Billing Methods, Inventory Control, Asset Management

Billing Methods

Periodic in Advance - to bill the customer in advance periodically, depending on the frequency (such as weekly or monthly), until the contract is returned.

Total in Advance - to bill contract amounts in advance for a specified period of time by selecting a beginning and ending date. This period will be billed on the initial invoice and then revert to Periodic in Advance billing (to ensure continued billing), depending on the frequency selected, until the contract is returned.

Total in Arrears - to create a rental contract, but to not create an invoice until the equipment is returned. When the equipment is returned, RCMS will create an invoice for the proper amount.

Periodic in Arrears – bills in arrears at preselected intervals. User may set intervals on the Contract Anniversary Date, 1st, 10th, 15th, 20th, 25th or the last day of the month (EOF).

Event in Advance & Event in Arrears - for the Special Event, Trade Show or other short term rental oriented businesses. They are "Event Billing in Advance" and "Event Billing in Arrears". These billing methods allow the user complete flexibility to independently set the Rental Rate, "Event Duration", "Billing Duration", "Delivery Date" and the "Return Date" for each item on a contract. When using either Event Billing in Advance or Event Billing in Arrears, screens, quotations, orders, reservations and contracts clearly show the number of days, the daily rate and extended daily rate on each line item along with the grand total for the entire event.

Example: you can now create a quotation for a seven day event that includes "Item A" for three days at $135 ($45 per day), "Item B" for 5 days at $150 ($30 per day) and "Item C" for all seven days at $525 ($75 per day) for an event total of $810 ($135 + $150 + $525 = $810) and bill the resulting contract either in advance or arrears. Under such a scenario, RCMS will create three pick up orders: one for item A, one two days later for item B and a third on at the end of the rental.

If you billed this example in arrears and, for example, item B was required for an extra day (returned on the sixth day instead of the fifth day as originally anticipated), RCMS will bill $180 for item B for the event instead of $150 (six days times $30 per day instead of five days times $30 per day).

Frequency: select how often the contract is billed (i.e. Daily, Weekly or Monthly).

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