Rental Module - COMING SOON

Rental Module

The rental module is designed to manage the rental (as opposed to sale) of your Items.   

How it works

You create a Rental Contract which is similar to creating a sales order.    Instead of a promised date, you will select an date range.   After you select a date range, Order time will compute the interval in hours, days, weeks and month.    

You will then Add Equipment and select from a list of availalble equipment to rent.     Using the interval and the rentals pricing grid we will compute the rate using a the lowest unit of measure in the interval.    For example,  if the interval was 2 Days and 4 Hours the unit of measure would be HR and Quantity would be 52 (2 x 24 + 4). 

As other Docs in Order Time,  you will change status to control the stage of the rental contract.  The statuses are 


StatusDescription
QuoteThe Rental Contract is being prepared.  The equipment is still availalble for other rental contracts. 
ReservationThe rental contract is approved and the equipment is not avaialble during the contract's interval. 
DeliveredThe equipment in the contract has been delivered.   The clock starts to tick. 
StoppedThe Rental is completed.    The equipment is available again.  The rental contracts actual interval is computed.
ReturnedThe Equipment is returned.

  

Invoicing Rental Contracts

In Order Time Ship Docs are really invoices despite what they are called.    In fact a ship doc doesnt need to have any parts or assemlies on it at all.    Moreover,  the Ship Doc creates the invoice in your accounting system.  

We make use of the Ship Doc when creating invoices for rental contracts.    However, the equipment itself is not being sold so we need some other type of item to record rental revenues for reference when creating the Ship Doc.     

Items

Rental Module requires certain type of items. 

  1. One or more Service items to record rental revenues (e.g. Rental Income)
  2. One or more Other Charge item to record insurance revenue (e.g. Insurance Income)
  3. One or more Part or Assembly items with Lot or Serial No tracking turned on.  See below for more details. 
  4. Item inventory with serial numbers.   

Preferences

From the admin, navigate to Company preferences.   

  • Uncheck Disable Rental Contracts
  • Default Rental Service Item;  enter the appropriate service item.   You can modify this on a per item basic.
  • Default Rental Insrance Item;  enter the appropriate other charge item.   You can modify this on a per item basic.
  • Status when creating a ship doc;   Ship docs are used to invoice rental contract.  For example, you can set the status to Shipped which would immediately add it to the sync queue. 
  • Rental Pricing Grid and Factor Driver;   When you set up the items that you rent,  you will be presented with a pricing grid.  These 2 preference will make it easier to calculate pricing.   In the above example,   the use will enter the hourly rate (thats the Driver).    The Factors are used to discount the Daily rate.  For example if you entered $1 per hour,
    • daily rare would be $22.8 computed as 24 x Hourly Price x (1 - Day Factor/100)
    • week price would be $143.64 computed as 7 x Daily Price x (1 - Week Factor/100)
    • monthly price would be $521.55 computed as 30.5 x  Daily  Price x (1 - Week Factor/100 - Month Factor/100 )
    • You can override these factors on an item per item basis. 
  • Minimum rental time:  Using the factor, this would indicate a minimum rental time of 4 hours.

Price levels are NOT considered in the Rental Module at this time. 

Items Available for Rent

In order to make a item available for rent,  an item have to have Track Lot and Serial No. CHECKED.   Is that is checked,  you will see another tab called Rental.   It is on this tab that you establish the rental pricing for that item. 

You may need to edit your pagelayout to add this tab. 

Terms

As with the sales order,  the customer Term Type will detemine if the status can be changed to Reservation without payment as will puting a customer on hold.  

Creating A Rental Contract

Creating a Rental Contract is similar to creating a sales order.  You can do so from the Create New side menu from the Rental Contract List. 

After selecting the customer and clicking Next >> you will see the basic information of the Rental Contract.     

  • Edit the Start and End dates and times starting with the End date.    You will notice the Interval calculating. 
  • Click on the Details tab and check whether you want to override insurance,  enter your PO number and the terms. 
  • Click Save

Adding Equipment

After the rental contract is saved, you will see the details page of the Rental Contract, 

  1. click Add Equipment
  2. Search for an item and select it.  
  3. You will see schedule view of each Serial No.   
  4. If the Serial No is not already on a reserved contract, you will be able to click the Add button.   Notice in the example below that the last serial No has a conflicting interval so you cannot add it. 

Select one of the open Serial Numbers by clicking the Add button next to it.   This will bring you back to the Rentail contract details page.

  • Notice that the insurance was automatically added at 10% of the equipment price.    
  • You can also add other saleable items like, those are called One Time
  • In the Actions column for the equipment, click on the $ icon to view how the price was calculated. 
  • Similar to sales orders, click on the hyperlink to enter discounts, sales tax,  delivery and/or pick up methods and prices. 


Payments and Invoices. 

Like sales orders, you can get a payment before the contract starts.   Navigate to the Payments tab then +Add.  This payment form is identical to the payment form used on sales orders and ship docs. 

You can create an Invoice at any time by navigating to the Invoice tab and click +Invoice.   However, if an invoice is not created by the time the status is changed to Stopped.  One will automatically be created.