Terminology FAQ
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Alert
An automatic notification of potential issues or things that need attention. VISCO includes two alerts - 'Late Shipments' (outbound shipments that are not on the water by the ETD) and 'Invoices Posted'. Any type of custom Alert can be created - contact support@viscosoftware.com for details
Batch
A batch is a group of vouchers (A Voucher is a Vendor Invoice). The purpose of a batch is to post multiple vendor invoices into VISCO and the integrated accounting system
Bill of Lading
A written receipt given by a carrier for goods accepted for transportation. In VISCO the BOL applies to the container
Certificate of Analysis
A document containing specifications of a product. In VISCO there are three types of specifications, all optional, which can be used as needed
VISCO automatically compares the specs to ensure your customer receives goods that match their specifications
Container
The container contains your ocean-bound ventures (inbound shipments) and is loaded onto a vessel
Container Instruction Sheet
(CIS, Cover Letter/Sheet, Broker Letter/Sheet) – A document generated automatically in VIS based on customs related data (Duty Rates, Harmonized Tariff Schedule [HTS] Numbers, etc). This document is a summary of all the documentation enclosed in a packet sent to a CHB. The packet generally includes original documentation from a Supplier and Shipping Company including a commercial invoice, shipper’s bill of lading and certificate of origin
Container status
When working within VISCO, the status of each container will change, it is important to know what each status means
Contract
Entering of a Sales Order and Purchase Order at the same time. Both a sales order and a purchase order number are assigned, in addition to the contract #. The Sales Order and Purchase Order are automatically allocated in a contract
Cost Entry
The process by which actual costs are simultaneously posted to VISCO and the integrated accounting system
Customs House Broker
(Broker, Customs, CHB) – The organization that works closely with a VISCO company to clear goods through customs at the port of arrival. VISCO generates a Venture (or Container) Instruction Sheet to help work with your CHB more efficiently)
Customer
A business that purchases goods from you
Delivery
Customer Delivery (Shipment, Truck Load) This is a product delivery to a customer
Delivery Order
(Similar to Bill of Lading, Route Sheet) – A document generated for transfer of goods anytime the VISCO company is responsible for getting goods from point A to point B. This may include the following transfer possibilities in VIS: from port of arrival to warehouse, port of arrival direct to customer, warehouse to customer, warehouse to warehouse, customer to warehouse, warehouse to port of departure
Document Status
(ASN, Advanced Shipping Notice) – A notification provided by the supplier that a shipment is being prepared or has left the supplier’s warehouse or manufacturing facility
Final Matching
The process of matching goods from available inventory (whether In Transit or Received into a Warehouse) by selecting specific packages from their associated ventures and matching them against open Sales Orders. Final Match can be removed if needed.
The sequence is:
Freight Carrier
A company that provides only freight services. A company providing a range of logistics services to a VISCO company. This may include port to port shipping, warehouse delivery, customs assistance, warehousing or any other service associated with importing
Integrated Accounting System
The accounting software that is integrated with VISCO. There are four points of integration:
Inquiry
Initial Customer Request - also can be used for any task associated with customers or any business task such as samples, product specification, inquiry to supplier, suggestions from customers, complaint etc
Inventory Allocation
The process by which a Sales Order shipment is allocated against a venture (inbound shipment) The venture can be either in transit or received in a warehouse. The Sales Order and the Purchase Order must be issued in order to be allocated
Inventory Adjustment
The process by which the original quantity of inventory can be altered due to short-shipment, over-shipment, loss or mistake.The Inventory Adjustment screen displays the status of inventory (allocated, final matched, sold). If the VISCO company uses Quantity Review Pending, the inventory adjustment must be approved prior to the adjusted inventory becoming available for (pre) allocation
Inventory in Transit
(Goods) Materials purchased from the vendor that are no longer in a vendor warehouse facility but haven’t yet been received in a VISCO warehouse, or a customer’s ship-to location
Offer
A quote received from a vendor. May be in response to a customer’s Inquiry
Order History
A tool that shows the Sales and Purchase history by product, customer and vendor. This tool is also used to see open orders
Packing List
A packing list of the items on a single venture, including quantity and whether duty was paid
Post
The process of posting financial data (invoices and costs) to your accounting system e.g. QuickBooks
Pre-Allocation
The process of matching Sales Order Shipments to the Purchase Order goods. This means the process of taking purchased goods (shipments) ordered from your vendor and matching them to the customer Sale/sale order in order to create a 'promise' or association so that others know the goods are spoken for
Price Text (CIF)
Cost, Insurance, Freight. Contract Terms arranged with a supplier, indicating that ownership transfer occurs at the port of arrival. Cost of Materials, Insurance and Freight charges will all be included on supplier invoicing. Supplier is responsible for transfer of goods up until port of arrival
Price Text (FOB)
Freight on Board. Contract Terms arranged with a supplier, indicating that ownership of the goods transfer as soon as the freight is on board a vessel. A VISCO company is generally billed only for cost of material purchased under this arrangement. It is the responsibility of the VISCO company to handle all logistics elements under an FOB contract
Product Position
This tool gives you visibility into your inventory forecast based on what is on hand, on the water and on order with your suppliers vs. what is committed to your customers
Purchase Order
The order to your Vendor
Purchase Order Assign
The process of creating a new Purchase Order, the status will be ‘not yet issued’. The PO can be changed using PO Preparation
Purchase Order Issue
The process of issuing a Purchase Order (create the final PO which may be sent to a customer). An issued PO can be changed via PO Change
Quantity Review Pending
The process by which changes to the quantity of inventory are approved. Approval can be restricted to designated individuals by VISCO User permissions. This is an optional feature so it may not be in use by your company
Quote
Pre-sales information that is sent to Customer (based on an Offer from your vendor)
Release Status
When working within VISCO, the status of each Sales Order shipment (release) will change, it is important to know what each status means
Release
Sales Order Shipment, a single outbound shipment of a product that is delivered to a customer. When a SO shipment is ‘released to logistics’ prior to being added to a delivery, it is called a ‘release’
Release Explorer
The Release Explorer tool displays pending customer orders, what is ready to ship and what has shipped to customers
Release to Logistics
The process where allocated inventory status is ‘released to Logistics’ prior to it being added to a delivery to a customer. If inventory is ‘released to Logistics’ this means it can be added to a Delivery
Sales Order
Sales Confirmation, the order from your Customer
Sales Order Allocation
The process by which an ISSUED Sales Order shipment is allocated against a venture (inbound shipment) The venture can be either in transit or received in a warehouse. The allocation can be removed if needed. Allocation occurs after the container/venture is received and prior to releasing the goods for customer delivery
Sales Order Assign
The first step to create a new Sales Order. The Sales Order status is ‘not yet issued’ it can be changed using SO Preparation
Sales Order - Back To Back
Pre-allocation, the process by which an ASSIGNED Sales Order line is allocated against a PO line or venture (inbound shipment) The Back to Back can be removed if needed. The Back to Back indicates that the goods are reserved for a specific sale/sales order
Sales Order Issue
The process of issuing a new Sales Order (create the final SO which may be sent to a customer). An issued SO can be changed by using SO Change
Sales Order Pre allocation
The process of matching an ASSIGNED (not yet issued) Sales Order Shipment to the Purchase Order goods. This means the process of taking purchased goods (shipments) ordered from your vendor and matching them to the customer Sale/sale order in order to create a 'promise' or association so that others know the goods are spoken for
Shipping Company
A company that provides only shipping services
Trader
(Sales Person and Purchaser, Buyer). Every Purchase Order and Sales Order must have an associated Trader, the person responsible for the transaction in the VISCO company
Voucher
A Voucher is a Vendor Invoice. The purpose of a voucher is to post a vendor invoice (an actual cost) into VISCO and the integrated accounting system
Venture / Release Number Break Down
Example: Venture or Release # 333/2/1
333 = Sales Order/Purchase Order Number
/2 = Line number
/1 = shipment number
Vendor
Supplier, business that sells product to you
Venture
A Purchase Order shipment, a single inbound shipment of a product (this contains the ETD/ETA). Each product on an order has at least 1 shipment and can have more than one
Venture Analysis
Venture Analysis tool gives you visibility into the financials of a venture including a Profit and Loss Statement per venture. Useful for tracking down issues with a venture
Venture Explorer
The Venture Explorer is the tool used by Logistics and Sales people to pull logistics and inventory information out of the system. A great way to track order status, shipment status, inventory status
Venture Status
When working within VISCO, the status of each Purchase Order shipment (venture) will change. It is important to know what each status means. Every product line on a PO must have a minimum of 1 venture. A Venture is a single inbound shipment of goods which includes the shipment ETD/ETA