Concepts and Terms
Before you start implementation, lets get familiar with the terminology that is used and some basic concepts in iVendNext.
Basic Concepts
Company
This represents the Company records for which iVendNext is set up. With this same setup, you can create multiple Company records, each representing a different legal entity. The accounting for each Company will be different, but they will share the Customer, Supplier and Item records.
Setup > Company
Customer
Represents a customer. A Customer can be an individual or an organization. You can create multiple Contacts and Addresses for each Customer.
Selling > Customer
Supplier
Represents a supplier of goods or services. Your telephone company is a Supplier, so is your raw materials Supplier. Again, a Supplier can be an individual or an organization and has multiple Contacts and Addresses.
Buying > Supplier
Item
A Product, sub-product or Service that is either bought, sold or manufactured and is uniquely identified.
Stock > Item
Account
An Account is a heading under which financial and business transactions are carried on. Examples of accounts are "Debtors", "Creditors", "VAT Payable", “Travel Expenses”, "Sales", "Share Capital", etc. iVendNext keeps track of your customers' and suppliers' balances in the background, so you don't need to create dedicated Accounts for them.
Accounting > Chart of Accounts
Address
An address represents location details of a Customer or Supplier. These can be of different locations such as Head Office, Factory, Warehouse, Shop etc.
Selling > Address
Contact
An individual Contact belongs to a Customer or Supplier or is just an independent Contact. A Contact has a name and contact details like email and phone number.
Selling > Contact
Communication
A list of all Communication with a Contact or Lead. All emails sent from the system are added to the Communication table.
Support > Communication
Price List
A Price List is a place where different rate plans can be stored. It’s a name you give to a set of Item Prices stored under a particular List.
Selling > Price List | Buying > Price List
Accounting
Fiscal Year
Represents a Financial Year or Accounting Year. You can operate multiple Fiscal Years at the same time. Each Fiscal Year has a start date and an end date and transactions can only be recorded in this period. When you “close” a fiscal year, its balances are transferred as “opening” balances for the next fiscal year.
Setup > Company > Fiscal Year
Cost Center
A Cost Center is like an Account, but the only difference is that its structure represents your business more closely than Accounts. For example, in your Chart of Accounts, you can separate your expenses by its type (i.e., travel, marketing, etc.). In your Chart of Cost Centers, you can separate them by product line or business group (e.g., online sales, retail sales, etc.).
Accounting > Chart of Cost Centers
Journal Entry
A document that contains General Ledger (GL) entries and the sum of Debits and Credits of those entries is the same. In iVendNext you can update Payments, Returns, etc., using Journal Entries.
Accounting > Journal Entry
Sales Invoice
A bill sent to Customers for delivery of Items (goods or services).
Accounting > Sales Invoice
Purchase Invoice
A bill sent by a Supplier for delivery of Items (goods or services).
Accounting > Purchase Invoice
Currency
iVendNext allows you to book transactions in multiple currencies. There is only one currency for your book of accounts though. While posting your Invoices with payments in different currencies, the amount is converted to the default currency by the specified conversion rate.
Setup > Currency
Selling
Customer Group
A classification of Customers, usually based on market segment.
Selling > Setup > Customer Group
Lead
A person who could be a future source of business. A Lead may generate Opportunities. (from: “may lead to a sale”).
CRM > Lead
Opportunity
A potential sale. (from: “opportunity for a business”).
CRM > Opportunity
Quotation
Customer's request to price an item or service.
Selling > Quotation
Sales Order
A note confirming the terms of delivery and price of an Item (product or service) by the Customer. Deliveries, Work Orders and Invoices are made on the basis of Sales Orders.
Selling > Sales Order
Territory
A geographical area classification for sales management. You can set targets for Territories and each sale is linked to a Territory.
Selling > Setup > Territory
Sales Partner
A third party distributor / dealer / affiliate / commission agent who sells the company’s products usually for a commission.
Selling > Setup > Sales Partner
Sales Person
Someone who pitches to the Customer and closes deals. You can set targets for Sales Persons and tag them in transactions.
Selling > Setup > Salesperson
Retail
Stores (Warehouses)
All retail stores are first defined as warehouses and then further classified by marking Is Retail Store = True.
Stock > Settings > Warehouse
Mode of Payment
As the name specifies, mode of payment is the way a customer pays at the POS. Cash, Credit Card, Gift Card, Loyalty Points, etc. are some of the modes of payment.
Retail > Settings > Mode of Payment
POS Profile
A POS profile is a template that is attached to the Store and determines the behavior of the POS terminal to which it is attached to. A POS Profile references the following settings:
Interface profile - the look and layout of the POS
Payment Methods - the different payment methods that can be used at the POS
Print settings - format of the printouts that are taken at the POS: transaction receipt, gift card receipt, X Tape and Z Tape report, etc.
Price list and other accounting information
Customer Display
Retail > Settings > POS Profile
POS Terminal
A POS terminal is the physical POS terminal on which the POS software is installed. A POS Terminal has the reference of the hardware id of the physical terminal. In addition to this, the POS terminal also has the reference of the hardware id of payment devices that are connected to this physical terminal.
Retail > Settings > POS Terminal
Retail Permission
Cashier and Manager are some of the most popular roles present in a store. In the Retail Permission screen you get to define these and such roles. Transaction Rights, Price and Discount override limits, Shift related settings, etc. are defined in this screen and allocated to the different roles.
Retail > Settings > Retail Permission
POS Shift Profile
A POS Shift Profile is also a template that is attached to a User. It determines a few settings like:
Float Amount, whether tender counting is mandatory or not at shift closure, whether or not any variance is allowed in counting and if yes, whether the variance will be a percentage or an absolute amount, etc.
Retail > Settings > POS Shift Profile
User
As the name specifies, users are people who use the application based on their roles and permissions. This is also the place where you specify whether the user is a cashier or not. If a user is categorized as a Cashier, you get to specify the Stores he has access to and his POS Shift Profile.
Users > User
Item Tax Template
There are jurisdictions where more than one tax is applied to the product being sold. Item Tax Template lists the taxes that are to be applied to Items. The template also lets you specify whether the second tax should be applied On Net Total, On Previous Row Amount or On Previous Row Total.
Accounting > Tax Masters > Item Tax Template
Promotional Scheme
Promotions are a cornerstone in any retail business. Promotional Schemes in iVendNext can be configured to apply on Items, Item Groups, Customers and Transaction value. The resulting discount can be on Items, Item Groups, Brands. The promotional schemes can also be configured for a date range.
Selling > Promotional Scheme
Coupons
Coupons are promotional codes that are distributed to customers to offer them additional discounts. These are applied on the POS or on the WebStore. On the POS they are applied in the transaction grid to apply the necessary discounts.
Accounting > Coupon Code
Gift Cards
Gift Cards are a popular way of customer retention and increasing sales. You can define Gift Cards of different denominations and these can be sold like normal items. One of the Gift Card can also be configured as Store Credit
Retail > Gift Cards
Loyalty Program
iVendNext Loyalty is a comprehensive points and rewards application designed to enhance customer acquisition, engagement, and retention. It is part of the iVendNext Retail suite and offers a flexible system for managing loyalty points, which can be accrued through purchases, visits, or other activities. These points can be redeemed for various rewards, such as discounts or gift items, across different channels.
Retail > Loyalty Program
Surcharges
Surcharge is the extra fee that the customer pays when purchasing an item. It is an additional charge that can either be added in a sales transaction or in a purchase transaction. Packing charges, Alteration or fitting charges, service charge for repairs, etc. are some examples of surcharges that can be applied on the sales transactions. Similarly, freight charges, handling charges, etc. could be applied on the Purchase transactions.
Retail > Store Operations > Surcharge
Fulfillment plans
Fulfillment plans are templates attached to sale, special order and layaway transactions at POS. Fulfillment plans are attached to sales / sales orders / layaways in cases when the delivery of the items is to be done later OR the delivery attracts some additional surcharges OR the retailer wants to reserve the stock before the items are delivered. Fulfillment plans are also created when the retailer has to facilitate home delivery and store pickups.
Retail > Store Operations > Fulfillment Plan
Reason Codes
Reason Codes are defined for capturing additional information on why a particular activity was performed at the POS. These reason codes must be enabled on the Retail Settings screen under the Reason Code Required Tab
Retail > Store Operations > Reason Code
Expense Types
Retailers, especially the store managers incur expenses for the day-to-day running of business. Expense Types allows you to define different categories in which the expenses can be categorized.
Retail > Store Operations > Expense Booking
Buying
Purchase Order
A contract given to a Supplier to deliver the specified Items at the specified cost, quantity, dates and other terms.
Buying > Purchase Order
Material Request
A request made by a system User, or automatically generated by iVendNext based on reorder level or projected quantity in Production Plan for purchasing a set of Items.
Buying > Material Request
Stock (Inventory)
Warehouse
A logical Warehouse against which stock entries are made.
Stock > Warehouse
Stock Entry
Material transfer from a Warehouse, to a Warehouse or from one Warehouse to another.
Stock > Stock Entry
Delivery Note
A list of Items with quantities for shipment. A Delivery Note will reduce the stock of Items for the Warehouse from where you ship. A Delivery Note is usually made against a Sales Order.
Stock > Delivery Note
Purchase Receipt
A note stating that a particular set of Items were received from the Supplier, most likely against a Purchase Order.
Stock > Purchase Receipt
Serial Number
A unique number given to a particular unit of an Item.
Stock > Serial Number
Batch
A number given to a group of units of a particular Item that may be purchased or manufactured in a group.
Stock > Batch
Stock Ledger Entry
A unified table for all material movement from one warehouse to another. This is the table that is updated when a Stock Entry, Delivery Note, Purchase Receipt, and Sales Invoice (POS) is made.
Stock Reconciliation
Update Stock of multiple Items from a spreadsheet (CSV) file.
Stock > Stock Reconciliation
Quality Inspection
A note prepared to record certain parameters of an Item at the time of Receipt from Supplier, or Delivery to Customer.
Stock > Quality Inspection
Item Group
A classification of Items.
Stock > Setup > Item Group
Human Resource Management
Employee
Record of a person who has been in the present or past, in the employment of the company.
Human Resources > Employee
Leave Application
A record of an approved or rejected request for leave.
Human Resource > Leave Application
Leave Type
A type of leave (e.g., Sick Leave, Maternity Leave, etc.).
Human Resource > Leave and Attendance > Leave Type
Payroll Entry
A tool that helps in creation of multiple Salary Slips for Employees.
Human Resource > Payroll Entry
Salary Slip
A record of the monthly salary given to an Employee.
Human Resource > Salary Slip
Salary Structure
A template identifying all the components of an Employees' salary (earnings), tax and other social security deductions.
Human Resource > Salary and Payroll > Salary Structure
Appraisal
A record of the performance of an Employee over a specified period based on certain parameters.
Human Resources > Appraisal
Appraisal Template
A template recording the different parameters of an Employees' performance and their weightage for a particular role.
Human Resources > Employee Setup > Appraisal Template
Attendance
A record indicating presence or absence of an Employee on a particular day.
Human Resources > Attendance
Manufacturing
Bill of Materials (BOM)
A list of Operations and Items with their quantities, that are required to produce another Item. A Bill of Materials (BOM) is used to plan purchases and do product costing.
Manufacturing > BOM
Workstation
A place where a BOM operation takes place. It is useful to calculate the direct cost of the product.
Manufacturing > Workstation
Work Order
A document signaling production (manufacture) of a particular Item with specified quantities.
Manufacturing > Work Order
Production Planning Tool
A tool for automatic creation of Work Orders and Purchase Requests based on Open Sales Orders in a given period.
Manufacturing > Production Planning Tool
Website
Blog Post
A short article that appears in the “Blog” section of the website generated from the iVendNext website module. Blog is a short form of “Web Log”.
Website > Blog Post
Web Page
A web page with a unique URL (web address) on the website generated from iVendNext.
Website > Web Page
Setup / Customization
Custom Field
A user defined field on a form / table.
Setup > Customize iVendNext > Custom Field
Global Defaults
This is the section where you set default values for various parameters of the system.
Setup > Data > Global Defaults
Print Heading
A title that can be set on a transaction just for printing. For example, you want to print a Quotation with a title “Proposal” or “Pro forma Invoice”.
Setup > Branding and Printing > Print Headings
Terms and Conditions
Text of your terms of contract. In Sales/Purchase transactions there might be certain Terms and Conditions based on which the Supplier provides goods or services to the Customer. You can apply the Terms and Conditions to transactions and they will appear when printing the document. To know about Terms and Conditions, click here
Selling > Setup > Terms and Conditions
Unit of Measure (UOM)
How quantity is measured for an Item. E.g., Kg, No., Pair, Packet, etc.
Stock > Setup > UOM