Adjustment Entry - The modification of inventory levels by either adding or deducting the quantities for a SKU at a certain location.
Allocated: This means the item is identified and ready to go in Luminous. If you see an order marked as “allocated” in your Sales Order Grid, it means the stock needed is already set aside to fill that order.
Alternate SKU - Any other identifier that should be mapped to a SKU. This is different from a UPC, but includes identification such as ASINs and FNSKUs. Alternate SKUs are important to ensure that sales orders data is properly mapping to appropriate SKUs and deducting inventory properly.
Assembly Order - The action taken to manufacture components into a finished good.
Bin - A specific place/location in within a warehouse. Inventory by bin is especially applicable for warehouses that utilize a pick and pack process (see also "location").
BOM (Bill of Material) - A recipe for manufacturing a finished good.
B2B Portal - Client facing portal where wholesale customers may log in and purchase products from a business using Luminous. The use of the pricing module and B2B product templates enhance one's experience on the portal.
Company - A business that you interact with, such as wholesale clients.
Contact - A person within a client company that can be communicated with. This is used in the CRM to enable access to the B2B Portal.
Defective - A product that does not meet the business’ standards to sell. These are unsellable units that should be included in a defective report.
Incoterm - specifies who is responsible for paying for and managing the shipment, insurance, documentation, customs clearance, and other logistical activities
Inner Carton - Smaller sized boxes contained within a master carton. Inner cartons will often contain one product or a few per carton.
Kit - A finished product that includes different components that make up the completed product. If you purchase items separately and assemble them as a kit, then you can utilize the kits function in Luminous. Note, inventory numbers for kits are reflected by the kit component with the lowest on hand inventory number.
Location - A specific place/bin in within a warehouse. Inventory by location is especially applicable for warehouses that utilize a pick and pack process (see also "bin")
Lot Tracking - A way to track products that expire. It's often required according to some regulations.
Master Carton - The box that contains inner cartons within it. Several master cartons make up a pallet and several inner cartons make up a master carton.
Master SKU - Stock keeping unit that is a standalone product or a product that has other products nested underneath it.
Pallet - A pallet is a transportable platform for moving and storing goods. When purchasing a pallet, it contains several master cartons.
Pick List - A generated list that shows which products (and where they're located) need to be retrieved to fulfill specified orders on a pick list. Warehouses typically divide employees into "pickers" and "packers".
Price Group - These are assigned to items. Customers can get a different price level if purchasing an item that’s in their price group.
Price Level - Price levels assign customers either an increase or decrease in the base price.
Price Schedule - Price schedule is a function that maps the quantity of a good purchased to the total price paid. It’s a pricing tier with an associated discount at each level. A pricing schedule also has a configuration on how to count specific items.
Primary Contact - The primary point of contact for a company in the CRM. This is the person that will be communicated with regarding invoices and B2B Portal purchases.
Purgatory - A tool that aggregates sales orders data and allows a user to map "order" SKUs to "Lum SKUs". It catches any data that is not properly mapped, enabling more accurate sales and inventory data.
Receiving Report - A report that is created when products are received into a warehouse. Especially important to track purchase orders and insure accurate inventory numbers after receiving of PO's.
Retail Price - The dollar amount charged to direct to consumer customers. This is most often the price you charge for a product on stores such as Shopify/WooCommerce.
RFQ (Request for Quote) - The asking for an estimate (quotation) of cost for a certain SKU/Quantity from a supplier.
Sales Velocity - A metric that indicates how quickly a specific product is being sold. For a 30 day sales velocity, it is the average number of units sold per day over the last 30 days. The same is applicable for a 60 day, 90 day, or any other sales velocity for a period of time. Sales velocities can also be projected for an upcoming period of time, with or without growth. It enables the user to have more accurate forecasting and demand planning.
Tag - A way to organize data, a user can tag items such as SKUs, invoices, receiving reports, and purchase orders to enable better categorization and visibility.
Unallocated: This means the item isn’t identified or ready in Luminous. If you see an order marked as “unallocated” in your Sales Order Grid, it means there isn’t any stock set aside yet to fill that order.
Unit of Measure - The way that a product is measured, the most common being quantity with a base unit of each (ea). Some businesses may also purchase and/or sell in measures such as length or weight.
Variant SKU - A product that is under a certain master SKU. An example may be a master SKU for socks that also includes variants determined by color. These could include blue socks, green socks, red socks, etc. Common variant types are size and/or color.
Wholesale Price - The dollar amount charged when selling the product to a wholesale client. This price is what price levels and price group discounts are based off of.