Compeat makes it easy and efficient to perform physical inventory counts. Taking periodic physical inventory counts is critical in calculating food costs and determining if you are losing items (due to theft, excessive waste, improper recipe usage, or other reasons).
Inventory counts are generally accomplished in the following steps:
Print worksheets to aid in counting, using the Inventory > Inventory Counts > Counts Worksheet.
Note: Compeat offers a mobile inventory application that allows you to synchronize with a mobile computer, virtually eliminating data entry time and errors. Contact Compeat for more information about Compeat Mobile ™ .
Enter the physical count figures, using either Inventory > Inventory Counts > Order Counts or Valuation Counts.
The valuation count is typically done at the end of a period, and the inventory journal entries created by posting the count in turn get posted to the General Ledger to update actual costs. An order count, on the other hand, affects theoretical costing only, and can be used at any time to adjust theoretical quantities in light of what is really on hand, which can be very useful if you are ordering by par levels or closely monitoring hot items. You can also Delete Order Counts if needed.
Run reports to verify count totals using the Pre-Post Report button of either Counts screen to check your entries.
Post the count totals from either Counts screen, and then, after posting, review the posting using the Inventory > Inventory Counts > Valuation Report.
Post the journal entries created by posting Valuation Counts only from the Inventory JE screen (Transactions > Journal Entries > Inventory JE).
Note: The valuation method used for Cost per Inventory Unit can be either a weighted average cost, the last invoice price, or first-in-first-out method, depending on what you have chosen on the Setup menu > Other Definitions screen > Other tab.
This section includes the following topics: