Purchase Order Line Items By Classification: Fill & Download for Free

Thanks for the A2A.Original question:What does misc. merchandise mean in autorepair shop?I notice that this is the second question from you based on the same invoice format. Was this invoice given to you after a repair you ordered or are you critiquing an invoice format for a business you are involved with?To answer your question, it could be a poorly worded line item for parts and materials that were used in/on the repair and do not fall into any of the classifications for the other line items in the invoice or it may be a place where the shop subtotals merchandise purchased by the customer that is outside the scope of the repair.For example, a customer goes for an oil change and before he pays, he asks for a soda and an air freshener in the store area of the repair facility. Those items are not included or itemized in the oil change so they would qualify as "miscellaneous merchandise". This scenario is very rare in the U.S. as very few repair facilities have a convenience store attached to the garage. If they do, it is usually a larger company and they would not use a line item invoice as you pictured but would instead use the POS to produce an itemized receipt.

Inventory Management - Inventory management is a key component of supply chain management. A company’s supply chain encompasses all of the steps needed to turn a raw material into a product available for consumers.HOW IT WORKS (EXAMPLE):Inventories are company assets that are intended for use in the production of goods or services made for sale, are currently in the production process, or are finished products held for sale in the ordinary course of business. Inventory also includes goods or services that are on consignment (subject to return by a retailer) or in transit.There are three types of inventory: raw materials, work-in-progress, and finished goods. Given the significant costs and benefits associated with inventory, companies spend considerable amounts of time calculating what the optimal level of inventory should be at any given time. Because maximizing profits means minimizing inventory expenses, several inventory-control models, such as the ABC inventory classification method, the economic order quantity (EOQ) model, and just-in-time management are intended to answer the question of how much to order or produce.Inventory management also means maintaining effective internal controls over inventory, including safeguarding the inventory from damage or theft, using purchase orders to track inventory movement, maintaining an inventory ledger, and frequently comparing physical inventory counts with recorded amounts.Common inventory accounting methods include "first in, first out" (FIFO), "last in, first out" (LIFO), and lower of cost or market (LCM). Some industries, such as the retail industry, tailor these methods to fit their specific circumstances. Public companies must disclose their inventory accounting methods in the notes accompanying their financial statements.Inventory management makes its biggest mark on the inventory line item of the balance sheet. That line item doesn't just reflect the cost of the inventory; it also reflects costs directly or indirectly incurred in readying an item for sale, including not only the purchase price of that item but the freight, receiving, unpacking, inspecting, storage, maintenance, insurance, taxes, and other costs associated with it.WHY IT MATTERS:Inventory management is a key component of cost of goods sold and thus is a key driver of profit, total assets, and tax liability. Many financial ratios, such as inventory turnover, incorporate inventory values to measure certain aspects of the health of a business. For these reasons, and because changes in commodity and other materials prices affect the value of a company’s inventory, inventory management is important.Inventory management is also a key part of managing a company's supply chain. Buy too much stuff, and a company can end up paying more for warehousing, insurance, shipping, and other services related to obtaining and maintaining inventory. All of these affect the bottom line. Finding the best way to buy, store and move inventory can make the difference between profits and losses for many companies.Because there are several ways to account for inventory and because some industries require more inventory than others, comparison of inventory management is generally most meaningful among companies within the same industry using the same inventory accounting methods. The definition of a "good" or "bad" inventory management should be made within this context.Thanks. Have a Good Day.

You (probably) write emails people won't remember.You want people to understand your points, but you make it hard for them to remember what you've said. Use pictures, lists, and categories to make your points easier for others to remember, share, and discuss with others when you're not around.A better way can be found in two places: machine learning, and Tony Robbins' motivational speaking.I'll explain.The Power of Giving People CategoriesAfter watching Tony Robbins’ TED Talk, I watched a few other clips of him speaking. One thing you notice quickly about Robbins, which Guy Raz also brought up in the TED Radio Hour on NPR, is how frequently he relies on numbered lists to break out a concept. He rapidly introduces topics like the “four kinds of love”, or “six human needs”, or “five steps to financial independence” before breaking out each sub-category. It’s kind of an unusual structured way of talking to an audience, especially compared with how politicians and comedians meander across topics and dive into stories when they address big groups. Full disclosure: I have never been in the audience for one of his events nor read any of Robbins' books. But having watched a few of his talks and interviews, l don't think it's a stretch to postulate that much his rhetorical appeal stems from reducing a concept like "fear" to something people can get their arms around more easily, and then help people conquer those - through fire walking, if necessary.Data science would seem to have little in common with the touchy-feely land of self-help, yet data scientists fill the same need for businesses that self-help gurus do for their audiences. Data science makes really big, hard problems more tractable for businesses by breaking them down into smaller ones. Age-old questions like, "How do we get customers to spend more?" become mere classification problems. Data science enables insights like, for example, visitors who view three or more products on your web site are 40% more likely to make a purchase than those who don't. That knowledge, enabled by math and computation, turns an amorphous challenge (find great customers) into a smaller, easier one (find customers who viewed more than three items). By reducing customers, sales orders, or site visits to numbers and categorizing them at massive scale, data science techniques help us manage businesses more effectively.Categories help us make sense of the world around us. Once we can place something in a known category, we automatically understand much more about it. When we can't place a new observation in a bucket we already understand we feel uncomfortable.Organize Peoples' Thoughts for Themorganizing other peoples' thoughts is also among the most learnable skills. You can do it in your everyday interactions just by always making it easy for people to understand and remember what you're telling them. And because most business writing is often terrible, whether written by individuals or by companies, it's an easy way to stand out from your peers with some practice.So, without further ado, here are the building blocks of how to communicate in a way that helps organize peoples' thoughts for them:Wherever possible, draw pictures. Whether you do it on a whiteboard in someone's office, in a power point slide, on a napkin...whatever: if you can diagram what you're trying to explain, do it. A clear block diagram or flow chart is often the easiest way for people to understand a process. I've also written before about the benefit of capturing your mental model of your industry, and others like Scott Brinker and Luma Partnerstake this to extremes. When you give someone a diagram, you also demonstrate that you thoroughly understand something. Even if you have known gaps, you can call them out in a diagram easily.(Bonus tip #1: A prior manager of mine was convinced that block diagrams that have connecting lines with right angles, rather than curves, look ten times more professional. I'll let you draw your own conclusions.)Minimize Text Fatigue with Numbered Lists. There's a reason why listicles dominate digital media these days. This isn't to say that I 100% like what listicles have done to journalism, but there's a reason they're so popular: they're easy to read. When you're writing your boss an email, easy-to-read is good, especially when you're explaining something complicated or that has a lot of moving parts. This is where you become Tony Robbins. Make it easy for people to get what they need out of your communications, by breaking out big topics into smaller topics and sub-topics until they're easily explainable. Don't force them to wade through unnecessary text. That's what blogs are for, after all.(Bonus tip #2: This one you're reading aside, numbered lists are better than bullet points, because it's easier for people to respond to individual points if they're numbered. Having to manually count down to find which bullet you're referring to is irritating - with a nod to Sid Mansur).Give your ideas a "handle" to make them easy to remember. This one might take a little bit of practice, but it is a great "hack" for making your ideas stick. You'll notice that in the list you're reading right now, I'm not merely writing out bullets - the main idea in each block of text is bolded and put in front. It makes it easier for the reader to scan the document and pull out your main points, even if they don't have time to read it thoroughly. Even better is when you can coin a phrase or come up with some other label that makes it easy for your audience to remember and refer to your idea. I tried to do that in some of my prior blog posts here, here, and here, and I've been consistently rewarded by it: the posts in which I created labels for people to remember the ideas generated the most feedback and shares on social media. Great labels make big ideas portable and easy for people to discuss. The more distinctive the phrase you coin, the more you become associated with the idea.I would also recommend reading these articles which all different ways in which doing the little things right can create a big impact on your career:Want to Be Taken Seriously? Start Communicating Like a BossHow to Drive Adoption of Your IdeasThe Seven Types of Failed Thought LeadersThree Ways You Can Make Your Organization Better Right NowThrough the Leadership Wormhole: The Art of Breaking Bad NewsYou Can't Afford to Be Too Busy to Be NiceWant to Rise Fast In a New Job? Get Your Mental Model RightHow You Can Learn to Stop Worrying and Love NetworkingCommunication Hacks - Courtesy of Machine Learning and Tony RobbinsIf you found this helpful, I'd invite you to join the conversation at smartlikehow.com