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I currently have an site in implementation where a small part of their business is equipment hire. We would like to handle this directly within Acumatica as more advanced functions available in a dedicated rental application are not required.
Essentially a client hires an item of equipment and receives an invoice including an establishment fee and the first weeks hire charge, then weekly invoices are generated for the duration of the hire.
I know this could technically be achieved with simple recurring invoices but the setup/management for each rental is a little cumbersome. Essentially I would like a 'Hire' project template, where the item for hire is defined, and the project start/end dates indicate the hire period and project billing handles the charging of this.
Have any of you had experience in using projects in this way?
Thanks
Nic
I'm pretty weak in projects, but I don't see why you couldn't use a time and materials project to track this. My main question would be if you could issue the fixed asset to it while it's out on loan, but I'm not sure.
Thanks Tim,
My current solution includes a recurring AR invoice for billing and a 'Hire' warehouse with an Available and On Hire location with stock being manually transferred at the start/end of a hire contract.
My investigation of using projects appears to show equipment charges on a project are more attributed to the timecard of a particular item of machinery (eg runtime of a printing press).
Due to given project time constraints I think I'll stick with the first option, although something a little more elegant in the future would be great.
Thanks
Nic
When it's not out for hire, does it sit in Fixed Assets? So you'd have to move it from Fixed Assets into Inventory, then transfer it into a "Hire" warehouse? Or is it always sitting in inventory?
The 'Demo' warehouse will have a different Inventory account which will appear separate to regular SOH. This won't however by a regular 'Fixed Asset' as I cannot see a viable way to mark a Fixed asset as available vs on hire other than using the distribution module
I’m also quite interested as to whether it’s possible to use the Myob Advanced / Acumatica Projects module for simple rental applications. We currently have a stock item that can be brought or rented. At the moment we just do recurring invoices, but its not great; its hard to track the true costs.
Details as to this rental item:
- Most people rent the stock item for 1-4 years. Each stock item has its own serial number.
- We usually bill them monthly.
- Under the rental contract, the renter can get a number of free parts if need be. I would like to be able to put this through as a sales order associated with the rental project, so that the true cost of the rental is known.
Regarding rentals, there's a partner who recently built a solution specifically for the equipment rental industry:
https://www.nexvue.com/rental360/
Might be worth reaching out to them.
I have reached out to them, and a number of others. However, we are only renting one stock item; and all these programs offer far more functionality than we need, and cost a lot more then would be sustainable for the size of our rental setup.
Therefore I’ve kept testing with the projects module, and this is how I think it could be done:
- A project is created for the overall rental.
- A sub task is created for sending out sales orders. This would include sending out the main Stock Item for rental; this is sent out as a free item. The cost of doing this would go against the overall project.
- The sub task would also be used for sending free spare parts when required, as is written in the contract. These spare parts are listed as stock items, and would be processed using a sales order.
- When the rental is finished, the main Stock Item is returned for free. A Return for Credit could be created for this; but as the main Stock Item is now second hand, it would be credited back in as Main Stock Item Used.
Would this work? Any thoughts / comments?
I'm at the limit of my knowledge here, not that great in Projects, but don't you need some way to handle depreciation since the rental is a fixed asset that needs to be depreciated?