Add Rental Products


Inventory Control Menu -> Rental Inventory -> ADD button -> Add Rental Product

Purchase Order Menu -> Purchase Orders -> Purchase Orders details -> Our Product # window -> Product Selection ->Add Rental Product

Utilities Menu -> Inventory Control -> Clone Rental or Sales Products -> New Product # window -> Add Rental Product


Use this program to enter Rental Equipment from your fleet, and fixed assets to be depreciated, including serialized rental equipment, non serialized rental equipment, and bulk rental products.
Changes can be made to existing Rental Equipment in Rental Inventory.

Alternatively, Clone Rental or Sales Products may be used to copy equipment already setup.

Refer to Inventory Structure for an outline on the setup flow for Rental Equipment.

Permission Control
The ability to add rental products to the inventory file can be controlled at the operator level according to the Security Role that is assigned to the Operators.

Operators with permission can add new rental products by clicking on the ADD button in Rental Inventory or by adding products on-the-fly in the P.O. and Warehouse Receiving programs.


Numbering Your Inventory
If your inventory is already numbered, stay with the existing numbering system.
If your inventory is not already numbered, an alpha/numeric auto-assign numbering system controlled by a product Mask can be setup.
For suggestions on the product numbering system refer to Add Sales Parts.

Product Descriptions
Each product can have a primary Product description, and also multiple Alternative descriptions that can be used during document entry, to locate the item in a product search.
The primary description is used when printing documents, Rate Books, and Inventory Reports. The alternative description is only used in the product searches.

Your firm should establish a policy on how product descriptions should be entered, in order to ensure consistency. To keep your products organized, describe similar items in the same manner.


Alternative Language
Each item can also have an alternative language description.
e.g. French or Spanish.

When the Alternative Language feature, is activated in the Company Miscellaneous Parameters, relevant customers can be flagged in Customer Information to receive documents in the alternate language. Alternate language product descriptions will print instead of the standard descriptions on all reservations, contracts and invoices for that customer.

Note: Inventory search cannot be done by the alternate language description. This is just a printing feature for the contracts and invoices.


Inventory Flag Default
The new rental product being created will be flagged as Inventory Yes or No, depending on the type of GL account assigned as the "Inventory" posting account in the Rental Product Class.
Refer to Inventory Flag Defaults for further information on how this flag is set when inventory is "auto-added" into inventory.

Add Rental Products
To add new Rental Inventory, the prompts are:

ASSIGN PRODUCT NUMBER Window
This window appears only when the Rental Product # Mask defined in the Company Inventory Parameters, requires the Group and/or Class to be part of the Rental product #, as outlined in Assign Product Number.
A new Product Class and/or new Group can also be added in this process if they are required in the Product # Mask.

To manually assign a product number without using the Product Mask click CANCEL to exit this Assign Product Number window, and manually enter the product number in the Product Number field.


PRODUCT NUMBER
Accept the default Rental product # displayed.
if a product mask has been used, as outlined in Assign Product Number.

The product number can always be manually entered if required up to a maximum of 12 characters.

Because barcodes can also be used to identify or enter products manually or via scanner on a document, the product number cannot be the same as the barcode for any other product in the system.


DESCRIPTION
Enter the product description of the item as it should appear on printed invoices, using up to a maximum of 30 characters, or accept the default Group description as displayed if the Group# was used in the product Mask.

Note: The product description can always be over-typed on the document.

ADDITIONAL DESCRIPTIONS
Additional product descriptions for product search and for printing purposes can be set up in the window as follows:
ALT LANGUAGE DESCRIPTION
If your firm services customers who require that their documents are printed in a different language such as French or Spanish, the Alternate Language feature can be activated from the Company Miscellaneous Parameters and specific customers can be flagged to use the alternate language in Customer Information.

This field can be used to set the alternate language description for this product.

Note: The inventory search does not use the alternate language description. This is just a printing feature for the reservations, contracts and invoices.


ALTERNATE DESCRIPTIONS
This window can be used to manually setup multiple alternate descriptions to be used in the product search utilities, as outlined in Alternate Descriptions.

Finished?
Click OK to accept the descriptions and close the window.

VENDOR #
Enter the number of the primary supplier from whom the item was purchased or from whom it will be re-ordered, or select it from the window as outlined in Vendor Search.

Note: If the product is being added from Warehouse Receiving, the vendor number defaults from the vendor on the P.O.


VENDOR PRODUCT #
Accept your product number as the default for the vendor's product number, or type in the correct vendor's product number or model number. Use up to 20 characters.

A flag in the Barcode Parameters settings of the Company Inventory Parameters can be set, causing a barcode to automatically be generated matching the Product Number and a second barcode to automatically be generated matching the Vendor Product#, for any product newly added to the inventory file.


VENDOR DESCRIPTION
Accept your product description as the default for the vendor's description or type in the correct vendor's product description.

PRODUCT CLASS
If the Class was used in the Product Mask as part of the numbering convention, the class used is displayed and cannot be changed.
If the Class was NOT used to determine the product number, enter the Product Class, or select it from the Product Class Search window.

Note: When adding a new rental product on-the-fly, a new Class can be added only if the operator has role permission to access the Rental Product Classes.


PRODUCT GROUP
If the Group was used in the Product Mask as part of the numbering convention, the group used is displayed and cannot be changed.
If the Group was NOT used to determine the product number, enter the Group, or select it from the Group Search window.

Note: When adding a new rental product on-the-fly, a new Group can be added only if the operator has role permission to access the Groups.


AVG COST EACH
Enter the cost each which would have to be paid to replace the item today.

Note: If the product is being added from Warehouse Receiving, the Average Cost Each field is suppressed.


SERIAL NUMBER
This field only displays if the product is being added from Warehouse Receiving, and can be used to capture the serial number for the non-bulk rental product, that will be saved on the Asset Tag.

Duplicate Serial Number Alert:
When a serial number is entered or updated on the Asset Tag of a Rental Inventory record, the Duplicate Serial Numbers warning is triggered if the serial number being assigned to the Tag matches the serial number on an existing Asset Tag or matches a serial number on a Serialized Sales Product.
This alert to the operator is helpful to prevent a new equipment record from being created when it already exists or when a Transfer Sales to Rental should be processed instead of creating a new product.


L.C.F.
This factor is used to include the exchange, brokerage, duty, and freight, in the cost of an imported product.
The factor will be used to convert the cost on the invoice (during Accounts Payable invoice entry) to the final purchase cost.

e.g. If the invoice unit cost of an item was $10.00 and the L.C.F. was 1.2, then the final unit price including brokerage, duty and freight would be $12.00.

This field is updated when inventory is purchased and either the costs are entered in the A/P Invoice, or the costs are updated in Warehouse Receiving.
Default Duty/Brokerage and Freight percentages can be setup for individual suppliers in Vendor Information.
The currency exchange rate is setup in Currency Codes.

The LCF formula is:
LCF = Round((Exchange * Duty/Brokerage * Freight),4)

e.g. Exchange 57.53%, Duty/Brokerage 2%, Freight 3%
LCF = (1.5753 x 1.02 x 1.03) Rounded to 4 decimal places
LCF = 1.6550

Note: If the product is being added from Warehouse Receiving, the L.C.F. field is suppressed.


REPLACEMENT COST
This field only displays if the product is being added from Warehouse Receiving, and can be used to capture the replacement cost for the non-bulk rental product.
This defaults from the Unit Cost entered on the original P.O.

LIST PRICE MATRIX
Check this box if pricing for this product should be allowed by matrix price updates.
List Price Matrix Exceptions can be run to identify products that do not utilize matrix price updates.

Uncheck this box if pricing of this product should never be updated using the pricing matrix as setup in Update List Price Matrix.


MARKUP %
The markup percentage will default from the Product Class selected for this item.
Accept this default, or type in the correct markup percentage.
e.g. Enter a markup of thirty percent as 30.00

Alternatively, use the Markup Based on Margin Calculator window to calculate the Markup% from a margin amount.


LIST PRICE
The List Price will calculate as the LAST PO COST * (1 + MARKUP %).
Accept this selling price, or over-type with the correct price if this equipment were to be sold. The List Price will display on the screen when invoicing, but may be over typed as required.

Over-typing the List Price will not cause the markup % to recalculate. Once the List Price is accepted, changing the markup % will not automatically recalculate the List Price.

Note: To force the List Price to be recalculated based on the current markup, first reset the List Price to zero. Then reset the Markup% to the new percent value.

The Replacement Cost value will default from Groups.


ALTERNATE LIST
This is an information field only, that can be used to track an alternate price.
e.g. List price in a different country.

BULK ITEM
Check this box if this is a bulk rental product with multiple quantity.

Uncheck this box if this product number represents a single rental item.

Note: If the product is being added from Warehouse Receiving, the Bulk Item field is suppressed, as only non-bulk rentals can be added from receiving a Group in the warehouse.


MULTIPLE TAGS
This field is disabled for Non-Bulk items, as only one tag is required.

Uncheck this box if this is a Bulk item, but all quantities are to be included on one Fixed Asset tag.

Check this box to allow multiple tags for the Bulk item.
If separate depreciation totals are required by Year of Purchase, and this is a Bulk item use multiple tags to track the information.

Note: If the product is being added from Warehouse Receiving, the Multiple Tags field is suppressed, as non-bulk rentals are only allowed one tag.


DEPRECIATION SETTINGS
This window is only provided if the product is being added from Warehouse Receiving, and can be used to capture the Depreciation Class and Alternate Depreciation Class which default from the Group to the new Asset Tag.
The Product Status code for the non-bulk rental product can also be saved.

WARRANTY DEPOT
This field only displays if the product is being added from Warehouse Receiving, and can be used to capture the warranty depot for the Fixed Asset Tag.

KIT #
Leave this field blank if no Kit is associated with this product, or enter a Kit#, or select it from the Kits Search window.

SUGGESTED SALES LIST #
Leave this field blank if no Sales List is associated with this product, or enter a SSL#, or selected it from the Suggested Sales List Search window.

METER TYPE
Tracking meter units used or blade usage is only applicable to NON-BULK items.
For a non-bulk item, select one of the following options:
  • Select Metered Item to track meter units used such as hours or km, through contracts, maintenance, product exchanges, and rental returns for this item.

    Overtime meter usage can be billed by the unit or by the shift. Refer to Rental Product Classes for further details.

    For information on tracking Meter rollover or replacement on equipment refer to Update Meter Prompt/Hours.
    The initial Meter setup window opens and prompts:

    METER DIGITS
    Enter the maximum number of digits that this meter can track before the count must be reset.

    INITIAL METER READING
    Enter the initial meter reading for the new equipment.
    INITIAL METER DATE
    Enter the date of the initial meter reading.

    CURRENT METER READING
    Enter the correct current meter reading.
    This will be updated as the equipment is rented, exchanged, put off or on rent, and returned, when the new meter reading is recorded.
    CURRENT METER DATE
    Accept today's date or enter the correct date for the current meter reading.
    This date will be maintained as the meter reading is updated.

    LTD METER
    This field tracks the total units used in the lifetime of the equipment.
    For a new product, this would be the difference between the Initial Meter Reading and the Current Meter Reading.
    In Rental Inventory, a window is provided in this field to view the meter tracking history.

    Finished?
    Click OK to accept the meter readings for the new equipment.
  • Select Bladed Item to track blade usage such as diamond blades where the units decrease with use.
    The initial Product Blade Information setup window opens and prompts:

    CURRENT METER READING
    Enter the current blade reading.
    This will be updated when the equipment is rented, exchanged, put off or on rent, or returned, and a new blade reading is reported.
    CURRENT METER DATE
    This is the date of the latest recorded blade reading.
    INITIAL METER READING
    This is the original blade reading of the equipment.
    INITIAL METER DATE
    This is the date of the original blade reading.

    Finished?
    Click OK to accept the blade readings for the new equipment.
  • Select Not Metered to skip the meter tracking for this product.


Finished?
Click ACCEPT to accept the screen and create the new product record, or click CANCEL to abort.

INVENTORY POSTING ID window
This window appears only for non-bulk rental equipment, if the Posting by Inventory by Customer Type processing has been activated in the Support Application Parameters.
The Posting ID codes, to be assigned to all non-bulk rental equipment, must first be setup in Posting Identifications.
When non-bulk rental equipment is rented or sold, the current Posting ID is updated in Rental Inventory.

This processing also facilitates the posting of revenue and expenses for non-bulk rental equipment, to different revenue and expense G/L accounts by product, according to the type of customer.
The corresponding GL accounts and Customer Types can be setup in Posting by Primary Customer Type.

The prompts to enter the product's Posting ID codes are:

CURRENT POSTING ID
Enter the Posting ID code to be assigned to this product as new equipment or select one from the drop-down list as setup in Posting Identification.
RENTAL POSTING ID
Enter the Posting ID code to be assigned to this product when it is rented or select one from the drop-down list as setup in Posting Identification.
SALE POSTING ID
Enter the Posting ID code to be assigned to this product when it is sold or select one from the drop-down list as setup in Posting Identification.
Finished?
Click OK to accept the Posting ID's.

ADDITIONAL PRODUCT INFORMATION submenu:
The additional information for adding new rental equipment includes:
PRODUCT LOCATIONS
Skip this window if the quantity on hand is zero.

Window to setup the quantity on hand.
For each location, enter the quantity separately. The sum of all the locations will be the Quantity on Hand in Rental Equipment.
The total quantity on the location records should equal the total assigned to fixed asset tags. To check that they match, use Verify Tag Qty = Location Qty after loading all equipment.

Security and Audit Controls:

  • This window is only active if the operator has role permission as defined in the Security Role that is assigned in Operators.
    Note: Access to the inventory quantity fields is also available from other menu options such as the Product Quantity Adjustment or the Update On Hand Quantity by Product# utilities, so additional password and access security may be required on the other menu options.
  • Only locations for which the operator has security access as setup in Operators, can be added.
  • An Inventory Adjustment record is automatically written, noting any operator who makes a change.
    A record is also written to Review Location Qty Changes.
  • After any changes to product quantities are made directly to the location count, use Post Inventory Adjustments to print an audit report and to generate the postings to balance the change in the Inventory value in the G/L.

The prompts in the inventory location records include:

LOCATION
Enter in the Location (Branch or Division) where this rental item is stored, or select it from the drop-down list.
Only locations for which the operator has security access as setup in Operators, can be added.

If inventory is transferred from one location to another, report this in the software. Use Inventory Transfer Console to move the inventory and print the transfer slips.


NAME
The location name displays.

ON HAND
Type in the quantity at this location only.

BIN #
This is shelf in your storage area, or the location in the yard or warehouse, where this item is kept.
This appears on the Inventory Worksheet, which is used when taking a physical inventory count.

It defaults to the location Name but can be over-typed to be more specific as required.


INVENTORY ADJUSTMENT Window
This window is only triggered once if changes are made to the quantity in the Locations window.
The information in this window tracks when and why inventory quantity changes are made, as outlined in Inventory Adjustment.

Finished?
Click ACCEPT Key twice (once for the line and once for all Locations).

QUANTITY DISCREPANCY
This window appears if product quantity has been entered and the Fixed Asset Tag quantity does not match. The quantity difference is displayed and the tags can be reviewed as outlined in Fixed Asset Tags.

MAKE/MODEL AND RE-ORDER INFORMATION
This window can be used to enter details about ordering the product, as well as make, model, engine, specifics as outlined in Make/Model and Re-Order Information.

The 'Make', 'Model' and 'Date of Manufacturing' fields are optional for bulk rental products, but become mandatory for non-bulk equipment if the Mandatory Make/Model/Manufacture Date feature is activated in the Company Inventory Parameters or if the SmartEquip feature is activated in the Software Integration.


FIXED ASSET TAGS
Window to enter the asset information for the rental products as outlined in Fixed Asset Tags.

Note: All rental items must have at least one fixed asset tag in order for their value to be tracked.

The 'Serial Number' field on the Asset Tag becomes mandatory for non-bulk equipment if the SmartEquip feature is activated in the Software Integration.


RENTAL INFORMATION
This window can be used to enter additional product details including a conversion factor, rental rates, and security deposit, as outlined in Rental Information.

ALTERNATE DESCRIPTIONS
This window can be used to enter additional product descriptions that are used to search for the rental item in contract entry, as outlined in Alternate Descriptions.

SAFETY NOTES Window:
Skip this window if the safety notes do not apply, or use this window to define safety notes as outlined in Safety Notes.

Any existing safety notes for the product Group are also included for the new product.


EQUIPMENT SPECIFICATIONS Window:
Skip this window if the specifications do not apply, or use this window to define specs for this product as outlined in Equipment Specifications.

Any existing specifications for the product Group are also included for the new product.


BARCODES
Skip this window if your firm does not use barcodes on this product, or use this window to setup barcodes for the product as outlined in Barcodes.

LEASE PAYMENTS
Skip this window if this product is not leased, or use this window to setup the payment schedule.
Lease payments can be considered in the product costs, when running Gross Margin Analysis Report.
The prompts to enter the amounts by date are:
DATE
Enter the date of the payment. If there are 12 payments, enter 12 different dates.
AMOUNT
Enter the amount of the payment for this date.
Finished?
Click ACCEPT to accept and close the lease schedule window.

Finished?
Click OK to accept and exit the Add Rental Product window.

Create Barcode Error:
A warning is displayed if barcodes are being created automatically per the Barcode Parameters setting in the Company Inventory Parameters to match the Product Number and the Vendor Product#, but the new barcode would be a duplicate of an existing Barcode, Product# or Vendor Product#.
To avoid duplication the barcode is not created.


Topic Keyword: RENTALS
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