Re: How to handle rental for equipment?
Hi, you could look at the Field Service module in GP - whereby you can issue pieces of equipment to a customer. Not sure how it would handle the rental fee aspct - but worth investigating with your partner.
Or...just thinking outside the box here!! - you could do the following:
To record the initial rental placement:
- Post a SOP Invoice with two line items on it.
- First line item is for an Inventoried Item (maybe serially tracked?) - sold at Zero unit price. (This is the actual hired piece of equipment being transferred to the customer).
- Second line is for the rental amount - Service type inventory item - sold at an hourly / daily unit price etc.
This records the transfer of the item to the customer, and the charge of the rental.
When the item comes back off hire:
- Post a SOP Return with one line item - for the piece of inventoried equipment. Received back into stock at the same COGS value you sent it out at. This records the equipment coming back from the customer.
The net effect is you are left with a net sale for the rental amount.
You would need to look at the GL postings closely - for example the Equipment Item will be sold out at a COGS value - until the SOP Return is posted - this COGS value will need to sit somewhere in your GP - So, set the default GL posting account for COGS for this item to beinthe Balance Sheet. Or to get over all of this, you could receive it into stock day 1 at zero cost. (and process the purchase seperately - as a fixed asset, or however you choose to manage equipment for rental). But whatever way you manage this, you should be able to automate it.
And you should be able to track who the piece of equipment was last sold to, for how long etc. You could also record the 'due back off rental' date on the SOP Invoice line - so a smartlist could be used to display this data so that sales peole will be able to tell new renters when it will be available. Also, you can look at managing late returns (where an extra rental fee is chargeable) by comparing expected return dates with actual SOP Return document date.
Just a though to get you over the hump whle you wait on a better solution.
Best regards,
Ian.
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