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 email@example.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:
1. Product specs
2. Customer specs
3. Vendor specs
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:
1. At Source = Not yet on the water
2. In transit = On the water
3. Received = Received by warehouse/received by customer (if direct to customer)
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:
1. Final Match
2. Release to Logistics
3. Create a new delivery/add release to an existing delivery
4. Ship and Invoice
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:
4. Cost Entry
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
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/report 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/Sales 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:
1. SO Not Yet Issued = Sales Order entry has not been completed.
2. SO Issued = The Sales Order is complete and has been sent to customer.
3. Final Matched = Inventory Allocation has been started. When using Warehousing, this is the process of putting goods on hold but not shipping them to customer. For direct shipments it does not apply.
4. Released to Logistics = The goods have been allocated and are ready to be put in a delivery to customer.
5. Release is Shipped = The goods have been delivered/shipped to the customer and an invoice has been created.
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:
1. PO not yet Issued = The Purchase Order has not been completed
2. PO Issued = The Purchase Order is complete and has been sent to the vendor(supplier)
3. Venture At Source = The Venture has been put in a container but has not left port
4. Venture In-Transit = The container/ventures are on the water
5. Venture Moved to Warehouse = The order is in the warehouse (or for Drop Ship/Direct to customer) = The order has reached the customer.
6. Venture Closed = All of the goods for this venture have been sold