Glossary of Stock Control Terms
Words in italics are defined elsewhere in this glossary.
alphanumeric
This means both the letters A to Z and the digits 0 to 9.
An alphanumeric field is one in which you can enter both letters and numbers. For example, a supplier reference might be AB203.
See also numeric.
average cost
This is the average cost of all the items in stock (including new purchases) for a particular stock line. Also known as weighted average cost. In bsmart, see "COSTCHG - Cost Price Adjustments Screen" for an example of how the average cost is calculated.
base stock level
The minimum number of items that should be kept in stock at a location. If automatic re-ordering is being used, then when the number of stock items falls below the base stock level, more items are automatically ordered.
Also see start stock level.
batch
a) A group of dockets. A batch usually consists of many dockets, but even a single docket can be a batch. Usually, a batch of dockets contains all the sales which relate to a days takings.
or
b) A group of invoices or a group of credit notes. A batch usually consists of many invoices (or credit notes), but even a single invoice or credit note can be a batch.
clear down
This term refers to resetting period figures or removing old unwanted data, see "Tidying the System (Housekeeping)" and "Period End".
category
A category is a way of relating your Department and Sub-Department structure to standard global headings. This is useful for inter-company analysis reporting and for sharing information with other jewellers who use the same stock structure. Categories are are user-definable, see "System Codes and Configuration".
current selling price
See RSP.
department
Departments and sub-departments are a way of organising stock information within the Stock Control module, so that you can obtain useful information about sales. In bsmart, see "Stock Coding Structure".
deposit order
(see Deposit/Special Order System)
This allows you to take a deposit on an item which is not currently available for any of the following reasons:
- The item needs to be transferred from another store
- The item is out of stock and needs to be ordered
- The item is being made up for the client
- The item is being specially ordered as a one off
discontinued reason
This term refers to the reason that a stock item has been discontinued and should not be re-ordered. For example, the supplier has stopped manufacturing it, or you decide to stop selling it because it does not sell well or because you have replaced it with a similar stock item. You can define as many of your own reasons as required. In bsmart, see "Discontinue/Highlight An Item".
display label
See label.
docket
A sales receipt.
EPoS
Electronic Point of Sale.
field
An area on the screen where you enter data or where you accept the value that has already been entered automatically by the software.
highlight reason
A highlight reason is a way of grouping stock together in order to identify items easily and manage them more efficiently. For example; Core Range, New Range, Promotional Range and Supplier Range may all be items which are driving your business and should always be in stock however you also need to know when their sales slow down. Various reporting tools including automatic re-ordering can be produced by selecting a highlighted reason or selecting all "Ranges". In the same way you can manage Sales Lines, Promotional Lines, Clearance Lines and Xtra Clearance Lines and therefore manage their exit from the business efficiently. Other useful reasons might be Special Order Items (not to be re-ordered because they sold quickly). These codes are user definable, see "System Codes and Configuration".
HR
An abbreviation for Highlight Reason. It appears on some reports.
location
Location is the general term for a stock holding location. This can be one of your sales branches (shops), website, or it can be some other location that you might set up such as "returned to supplier" awaiting a credit note.
markdown
Markdown is used to calculate an appropriate cost from the RSP. It is used for bulk stock items which are not stocked separately, for example, fashion earring, findings, repairs and so on. Each stock item could have a difference price, however they are priced using the same mark up and therefore can be marked down by the same percentage. In bsmart, see "Work out a Markdown Percentage".
markup %
See markup percentage.
markup percentage
The Markup Percentage is used by the system to calculate the RSP of a stock item from its cost. The system takes the cost and multiplies it by the Markup Percentage, then uses the rounding rules to arrive at the final RSP.
numeric
This means the digits 0 to 9.
A numeric field is one in which you can enter only the digits 0 to 9. For example, a Supplier Code might be 0102.
See also alphanumeric.
outstanding order
An order that you have placed with a supplier, but which has not yet been fully processed using the purchase invoice menus (because it hasn't yet been received).
pad label
A pad label is used with a stock item that is on display to the public. Typically, there is just one stock item on display, but there may be many items in stock. Do not confuse a pad label with a ticket. See 'Tickets & Labels'
pattern number (supplier's)
See supplier reference.
price
See markdown, markup, RRSP and RSP.
product identification code (supplier's)
See supplier reference.
re-order level
See base stock level.
RRSP
Recommended Retail Selling Price. This is usually used for branded stock items, where the price is fixed until the Supplier issues a new price list.
RSP
Retail selling price. This is the ticket price before any discount is applied.
Also known as current selling price.
sales docket
See docket.
sales invoice
See docket.
sales receipt
See docket.
start stock level
This is used in two different ways, depending upon location. For location 000, it is used as a minimum order level. For all other locations it is used as the level at which a distribution is triggered.
Also see base stock level.
Stock Number
This is the combination of Department + Sub-Department + Item Number.
Do not confuse the Bransom Stock Number with a supplier's stock number. In bsmart, a supplier's stock number is called Supplier Reference.
stock turn
A percentage measurement of how often your stock sells. A stock turn of one shows your stock sells once a year. Two sells twice a year, and so on.
supplier code
A numeric code that identifies each of your suppliers. Each supplier must have a different supplier code. The supplier code is defined by people in your organisation.
Do not confuse supplier code with supplier reference.
supplier reference
A supplier's own code for an item of stock. Also known as supplier's pattern number or supplier's stock number.
Do not confuse supplier reference with supplier code.
In bsmart, see "Dealing with Duplicate Supplier References".
sub-department
See under department.
ticket
A ticket is attached to each stock item that is in your shop. It helps your staff to identify a stock item correctly. To describe a stock item to the public, use a label.
ticket file
A data file that is used internally by the Bransom system. It stores information about tickets and pad labels that will be produced. Typically, first you produce a ticket file, then you print the tickets and pad labels. The system uses the information that is in the ticket file to produce the tickets and pad labels.
ticket type
The design of a ticket. For example, a ticket might be a dumbell or a stringtag. It also refers to the information printed on the ticket. You might have 3 ticket types for Diamond Rings, Jewellery and Watches which all print on the same style of ticket, but what is printed is different for each.
value
The Nett Price. The sales values on reports are the net sales after discount and VAT.
week number
The financial week number of your financial year (1 to 52 or 1 to 53). If your financial year starts in April , the first week will be week 1, the last week in the following March will be week 52 or week 53 depending on how your company deals with accounting periods.