When new rental products are being added, sometimes a new Group and/or Class are also required if the Rental Product # Mask defined in the Company Inventory Parameters, requires the Group or Class to be part of the product #.
From the Assign Product Number in the
Product Class Search window, click on the
ADD button to add a rental class on-the-fly.
The ability to add new classes can be controlled at the operator
level according to whether the Security
Role that is assigned to the Operator
allows access to Rental Product
Classes.
The prompts are:
These additional fields are:
Enhanced Taxing
The purpose of the Enhanced Tax method is to allow more than two
tax codes to be tracked according to Location, and to be charged on
products, services, and Damage Waivers, and to allow for tax
exemptions on any or all of these charges.
The Enhanced taxing method can be activated in the Company Taxing Parameters.
In special situations, setup the Revenue Posting By Tax Code in
the window.
If an invoice is posted using a Tax Code listed here, it will post
both the Rental Revenue and the Sale Of Rental Equipment Revenue to
the corresponding Revenue account in this window. If the tax code
is not listed here, the Revenue will be posted to the standard
Revenue Accounts selected for the Product Class on the main Screen
instead.
H (HALF-DAY) if equipment in this product class should have the
rental rates for partial days always prorated by the half day.
The hours equal to a half day are determined by the value entered
for the next prompt O/T HOURS IN A DAY.
For example, if the equipment is out for 2 days and a fraction of a
day. If the fractional hours on the return day are less than the
O/T HOURS IN A DAY, your firm would charge 2 days plus half a day.
If the fractional hours on the return day are greater than the O/T
HOURS IN A DAY, your firm would charge 3 days.
N (NO) if this product class should NOT have the rental rates
for partial days prorated.
For example, if the total hours out for the equipment equals 2 1/4
days your firm would charge 3 full days.
This setting uses the Time Out and the Time In to calculate the
exact total hours that the product 1 billing day.
F (FULL-DAY) if rental products in this product class should NOT
have the rental rates for partial days prorated but instead should
charge the full daily rate for each partial calendar day.
This processing uses the straight calendar date regardless of the
time of the day that the product goes out or is returned.
For example, from Monday at Noon to Tuesday at Noon would equal 2
days billing because the product was out for part of 2 calendar
days.
Note: Any Off Rental time must be greater than the hours in a calendar day, in order to effect a reduction in the billing of equipment in a class flagged to bill Full days.
(2 Days x $60) + (1/6 x $60 x 3 hours) =120+30 =150
Prorate Partial Days = H (HALF-DAY):
Enter the number of hours equal to half a day.
If the extra hours to be prorated are less than this, then half the
daily rate is charged. If the extra hours to be prorated exceed
this, then another full day's rental is charged.
Prorate Partial Days = N (NO):
This prompt will be ignored by the rate calculation as partial days
are not prorated for this class.
Press <ENTER> to accept.
Prorate Partial Days = F (FULL-DAY):
This prompt will be ignored by the rate calculation as partial days
are not prorated for this class.
Press <ENTER> to accept.
The American Rental Association (ARA) suggests that the overtime number of days per week should be five. By accepting 5, the customer will be charged 1/5 of the weekly rate for each overtime day. After five days, the customer is charged for the full week.
For example: An Air Compressor rents for $240 a week for 1 week and 2 days. The charge totals:
(1 Week x $240) + (2 Days @ 1/5 of $240) = 240 + (2/5 * 240) = 240 + 96 = 336NOTE: If your firm charges the daily rate for each overtime day, divide the weekly rate by the daily rate to determine the number of overtime Days In a Week.
The American Rental Association (ARA) suggests that the overtime number of days per month should be 20. By accepting 20, the customer will be charged 1/20 of the monthly rate for each overtime day. After twenty days, the customer is charged for the full month.
For example: An Air Compressor rents at $720 for 4 Weeks is out for 6 weeks. The rental charges would be calculated as:
(4 Weeks @ $720) + (14 Days @ 1/20 of $720) = 720 + (14 Days * $36) = 720 + 504 = 1224
The American Rental Association (ARA) suggests that the number of overtime days in a week after the first month should be 5. At 5 days, the weekly rate will be charged. Generally this prompt is set the same as O/T DAYS IN A WEEK.
Check this box if the rental items in this class have been setup
with a daily rate only, which is to be billed for every day
of the month. To accomplish this, the appropriate rate and rate
hours for this Daily rate need to be setup, and the "To Hours"
field needs to be set to 9999.
Example, signs, flashers & barricades, or scaffolding often
rent on a daily basis only, such as $1.00/day. If there were 30
days in the month, every day would be billed at $1.00 per day
resulting in a $30.00 charge to the customer.
Note: This is true even if your calendar has been set to 5 days a
week - the software would still bill 7 days a week (every day
possible is charged the same amount at the daily rate for the
duration of the billing).
This is also true regardless of any no charge weekend setting setup
in Divisional Weekend Charge Codes.
This does not apply to Sales items.
Click Monthly if the items in this class should be billed on a Calendar Month basis. When equipment is out for one year, 12 invoices would be issued to the customer, 1 invoice every month (28, 29, 30, or 31 days depending on the calendar month).
Uncheck this box if this Product Class does not follow the
Company Default Rate Structure.
Set up unique default rates for this Product Class
instead.
Alternatively, window to enter a desired Margin Amount to be used to calculate the Markup %, as outlined in Markup Based on Margin Calculator .
Uncheck this box if this product class does not represent re-rent products.
Converted from CHM to HTML with chm2web Pro 2.85 (unicode) |