Misc. I Tab (Other Definitions)

 

Use the Other tab of the Other Definitions screen to configure miscellaneous settings for your restaurant.

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The Other tab includes the following options:

Period/Accounts/Compeat Mobile

Important: Only set values for the current period and current year when initially setting up your software. Thereafter, it will automatically increment when the Close Period and Close Year utility is processed. If you change the current year and/or period manually, you could have unexpected results.

Par Level Descriptions

Par Levels Up to seven par levels are supported in Compeat. Enter a description for each par level used by your restaurant. For more information, see the help topic for Par Levels/Vendor Info Tab.

Valuation/Scanner

Reference TopicVisit the Compeat Support Website for additional information on this topic and more.

Inventory Valuation Method Specify whether you would like to value your inventory using the Weighted Average method, the Last Invoice method, or the FIFO (first in, first out) method; this affects the valuation of your inventory that occurs when you post Valuation Counts.

Note: The Inventory Valuation Method does not affect the cost per inventory unit shown on the Restaurant Inventory Items screen, which always uses the last invoice price; and it only affects the costs shown on the Inventory Counts screen if you check the box "Always recalculate costs on Inventory Counts screen". Also, this setting does not affect the costs shown on the theoretical reports, which always use weighted average costs.

Weighted Average

A weighted average differs from a standard average in that, in this case, it factors in the number of items bought at a particular price, such that if you purchased a large shipment at a low price and a small shipment at a higher price, the weighted average would be lower than the standard average, or mean.

Weighted average cost is calculated within a date range. This date range differs depending on the circumstances. For example, for inventory valuation, the data range is the last posting date + 1 to the current posting date.

To calculate a Weighted Average cost, Compeat takes all purchases of a particular item during a date range, along with any beginning inventory and multiplies the number of items that were bought at a particular price by their unit cost to get the total paid at each price. These are added together to get the total paid at all prices during the period. This amount is then divided by the sum of the quantities purchased.

For example, suppose you bought vodka twice during the period at the following quantities and price with the following beginning inventory:

 

Price/Unit

X

Number of Units

=

Total Paid

Beginning Inventory

$100.00

 

2 Cases

 

$200.00

January Purchase

$125.00

 

5 Cases

 

$625.00

February Purchase

$150.00

 

5 Cases

 

$750.00

 

12 Cases

 

$1575.00

 

The weighted average would be calculated by taking the total amounts paid at each price and adding them together. This amount is then divided by the sum of the units purchased:

 

($200.00 + $625.00 + $750.00)/(2 Cs + 5 Cs +5 Cs) = $1575.00/ 12 Cs = $131.25/Cs

 

By contrast, a standard average would be calculated as:

 

($100.00/Cs + $125.00/Cs + $150.00/Cs)/(3 purchases) = $125.00/Cs

Note: If no purchases are found between the last inventory post and the current post, the price used will be the price from the most recent inventory post.

Last Invoice

This method uses the price per item from the most recent invoice for the item.

FIFO

The FIFO (First In, First Out) method uses the cost of the oldest item in your inventory. For example, if your inventory includes vodka bought in January at $125.00/Case and vodka bought in March at $150.00/Case, the inventory cost would be $125.00/Case until that shipment is used up.

Scanner Resolution

This option allows you to select the resolution for scanned documents. There is a trade off between quality and file size; the better the image, the more storage space it will take up.

The options are Good, Better, and Best. Good is the recommended choice for saving space in your database. Choosing Best will result in better quality images, but will take up approximately 3 times as much space in your database for each image.