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Electronic data interchange (EDI) is the concept of businesses electronically communicating information that was traditionally communicated on paper, such as purchase orders, advance ship notices, and invoices. Technical standards for EDI exist to facilitate parties transacting such instruments without having to make special arrangements.
Accounts payable (AP) is money owed by a business to its suppliers shown as a liability on a company's balance sheet. It is distinct from notes payable liabilities, which are debts created by formal legal instrument documents. An accounts payable department's main responsibility is to process and review transactions between the company and its suppliers and to make sure that all outstanding invoices from their suppliers are approved, processed, and paid. The accounts payable process starts with collecting supply requirements from within the organization and seeking quotes from vendors for the items required. Once the deal is negotiated, purchase orders are prepared and sent. The goods delivered are inspected upon arrival and the invoice received is routed for approvals. Processing an invoice includes recording important data from the invoice and inputting it into the company's financial, or bookkeeping, system. After this is accomplished, the invoices must go through the company's respective business process in order to be paid.
Vendor-managed inventory (VMI) is an inventory management practice in which a supplier of goods, usually the manufacturer, is responsible for optimizing the inventory held by a distributor.
An invoice, bill or tab is a commercial document issued by a seller to a buyer relating to a sale transaction and indicating the products, quantities, and agreed-upon prices for products or services the seller had provided the buyer.
ISO/IEC 6523Information technology – Structure for the identification of organizations and organization parts is an international standard that defines a structure for uniquely identifying organizations and parts thereof in computer data interchange and specifies the registration procedure to obtain an International Code Designator (ICD) value for an identification scheme.
A receipt is a document acknowledging that a person has received money or property in payment following a sale or other transfer of goods or provision of a service. All receipts must have the date of purchase on them. If the recipient of the payment is legally required to collect sales tax or VAT from the customer, the amount would be added to the receipt, and the collection would be deemed to have been on behalf of the relevant tax authority. In many countries, a retailer is required to include the sales tax or VAT in the displayed price of goods sold, from which the tax amount would be calculated at the point of sale and remitted to the tax authorities in due course. Similarly, amounts may be deducted from amounts payable, as in the case of taxes withheld from wages. On the other hand, tips or other gratuities that are given by a customer, for example in a restaurant, would not form part of the payment amount or appear on the receipt.
The Vendo Company is a large manufacturer of cold beverage vending machines. Since its founding in 1937, Vendo has come out with many innovations that now exist in nearly every beverage and snack vending machine in use today. In 2005, Vendo moved its headquarters to Dallas, Texas, and was renamed SandenVendo America, Inc.
GS1 is a not-for-profit, international organization developing and maintaining its own standards for barcodes and the corresponding issue company prefixes. The best known of these standards is the barcode, a symbol printed on products that can be scanned electronically.
Scan-based trading (SBT) is the process where suppliers maintain ownership of inventory within retailers' warehouses or stores until items are scanned at the point of sale. Suppliers, such as manufacturers or farmers, own the product until it is purchased by the customer, with the store or venue then buying the product from the supplier and reselling it to the customer. Analysts in the grocery sector estimate scan-based trading accounted for $21 billion dollars in consumer goods purchased in the grocery industry alone in 2020, or nearly 3% of overall sales.
Tradacoms is an early standard for EDI primarily used in the UK retail sector. It was introduced in 1982 as an implementation of the UN/GTDI syntax, one of the precursors of EDIFACT, and was maintained and extended by the UK Article Numbering Association.
The term Public eProcurement refers, in Singapore, Ukraine, Europe and Canada, to the use of electronic means in conducting a public procurement procedure for the purchase of goods, works or services.
The XBRL Global Ledger Taxonomy Framework is a holistic and generic XML and XBRL-based representation of the detailed data that can be found in accounting and operational systems, and is meant to be the bridge from transactional standards to reporting standards, integrating the Business Reporting Supply Chain.
UCS, or Uniform Communication Standard, is used by the grocery and retail-oriented industries for electronic transactions. It is a subset of the X12 national standard consisting of some 300-plus general-purpose EDI messages. Within that large base set, many verticals are built on a small subset with narrow focus.
Produce traceability makes it possible to track produce from its point of origin to a retail location where it is purchased by consumers.
By definition an audit is,
SAF-T is an international standard for electronic exchange of reliable accounting data from organizations to a national tax authority or external auditors. The standard is defined by the Organisation for Economic Co-operation and Development (OECD). The file requirements are expressed using XML, but the OECD does not impose any particular file format, recommending that "It is entirely a matter for revenue bodies to develop their policies for implementation of SAF-T, including its representation in XML. However, revenue bodies should consider data formats that permit audit automation today while minimising potential costs to all stakeholders when moving to new global open standards for business and financial data such as XBRL, and XBRL_GL in particular."
Electronic invoicing is a form of electronic billing. E-invoicing includes a number of different technologies and entry options, and is usually used as an umbrella term to describe any method by which a document is electronically presented from one party to another, either for payment or to present and monitor transactional documents between trade partners to ensure the terms of their trading agreements are being met. These documents can include invoices, purchase orders, debit notes, credit notes, payment terms, payment instructions, and remittance slips.
GS1 EDI is a set of global electronic messaging standards for business documents used in Electronic Data Interchange (EDI). The standards are developed and maintained by GS1. GS1 EDI is part of the overall GS1 system, fully integrated with other GS1 standards, increasing the speed and accuracy of the supply chain. Examples of GS1 EDI standards include messages such as: Order, Despatch Advice, Invoice, Transport Instruction, etc. The development and maintenance of all GS1 standards is based on a rigorous process called the Global Standard Management Process (GSMP). GS1 develops its global supply chain standards in partnership with the industries using them. Any organization can submit a request to modify the standard. Maintenance releases of GS1 EDI standards are typically published every two years, while code lists can be updated up to 4 times a year.
Fiscalization is a system designed to avoid retailer fraud in the retail sector. It involves using special cash registers or software to accurately report sales, helping prevent tax evasion. Fiscalization laws about cash registers have been introduced in various countries to control the grey economy by ensuring that all retail transactions are properly recorded and taxed, thereby reducing the possibility of fraud.
Transaction-based reporting, or Invoice reporting, sometimes called Continuous Transaction Controls (CTC), is a method of data collection of governmental bodies to reduce fraud and increase compliance. Invoice reporting helps in overcoming the inefficiencies of post audit systems, where the auditors can only check VAT refunds after the facts and mainly needs to use data that is collected by the companies it is auditing. The core of invoice reporting is that all companies within a jurisdiction report their invoices to their tax authority.
References
- ↑ DEX and MDB primer, seen 2011-09-11
- ↑ Introduction to NAMA VDI [ permanent dead link ] at vending.org, seen 2011-09-11
- ↑ US, GS1. "Business Process Guide for Electronic Data Interchange" (PDF). GS1 US. Retrieved 18 December 2023.
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