Recurring Rentals are the list of items or SAAS (Software as a Service) that can be rented and configured for recurring income.
The basic concept of this is to define the Rental Item/Service with a Code and a description, and assign the Accounting (GL) Account to it. In the Customer Tab of this product is the list of customers who rent this, how many they rent, the rental rate and the frequency of the rental charge (per month, per year…)
Service Fees
In addition, in the case of the rental items being a serviced item such as gas cylinder rentals where the cylinder is rented to the customer for a monthly fee but then the gas is refilled/replaced in the cylinder as needed, it can be set with the refill/replace service amount that be charged for each one when it is serviced, along with the item (like type of gas) that is being refilled and the quantity of that gas used to refill it.
Then when a service truck goes out to service this customer for their rental equipment, the device knows what equipment (cylinders) are on this site and how many of each. The tech will then fill in how many were replaced or added/removed from the site and it will update the rental quantities as needed, charge the Service Fee, and deplete any required inventory all from the mobile device.
Rental Fields
- Item: Rental Item CODE
- Description: Description that prints out on invoices
- Notes: Additional information about the product, typically NOT printed on the invoice
- Invoice: A numeric value that can be used to help group products listed on an invoice, rather than alphabetically by Code
- Group: Select from a Product Group list to help categorize items and make them quicker to find on a mobile device, or on reports
- Acct Code: The GL Income to apply this items rentals to
- Service: The price that should be charged when replenishing/servicing the rental item
- Service Consumes: A single item that is used to replenish/service this item. For example CO2 gas for a rented cylinder
- Subcontracted: If the service work for this is subcontracted, check this box and fill in the Avg Cost and the Cost of Goods Sold Account (COGS) from the Chart of Accounts to be aplied to
Customer Tab
This is a list of customers who rent this item. It consists of:
- Customer: selected form the customer drop down list
- Qty: The number of units they currently rent
- Rental Rate: The amount they will be automatically invoiced for each item on the regularly scheduled date
- Notes: General notes for the office and Mobile device users to see
- Frequency of Billing
- Start Date: The start date used to calculate future invoice dates from. Often used to make sure that when setting up a new rental that needs an infrequent date, that a past date can be set so that when the frequency is set, the proper Next Date (and all future dates) will be correct
- Daily/Weekly/Monthly: Frequency of billing can be set to a number of Days, Weeks or various monthly basis. Typically, monthly is used with the drop down of which day of the month do you want the invoice to generate set to Of Every 1 month. Here are some common settings
- Bill Monthly on the 1st: Monthly, 1 Day, 1 Month(s)
- Quarterly (1st of every 3 months)
- Annually (1st of July every year)
- Calc Next: This button will refresh the Next Invoice date next to it to make sure that based upon the Start Date and Frequency that the next invoice date is what you were expecting it to be.
Truck Inventory
This is used to keep track of how many rental items are on each truck. This is particularly useful when swapping of equipment is done such as in the GAS industry where an empty cylinder is swapped out for a full one. The Location shows each truck that has inventory of this item along with the Minimum levels they should be stocked with, the Qty Ready to be delivered/swapped and the one that were returned (empty) and need to be serviced before they can be sent back out. Total Quantity is simply the Qty Ready + the Qty Needing Service
Service Code Pricing
If you offer special pricing, then using Price Codes is the easiest way to set up and manage special pricing. Trakker offers up to 36 different price codes (1 – 36). When a customer is set to a specific Price Code, if there is a value other than blank or 0 in the Service Code Pricing, that that price will be used as the Service Price when this rental item is being serviced. (NOTE: Customer Specific Pricing overrides this price rule)
Pricing By Customer (For Service)
If you offer customer specific pricing it would be listed here. Just like for Products and Services, if a customer is listed in here with a specific quantity range (1-10, 11-50,51- infinity, or even just 1 – infinity) with a price that is different than the Service Price that when being service, this price will be charged instead of the default.
NOTE: Customer Specific Pricing overrides both Price Codes and the Default Price