Maintain FIFO Table

This screen applies only to restaurants that use the FIFO (first in, first out) method of Inventory Valuation, selected on the Setup menu > Other Definitions screen > Other tab.

If you use the FIFO method, this table keeps all of the cost information for the restaurant. Normally, you would not need to edit this table directly. However, Compeat provides you with editing capability in this table so you can correct mistakes in cost information from erroneous invoices after you have used the Adjust Posted Vouchers screen.

Note: When you do a Valuation Count to post an inventory, and then analyze it on the Inventory Count Variance report, the FIFO method will use a weighted average of what is in the FIFO table for each item. These are the only times the FIFO principle of using the oldest item cost is abridged.

Click to view/hide picture.

Use any combination of filtering criteria at the top of the screen, and then click Get Records.

Note: You can manually add new records to the FIFO table. This is for when you need to adjust the cost in the FIFO table, but you don't have any FIFO records where a cost can be adjusted. To add a new record, simply click Create New FIFO record . Additions of new FIFO records here will be recorded in the Audit Log for tracking purposes.

Once the table has filled, you can sort the information if needed.

If you find erroneous cost information, correct the values, and then save changes.