Glossary of Terms

artist - the creator of an art work. The artist can also be a type of supplier when transactions relating to receiving and consigning inventory are being performed. If an artist is also to supply art work, it is not necessary to enter them as a supplier as well, just select the supplier type as 'artist'.

art type - the medium of a unique inventory item. Used in the classification of unique inventory items.

consignment contractt - a contract between a supplier and the gallery that lists items being consigned to the gallery and the agreed price of the item being consigned.

cost price – this is the price that an artist/supplier will be paid for the item. If the item has been purchased directly, this will be the net cost. If it is a consignment item, this is the gross price that the consignment will be calculated from.

display price – This is the price that will be displayed where the item is being presented for sale. It can be an approximate price as no actual accounting transactions will use this figure. This price will be displayed on reports such as the information sheet, show labels and the web (if used).  Whenever this display price is shown on a report that will be seen by a customer, it will be indicated whether or not the taxes are included according to this global setting.

preferred artist - An artist that a customer has either purchased art work from in the past, or that a customer has indicated that they are interested in.

regular inventory - miscellaneous inventory items that are not unique such as posters, print, art supplies etc.

retail price – this is the actual (tax not included) price that will be charged to the customer when an item is sold.   This is the value that will appear on the customer order, invoice, statements etc.

supplier - a company or individual that supplies either unique art inventory or regular inventory items AND is not already entered as an artist. In transactions where a supplier type is required, select 'supplier'. Also can refer to anyone supplying inventory to a gallery.

supplier type - either an 'artist' or 'supplier' as defined above.

unique inventory - art inventory items that are one-of-a-kind. These must be entered on the  Art Inventory form. This also includes limited edition art works.