    The act of ensuring the cardholder has adequate funds available against his or her line of credit. If authorized, an authorization code will be generated and adequate funds are set aside. The cardholder's available credit limit will be reduced by the authorized amount.



    Authorization code (Approval code)

    A code typically consisting of numbers which is given when a credit card transaction is authorized.



    Available quantity

    The quantity of an item that is currently available for sale. Generally, the available quantity is equal to the on-hand quantity minus any quantities set aside for open orders.



    Average cost

    An accounting cost method achieved by calculating or recalculating a weighted average of the cost of all inventory items currently in stock. This cost is recalculated each time items are added to the inventory, and in certain situations, when items are removed

    B2B (Business-to-Business)

    Business model focused on sales to other businesses. Manufacturers, wholesalers, and suppliers are typical B2B companies.



    B2C (Business-to-Consumer)

    Business model focused on sales to consumers. Retailers are typical B2C companies.



    B2G (Business-to-Government)

    Business model focused on sales to national, state, or local government agencies.



    Backorder

    A type of order normally created when there is insufficient quantity available for a sale or order.



    Balance sheet inventory account

    An account that tracks the value of on-hand inventory.



    Barcode

    A unique identifier for an inventory item or for a particular color/size combination for an item. A barcode may be printed in machine readable format using one of a number of common symbologies, such as UPC-A, Code 39, etc.



    Batch processing

    A processing model for entering several transactions in sequence, then finalizing (or posting) all of these transactions at the same time. Batch processing allows multiple employees to enter and edit the same types of transactions simultaneously in their retail software.



    Bill of Lading (BOL)

    A shipping document that serves as evidence that the carrier received shipment and as a contract between carrier and shipper.



    Bin

    Represents a physical place to store inventory. Bins are subdivisions of a location and are used to locate items. Generally, bins refer to physical rows/shelves or to actual bins.



    Biometric

    A measurable characteristic or unique trait, such as a fingerprint, used to recognize the identity of a person. Biometric devices can be used with retail point of sale systems as a secure log in mechanism.



    Black Friday

    The day after Thanksgiving. While Black Friday is often thought of as the busiest retail shopping day of the year, in fact the busiest retail shopping day of the year is usually the Saturday before Christmas.



    The origin of the term Black Friday comes from the shift in profitability during the holiday season. Black Friday marks the day when many retailers shift from being unprofitable, or "in the red," to being profitable, or "in the black."



    Buyer

    An executive who is responsible for selecting, pricing, and purchasing merchandise. In many companies, the term "buyer" designates a department manager, whose responsibilities include, but are broader than, the purchasing function.

      Current date/time is Sun Dec 11, 2016 11:53 am