The following control maintenance records belong to the RENTL (Rentals) category.
For each branch, enter the gross profit percentage to use for calculating commissions on rentals.
The Commissions Report uses this percentage when rentals are included in the report.
On the Default Rental Check-Out/Check-In Times screen, flag the time and date options that determine the default check-in and check-out times for your company. If you leave this record blank, the system prompts users to enter the date and times in Rental Agreement Entry.
Enter the default general ledger account used for billing rental products.
For each branch, enter the rental rate percentage the system uses to calculate commissions on rental products.
Note: You can override this percentage at the rental product level.
Use this record to specify how the system calculates depreciation of rental items. Select the method the system uses to assign a default residual value to a retired rental item. The system displays this value in the Retirement Value field on the Rental Product Retirement screen. You can change the default value while retiring the item, if necessary.
In the Retirement Method field, select an option:
Depreciated Rate - The system calculates the retirement value by depreciating the original value yearly by the percentage entered in the Depreciated Percentage field. This is the default method.
Full Initial Rate - The system uses the original purchase price of the item as the retirement value
In the Depreciated Percentage field, enter the percentage by which the system should calculate the retirement value, if you selected Depreciated Rate as the retirement method. Otherwise, you cannot access this field.
Indicate whether the system should compare all possibilities for pricing a rental item and select the best price. For example, if you rent an item for three weeks, the monthly rental rate may be cheaper than the weekly rate multiplied by three.
Yes - The system checks for the best price.
No - The system bases the price on the rental code entered on the rental agreement.
Enter the default percentage of the original cost of the item required as a deposit.
If a deposit percentage is not entered on the Rental Product Maintenance screen, the system uses the percentage in this record to calculate the required deposit.
Enter the number of hours, 0-99999, that constitute a rental day. Some companies use an eight-hour day, while others might use a 12-hour or even a 24-hour day. This number must match the calculated day rate entered on the Rental Code Maintenance screen.
Because all rental codes are user-defined, the rental hours per day must be specified in advance for billing purposes.
Use this control maintenance record to set a minimum rental rate amount for all rental products.
In the Rental Minimum Rate Code field, select the rental time code to which to apply the minimum rate amount. For example, if the minimum rental time is three hours, select HR. To designate a minimum flat charge that is not dependent on time, select FLAT.
In the Rental Minimum Rate Amount field, enter the amount to charge for the minimum time specified in the Rental Minimum Rate Code field.
A minimum rental rate amount entered at the product level overrides the setting in this record. If you leave this record blank and do not enter a minimum rate at the product level, the system does not charge a minimum rental rate amount for the designated product.
When a minimum rate amount is specified for a product, the system compares the calculated rental price to the minimum rate amount and selects the higher number.
Select the default billing cycle for billing customers for rental products. If you leave this record blank, the default is OneTime.
OneTime
Weekly
Monthly
Yearly
Select the default rental product return code. The code you select depends on how your company does business.
In Stock - The product is in the rental area and available for renting.
Rented - The product is rented and unavailable.
Maintenance - The product is in the maintenance area being serviced and unavailable for renting.
Returned - The product has been returned, but someone must decide whether it should go to Maintenance or back to In Stock.
Retired - The product has been taken out of rental inventory and is unavailable for renting. For example, the product has been sold, donated to charity, or otherwise discarded.
Pick Up - The product is ready to be picked up at a customer site and is unavailable for renting.
Indicate whether the system can calculate a rental charge using multiple rental rates.
Yes - The system calculates the rental charge using the two rental codes defined on the Rental Code Maintenance screen that are most appropriate, time-wise, to the amount of time a customer rents an item. If the system calculates a charge for each of two rates, those charges are combined to determine the total charge.
For example, your company rents items by the day at $100/day for a 24-hour day, or by the hour at $20/hour. If a customer rents an item for 28 hours, the system charges for one day ($100) and four hours (4 * $20/hour = $80) for a total of $180 ($100 + $80).
No - The system bases the charge on the rental rate nearest to the amount of time an item is rented.
Using the above example, the charge would be one day for a total of $100.
Note: The setting in this record determines the default rate calculation method. You can edit totals on the Rental Agreement Body screen and override split rate calculation on the Rental Agreement Header screen.