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Email: support@mod2.comWeb: http://www.mod2.com

 

 

THE MOD2 BASIC DICTIONARY

 

 

Welcome to the MOD2 Basic Dictionary. The following are a list of terms and terminology usually encountered when using the MOD2 program. The corresponding definitions are the programmer's personal version based on the MOD2 program and its direct or indirect relation to the industry.

 

 

(Note from Mod2 Support Team: This dictionary is intended for our new customers and for new employees of Mod2)

 

 

 

 




A

 

ACCOUNTS PAYABLE

The money we need to pay to our suppliers

 

ACCOUNTS RECEIVABLE

Money owed to us by our customers who have bought goods from us.

 

AGING LAYOUT

That is where you can specify whether you want 1-30, 30-60, 60-90 regarding your accounts receivable.

AGING REPORT

Shows you how much of your receivables are past due. (e.g. What part of your goods are 30 days past due)

ASSIGNED FACTOR

That is when you take a bunch of your invoices and groups them together and gives them to a factor for them to collect money for you. This transaction occurs after an invoice is done.

 

ASSOCIATE EXPENSE

Has several different types based on receiving, based on purchase contract, based on invoice, based on move and transfer, and thatís where you associate your expenses based on Mod2

 

B

 

B/L or BILL OF LADING

It is something that is used at the time of shipment. A document that is used by the trucking company or shipping company where basically you are giving the goods to that company.

BUILD CODE

In Mod2 it is a 3 letter symbol that specifies the company that we are dealing with. (e.g. ZLF is Zelouf International)

 

C

 

CARVE / CARVE MANAGER

It is a procedure where you link a customer order to a purchase contract. Where goods coming from the purchase contract are reserved for that customer

 

CHARGE BACKS

A transaction in Mod2 that occurs when you have a factored invoice and the customer disputes part or all of the goods that you have sold to the customer.Basically this is where you are saying that your goods are your own receivables, instead of when your customers have charged back the goods.

 

CLAIM NOTES

Notes in Mod2 that relates to any claim that might have been on an invoice or a shipment

COLLECT

When you give goods to a customer, sometimes you have to call them or write them a letter to collect the money.

CONTROL CENTER

In Mod2 where we see our customers if their system is running

COO (Country of Origin)

In Mod2 a field where you indicate the country where you are buying goods will be set to that field.

COVER SHEET (Mass / Single)

Is like a free hand notary where you can write a text about any subject that you like to a customer or supplier or to anybody that you deal with. MOD2 saves the cover sheets.

 

CREDIT LIMIT

Is how much goods you want to give to a customer feeling comfortable with that amount. (e.g. You might want to set the amount to a customer for $10,000 as credit limit)

 

CREDIT NOTE

Is when goods are returned and is the opposite of an invoice.

CREDIT APPROVED

Meaning the customer is credit worthy and that either a factor has approved of it or someone has approved the credit of that order or the invoice.

 

CROSSED AGING

A complex feature in Mod2 that tells you how much percentage of your receivables is over a certain amount.

 

CUSTOM BROKER

A company that takes care of or polices or manages goods being released coming from overseas.

 

D

 

DISBURSEMENT

Occurs when you have a credit with a customer or a payment from a customer and you go to the disbursement manager and basically select which invoices you want to apply to.

 

 

DP Payment

A form of a payment to a supplier - and doesnít stand for anything beyond that.

 

DUNS (at Adding Client)

Dun and Bradstreet number, a credit organization in America, and the DUNS number is given to you by that organization that has your credit profile.

DYE ORDER

Process where you change the color of a fabric

DYEHOUSE

Place where the goods get changed. (e.g. a company called XYZ where they have the machines where they change the color of the fabric according to you specification)

 

E

 

E.I.S (Executive Information System)

One touch access to extended information, analysis, and graphs on a style.

 

F

 

F.O.B. (Freight on Board)

That is how we ship goods

FACTOR

Organization or company that basically buys your receivables and handles the rest if the customer is not paying for the goods

FACTOR CHARGE

Thatís how much the factor will charge you regardless of what happens. (e.g. 1%)

 

FACTOR MANAGER

Part of MOD2 that handles the factor

FINISH

The type of a finish that goes on a fabric

FINISHER (or Dyer)

Is basically the plant that handles doing something on the fabric.

 

G

 

GREIGE

Raw materials

GREIGE INVENTORY

Inventory of raw materials

GREIGE MANAGEMENT

How we manage raw materials or greige goods.

GROSS PROFIT AND ANALYSIS

Report in Mod2 showing how much profit you are making in each individual invoice or item

 

H

 

HOLD MANAGEMENT

Where you preserve or keep part of a goods for a particular customer for a given time period

 

I

 

IHD (In-House-Date / XCO+TTE)

Like a supplier promises you that they are going to ship goods on a certain date. There is a transit time, then with consideration on the date they promise the delivery and the actual date they ship the goods plus the transit time is going to be the IHD

INLAND-FINISHED

Basically means you are buying goods from inland, within America and the goods are finished and not raw materials.

 

INVOICE

A very important financial transaction basically the document that transfers the ownership of goods or services sold to another company.††

 

INC, HLD, OTS (at On Future Screen)

Where INC is incoming, HLD is Holds and OTS is Open to Sell, all part of what the system can tell you regarding what is incoming in the future.

 

L

 

LC Payment

Letter of Credit payment typically the textile or garment company purchases goods from a supplier and they use LC as a form of payment, coursed through a bank where the bank guarantees the payment to the supplier.

 

LEDGER

Shows all the activity of the supplier / customer ledger - financial side shows all invoices and payments

 

M

 

MARK-UP

Profits percentage made in the invoice. (e.g. 25% markup means $25 per every $100 dollars that you sold)

 

MOD2

Our company name, our software product.

 

N

 

NON-SECURE ACCOUNT BALANCE

The NON Secure is what the company has extended to the customer themselves. (e.g. in this industry somebody may buy a $100,000 goods from you, it is very scary if they cannot pay. What the customers do is they get the help of an organization called a factor, and the factor covers that invoice to give you a guarantee that if the customer cannot pay, the factor will pay. in mod2, we always want to know out of what the customer owes us, how much of it has the factor or the insurance has guaranteed to pay and How MUCH of it that we have extended ourselves to pay)

 

O

 

OPEN RD - Open Return Detail

In Mod2, when goods are returned, they go through a cycle that goes through a transaction that starts with the RGA and then by a transaction that is called a RD and then by a transaction called a CREDIT note. The return Detail is the middle step. When a good is returned, first we authorize the customer to return the goods, thatís the RGA. Then we do a Return Detail, where the goods go back to the inventory. the part regarding the Open Return Detail means that goods that were returned which we have received but we have not credited the customer yet. Sometimes the customer returns the goods, we receive it, but we decide to give them credit at maybe some point later on because there is a warehouse that receives it and there is an accounting department that manages where the money is going to be credited.So at all points in time, someone might be interested in knowing what Return Details have been received that is Open that has not been credited to the customer yet.

 

OPEN TO SELL

Open to Sell on Stock / Open to Sell on future.

Means out of the goods that we have, what part of it is available for us to sell to others. For example, I might have 10,000 units of something in stock, but all of it or part of it could be reserved for a customer. From a financial perspective, we are interested in knowing what we have in stock But the salesman working for the company, or the owner trying to answer someone in the company or generally anyone working in the company, theyíre always interested in Open To Sell, why, because what they have in stock is something but what they can sell out of it is the more important. In Mod2, there is a distinction between open to sell on goods that are in stock and open to sell on goods that are coming in the future.††

 

P

 

PACKED IN

In this industry, goods are shipped in different packages. Different types of goods come in different packaging.(e.g. rolls of fabric, or basically identifying how many boxes are received, how many pieces you received)

PACKING LIST

Transaction of details of what you are shipping to your customer. - has all the relevant information on who is the customer; where the goods are shipping to, what number of boxes or pieces are going, to what are the individual units of pieces that are going. In MOD2 most of the work is done in the packing list. 2 types: DETAILED PACKING LIST and SUMMARY PACKING LIST††

 

PAID COMMISSION

Where you specify how much you are paying commission against an invoice that is in your system. Typically, commission is given to a salesman when he is selling the goods, in this industry sales people are involved, and the paid commission specifies how much you are paying your salesman. When you go into your system, you specify that you are really paying that hundred dollars. that way, the system knows that the commission has been paid, and what date, and things like that, so that later on when there is a return on that invoice, Mod2 will deduct it from that salesman, it will always know at all points in time, how much money you owe to your salesman.

 

PAID INVOICE

When your customer pays you for an invoice you record the check number you received, date you received, the factor who payed you. -some companies or accountants call it cash received††

 

PARTICULAR CLIENT

A filter at Mod2 when you want to go to a particular client

PAST DUE ACCOUNTS

These are Ďcustomersí that have gone beyond the date that they were supposed to pay to you. In this industry many people owe you money at all times and you always need to know which of them are running late in paying. Because typically you give them 30 or 60 or 90 day terms, and when they have passed that threshold, then you really want to know which ones they are.††

 

PD CHECKS (Post Dated Check)

A cosmetic transaction in MOD2 has no financial bearing, but sometimes some companies write you a check but they say donít deposit it until a future date and Mod2 can handle that. Keep in mind that a PD check does not turn into a payment automatically, when that due date comes for that PD check, the system gives you a warning, but it does not turn it into a payment.†††

 

PENDING CREDITS

Somehow you have received money from a customer or some kind of a return, an you have not applied it to an existing invoice. So a customer could have returned something and its sitting as a pending credit until you decide which invoice you want to give the credit to. Thatís for the pending creditor.

 

PENDING RD (Return Detaild)

Same as Open RD or pending Returns.††

 

PROCESSES

Samples are when you do a dye, when you do a print, when you do a garment import. Process basically has an input, output and has a cost. So example you go to a dye house and you say I want to give you the fabric, and I want you to print this design for me, so youíre giving him the fabric, (thatís the INPUT). The OUTPUT is the finished product which you are expecting, and there is a costing involved that they will charge you so much for every unit that they put in that work. In Mod 2 processes has properties called working loss.

PURCHASE ORDER

In MOD2 if you have a word as purchase order, it typically means the customer purchase order number. Otherwise, everything else in MOD2 is defined as a Sales Order or Purchase Contract.

 

R

 

RECEIVING

When you take possession or you become the owner of items that you have purchased before through a purchase contract. Anytime imagine when you have a warehouse where you receive goods, that is a Receiving in MOD2. Receiving is a very important financial transaction, itís like a bridge that has two anchors, and without it nothing else in MOD2 will work. There are several types of receiving, and thereís one type of receiving which is from returns from customers, and that is under receiving as well too.

 

RECONCILE BALANCE

A feature on the accounts receivable side where you look at the balance of receivables from the previous month, add the sales for the current month, deduct the cash received and you should arrive at the same number.

 

RELATIVES

In mod 2 there is a smart feature that shows you the related items in a transaction, like thereís a chain of transactions (e.g. a packing list, an invoice, the payment and then the commission,).

 

RETURNS

Goods are returned from the customer - Where you issue the RGA (returned goods authorization) then you do a RETURN DETAIL, and then you do the CREDIT MEMO.

 

REVISION HISTORY

The programmerís favorite feature in mod2 - basically whatever is changed in MOD2, it will record who, when, and time, what it was changed from, and what it was change to.††

 

RGA

Return goods authorization.

††

ROUTING (at sales order screen)

A very powerful feature of MOD2 to do advanced importing. This allows you to split or route goods from several locations or countries from a purchase contract. Lets say a customer ordered goods , a big order, when it comes to delivering the goods, the customer says , send me a small shipment here, a middle shipment here, and the rest of the shipment here, sometimes it can be as elaborate as they give you 10 different delivery locations, and the splitting route allows you to do that.†††

 

RTV (Return to Vendor)

It is a form of an invoice, - basically you are returning goods to a supplier because something is not right with the goods and you want to return it back to where you bought the goods from. That is the return to render.

 

S

 

SALES ORDER

Transaction that records what your customer is buying from you.(e.g. 100 units of this, 200 units of this, delivery wanted today, price they are buying it. Very important transaction to print the picking sheet, send the confirmation.)

 

SECURED ACCOUNT BALANCE

Typically in this industry, when someone owes you money, that can be classified as non secured or secured. What is secured means you have some protection against the receivable or what you are expecting to receive. (e.g. a Factor has accepted that invoice from you or an insurance company has accepted that this customer will pay just in case they go out of business. That is what you call a secure receivable.)

 

SHIP ZONE

Zone where goods are to be shipped to.††

 

SLS and NCW, HLD (at On Stock Screen)

Where SLS is sales orders, NCW is Non Countable warehouses, HLD is Holds.

 

SPLIT (at sales order screen)

Means you have multiple delivery dates, and you want to split it into several delivery dates.

 

STAMPED (Stamp date)

Date entered automatically by mod2 when transaction is entered into the system.(i.e. If today is DEC 8 and I set a transaction to a back date which is Dec7, I can do that but the stamp date is set today, Dec8)††

 

STANDARD GREIGE

Type of inventory where the goods are raw material and they need to be processed (e.g. cotton white)

 

STYLE

Item which a company is going to be selling, which will have a number, or alpha numeric, and description of the item.

 

STYLE SOLD

Basically how much of a style has been sold given a period

 

SUPPLIER / MILL

Name of the supplier or company where we are buying the item from.††

 

SWATCH

Little sample of the garment or fabric to describe the item, it's like a mini version of the item††

 

SXD (Supplier Cancel Date)

Used in the context of a purchase contract and basically the date that indicates the supplier of yours should not ship the goods.

 

T

 

TERMS CODES for Factor Manager

I.e. net60 = N60 different factors can have different factor codes and term codes.

 

TERRITORY

Region that you can define in your system where goods are to be delivered to.††

 

TIMESTAMP

Time when a transaction was added to the system.

 

TRACK

A feature that sequentially helps you look for invoices and if an invoice number is not there it will show it to you.††

 

TRANSIT

Length of time for a supplier to ship the goods to us and for us to receive it, and vice versa. Basically how long goods are in-between locations.

 

TRANSLATION

A button in Mod2 where you can turn a transaction into a different type of transaction. Like you can turn a transaction into a Jpeg or tiff file. We do not use this feature that much.††

 

TRUE COST (SLOWER)

An actual cost for an item as calculated by Mod2. - It is not something that the user can control. Itís basically every touch point where we do move and transfers to goods, the costing engine things we touched about it.

 

TRX TO HOUSE (at Accounts Payable)

See Charge back††

 

TTE (Transit Time Estimate)

An estimate that you put into your system that tells you how long it takes for the goods to come to you.††

 

V

 

VOID SALES

Thatís when you want to cancel an invoice.

 

W

 

WATERMARK STAMP

Thatís something that you can put under Accounts Receivable statement to state how the statement should print. What is LOW spreadsheet - Mod2 generates a spreadsheet showing an inventory that is running low on.Wire Payment - where you wire money to your supplier for a shipment that you are expecting.††

 

WRITE-OFF

Where you decide that a customer is not going to be able to pay to you and you have to basically say that you are not getting any money from it.

 

X

 

XCO (Supplier Ship Date)

Date that the supplier has promised you delivery.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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