Transfer Sale to Rental
Inventory Control Menu -> Rental/Sale
Transfers -> Transfer Sale to Rental
This program transfers sales inventory to the rental fleet.
It could be used for example, if 20 Chainsaws are purchased for
re-sale, but then there aren't enough chainsaws in the rental
fleet, so one could be taken from the sales stock and used for
rental.
- For Bulk Rental items with only one tag, an existing product
number can be selected and the existing tag must always be selected
for the transfer, or a new product with one tag can be added.
- For Bulk Rental items with multiple tags a new fixed asset tag
should be used to track the acquisition date and tag information on
an existing or new product.
- In Divisional Inventory Parameters there
is an optional parameter that can be set to disable merging Fixed
Asset Tags for Bulk items with multiple tags, and forces a new tag
to be generated.
- If this option has not been activated, and the new tag is
created in advance do not fill in the quantity or costs on the new
fixed asset tag as this will be captured by the transfer.
- To transfer to a Non-bulk product number, the quantity, cost,
and fixed asset information, should not be filled in on the fixed
asset tag in advance, as this will be captured by the
transfer.
Clone Rental or Sales Products can also
be used to create the new product with a tag if a similar item
already exists, but do not add quantities or the fixed asset
information with the clone program, as this will be captured by the
transfer.
When the transfer is completed, the software will automatically
create a sale to rental inventory journal entry, which will appear
on the Rental Journal when Daily Close 3
is run.
The inventory transfer entry looks like this:
Sales Inventory is CREDITED Acct# 1240 with the total cost.
Rental Inventory is DEBITED Acct# 1300 with the total cost.
The journal entry shows:
Source = Transfer #
Reference = XFER SALE TO RENTAL
Details = FR "product#" TO "product#"
The prompts to enter the transfer are:
-
- TRANSFER TRX#
- Accept the next assigned transfer number.
FROM SALES PRODUCT #
- Type in the sales product number, from which the product is
being transferred to rental inventory, or select it from the
Inventory Search window.
FROM LOCATION
- Enter a location, or select it from the drop-down list that
also displays the quantities available on the different
locations.
The inventory will be transferred from this location.
Inventory can only be transferred from locations to which the
operator has security access, as setup in Operators.
TO RENTAL PRODUCT #
- Enter the rental product number, which will receive the
transfer select it from the Inventory
Search window.
The Rental item description and/or Alternate language description
will only be changed if previously blank.
Add New Product Number:
If the operator has role permission to add new rental products, a
window is provided on the Description field in the Inventory Search window to add a new rental
product number, as explained in Add Rental
Products.
The corresponding Fixed Asset Tag is created to capture the
transfer information regardless of the Add Asset Tag In
Warehouse setting in the Company Inventory
Parameters.
Note: The ability to transfer to a new rental product adding it
to the fleet can be controlled by the Add Rental Inventory
flag set in the operator's Security Role
Permission.
TAG NUMBER
- Select a tag number from the window, as outlined in Asset Tag Search.
If the Rental product is a Bulk product that allows multiple
tags, and the divisional flag to Disable Merging Asset Tags
is set in the Divisional Inventory
Parameters a new Tag can be created as outlined in Set New Asset Tag Values.
TO LOCATION
- Enter the location which will receive this transfer, or select
a location from the drop-down list.
If a new tag has just been added, the location will default from
the owning location entered on the tag. This may be over-typed if
required.
QUANTITY
- Enter the quantity to be transferred.
When transferring serialized sales items, the transfers must be
entered 1 at a time.
When transferring to a Non-Bulk item, the transfers must be entered
1 at a time.
Note: Product Availability checking is not performed when
creating a Rental to Sale transfer.
SERIAL #
- Tag Serial Number:
If the Fixed Asset Tag for the rental equipment has been entered,
the serial number from the tag is displayed.
Transfer from Serialized Sales Part:
If the sales item is a serialized item, select a serial number from
the Select Serial Number window.
In the serial number window of Sales
Inventory, the Sales product will display the transfer
transaction number preceded by XFR, and the transfer date displays
in the Date Sold column.
The Serial # can be omitted at this time, if the serialized item is
flagged to enter serial numbers at Time of Sale.
No Default:
If no serial number defaults, type in a serial number if
applicable.
This will be recorded on the fixed asset tag of the new rental
product.
Note: If SmartEquip is activated in the
Software Integration the serial number on
the Fixed Asset Tag becomes mandatory for non-bulk rental
equipment.
DEPRECIATION CLASS
- Enter the Depreciation Class or select one from the drop-down
list.
This class is updated on the existing selected Fixed Asset
Tag.
COST EACH
- The cost each will display.
The cost each is multiplied by the quantity to equal the total
cost. The total cost is used, when creating the journal entry and
updating the inventory file.
TRANSFER POSTING DATE
- This is the date used for the journal entry, and for the date
acquired on the fixed asset tag.
Date Range Control:
If the operator does not have the
ability to over-ride the current date range, the transfer date will
be checked to make sure the date is valid against the date ranges
set as acceptable for module RSPM in Date
Range Control.
EMPLOYEE
- The current Operator code will display. This can be over-typed
as required to identify the staff responsible for this
transfer.
Finished?
- Click ACCEPT to proceed or CANCEL to abort.
WEIGHT window
- If the Sales part carries a weight value in the Re-Order
Information window in Sales Inventory,
the weight is transferred to also become the new Rental product
weight.
The total shipment weight prints on the packing slips.
If the Sales part carries a weight value in the Re-Order
Information window in Sales Inventory
but the Rental Inventory already has a
weight, then the window to update the weight displays showing the
existing Sales part weight and existing Rental product weight.
- Click ACCEPT to change the Rental weight in the Make/Model
Window, to match the transferred Sales part weight.
- Click CANCEL to leave the Rental product weight unchanged.
Finished?
- When accepted, the inventory record is updated and the sale to
rental inventory transfer journal entry is generated to be posted
next time Daily Close 3 is run.
ACTIONS:
Additional actions provided by buttons on
the Transfer Sale to Rental screen can be processed for a
specific record or generally as follows:
- Generate a Sale to Rental Transfer Report:
Click the HISTORY button at the bottom left of the
screen the generate a transfer report as outlined in List Sale to Rental Transfers.
Topic Keyword: RSPM01