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See also: Rental Rules, Rental Time Periods, Rental Time Period Coverage, Use Price Schedules with Rental Rates
The Inventory Details window - Rental Rates tab provides a method for setting the rental rates for each of the Time Periods defined in the Setup Wizard. With the addition of Rental Rules, two optional items can be also be set on the Rental Rates tab. The minimum charge can be set for each of the Price Schedules and the Depreciation Percentage of Charged is set once for all Price Schedules.
Statistics for the lifetime rental time and revenue for the item is displayed here along with the ability to create an adjustment to those values (Useful for adding data captured prior to the usage of System Five i.e. Starting balances).
For Rental Utilization reporting, the Rental time period (for use in Rental Utilization dollar calculations) can be overridden for the item here and, if desired, a Non-Available time value can be set (Used in both Rental utilization dollar and time calculations).
See the links below for details on each setting and for information on the special functions on this tab:
The Rental Rates tab is shown in Figure 1.
Figure 1: The Rental Rates tab
You can define the Rates for each of the Rules in each of the Time Periods for each of your Price Schedules. In the example shown in Figure 1, there are three Rules, Depreciation, Min. Charge and Regular and there are six Time Periods, plus a row for 'All'. The 'All' row allows for the input of the Minimum Charge and Depreciation percentage that applies to all Rental Rates. Note that the cells in the listing that can be modified have a white background, the darker grey cells cannot be modified.
The Effective Date of Prices located along the top of the tab, provides the ability to define new Rental Rates well ahead of any scheduled rate change and the ability to see when specific Rental Rates were in effect.
The Price Schedules drop down provides that ability to select specific Price Schedules for viewing or editing of the Rental Rates assigned to them. The contents of this drop down depend on the Use Price Schedules with Rental Rates setting on the Rentals page in the Setup Wizard. If the option is checked, then the drop down contains an All item and all of the Price Schedules configured in the system. If the option is unchecked, then the drop down contains only two items, All and List. This option is unchecked by default to simplify the setup of your Rental Rates.
See also: Use Price Schedules with Rental Rates for more information on this option.
The Department drop-down, as seen in Figure 1b below, allows you to load rental rates from different departments.
See also Use Departmentalized Rental Rates
Figure 1b: Copy From button and Department drop-down list
The [Copy from...] button provides the ability to copy the Rental Rates from one Department to another.
To use the copy window, click the [Copy from...] button. Select the Department you want to copy rates from. Once done, click [OK]. (see Figure 1c).
Figure 1c: Copy From... Select Source Department window
Statistics, Utilization Rental Period and Non-Available time are all related to Rental Utilization reporting and the calculations made there.
The Create Adjustment button is used to enter starting balances and manual adjustments for lifetime rental revenue and rental time. These values are retained and factored in when using the Recalculate Rental Utilization toolbox routine.
The Price Codes along the right margin of the tab are not the same as the Price Codes on the Retail tab. Although the codes themselves use some of the same letters, the percentage codes, C, L and R represent a percentage of the Cost, Landed and Retail List rather than a discount off the same values. The Rental Rate Price Codes are detailed in table 1.
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Price Code |
Details |
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F - Fixed Price |
This price code allows the setting of a fixed Rental Rate as a currency value. An example is shown in Figure 2: 
Figure 2: Example of Fixed Price Code
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C - % of Standard Cost |
This price code allows the setting of a dynamic Rental Rate as a percentage of the Standard Cost of the Rental Item. An example is shown in Figure 3:
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L - % of Standard Landed |
This price code allows the settings of a dynamic Rental Rate as a percentage of the Standard Landed Cost of the Rental Item. An example is shown in Figure 4:
In this example, the Standard Landed is $19,500.00, each of the Rental Rates are calculated as a percent of that value. |
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R - % of Retail List |
This price code allows the setting of a dynamic Rental Rate as a percentage of the Retail List from the Retail tab of the Inventory Maintenance window. An example is shown in Figure 5:
In this example, the Retail List price is $27,500.00, each of the Rental Rates are calculated as a percent of that value. |
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D - Discount from Rental List |
This price code can only be used on Rental Rates for Price Schedules other than the List Price Schedule. If you are not using Price Schedules for your Rental Rates, then this price code cannot be used.
To setup Price Schedule 1 as a 5% discount from the list Price Schedule, select the Price Schedule 1 from the drop down list and fill in the values as shown in Figure 7:
In Figure 7, Sun Hourly shows a Price of 17.81, which is calculated by discounting 18.75 by 5% and rounding the value to nearest penny. |
Table 1: The Rental Rate Price Code details
Some tab functions work in relation to the window's Toolbar. Click Toolbar to view detailed information about the Toolbar button options.
See also: Inventory Details window
