Stock & Trace Terminology

Negative Inventory Adjustment

A record made to decrease the inventory quantity in the system due to loss, errors, or damage.

Positive Inventory Adjustment

A record made to increase the inventory quantity in the system due to corrections, returns, or overages.

 

Warehouse

A physical space designated for the storage of products or materials, which forms part of the inventory management process.

 

Company

A business entity that owns and manages the inventory in the system.

Package Splitting

The process of separating a package into several units or sub-packages, according to distribution or storage needs.

 

Committed Inventory

The quantity of inventory that has already been assigned or reserved for specific Shipping orders and is not available for other uses.

Available Inventory

The quantity of inventory that is free and ready to be used or sent in a Shipping order, without being committed or on hold.

Inventory on Hold

The quantity of inventory that is temporarily blocked or unavailable for its use or shipment, generally due to inspections, quality issues, or specific requirements.

Picking List

A document that lists the product or material that has been selected to fulfill a shipping order.

 

Location

A specific place within a warehouse where products or materials are stored.

Notification

An alert or notification that the system sends by email to inform about specific events or actions related to inventory, such as updates on Receive or Shipping orders, or other relevant operations.

 

Part Number

A unique identifier assigned to each product or component within the inventory for its management.

 

Receive Order

An order used for the reception of inventory in a company's warehouse, detailing the quantities and any additional specifications necessary for its correct operation.

 

Shipping Order

An order used for the dispatch of inventory from a company's warehouse, specifying the quantities and any additional details required for its delivery or distribution.

Role

A set of permissions and responsibilities assigned to a user within the system, determining the actions they can perform.

USI (Unit Stock Item)

A label attached to each box or main container upon its entry, which includes all the essential information of the product or part number.