Inventory and Invoicing at Start-Up

The Rental Management System can be progressively installed and operated at various levels.
At start-up the Miscellaneous Invoices process can be used to bill customers without the pressure of immediately doing live contracts on the counter. Because this approach retains the same accounting procedures there is complete bookkeeping continuity.

Invoicing Without Loading Your Inventory:
It is possible to use the system for invoicing, without actually loading each inventory item.
Instead, an fake inventory entry is made for each item in your Rate Book (or Rate Sheet). This can be done in a couple of hours, using a special start-up program.

This enables invoice entry and rate calculation, on a start-up basis.
At a later date, each inventory item can be entered correctly, and then delete the fake inventory items when they no longer needed.
Please see Fast-Track Enter Inventory for details.

• Track the total number of rentals and sales for each item
• Track the revenues for each item
• Process completed manual rental contracts.
• Have the software calculate the rental charges or input the manual calculations
• Have invoices printed automatically by the software or mail out the original manual invoice
• Have Accounts Receivable and the General Ledger updated automatically.
• Have Accounts Payable and inventory updated simultaneously.

Invoicing With Your Inventory Loaded:
If your firm has good inventory records readily available, load the inventory before proceeding with invoicing.
Advantages include:

• Load inventory, and maintain a fixed asset register in the software.
• Track new acquisitions, disposals, depreciation and repairs.
• Track the total number of rentals and sales for each product.
• Track the revenues and costs for each product
• Know which customer had the equipment last
• Process completed manual rental contracts (need a minimum of date out/in, software can calculate the rate & taxes)
• Have the software calculate the rental charges or input the manual calculations
• Have invoices printed automatically by the software or mail out the original manual invoice
• Have Accounts Receivable and General Ledger updated automatically.
• Have Accounts Payable and inventory updated simultaneously.

Procedure Flow Options:

1. Manual Invoices are mailed to the Customer
   
2. Computer Invoices are mailed to the Customer

   MANUAL INVOICES ARE MAILED TO THE CUSTOMER

   • Rental Contract/Invoice share the same pre-printed number
   • Rental Contract/Invoice is manually completed by counter staff, including manual calculation of rates, services, taxes, totals.
   • Back Office staff enters the invoice into the software

   Follow these steps:

   1. Point Of Sale Invoices

   2. Customer Payments
      Post Customer Payments

   3. Daily Close 1 - balance the Invoices to the Invoice Edit
      Daily Close 2
      Daily Close 3

   4. Prepare Bank Deposit - see Balancing the Cash & Bank Deposits

   
   COMPUTER INVOICES ARE MAILED TO THE CUSTOMER

   • Rental Contract/Invoice share the same pre-printed number
   • Cash invoices are manually completed by counter staff, including manual calculation of rates, services, taxes, totals.
   • On Account Invoices need only Date Out/In completed by counter staff
   • When Back Office staff enters the On Account invoices, the software is used to calculate the rates, services, taxes & totals, and print the invoice.

   Follow these steps:

   1. Point Of Sale Invoices for Cash Invoices
      Miscellaneous Invoices for On Account Invoices

   2. Customer Payments
      Post Customer Payments

   3. Trial Daily Close - test run for Daily Close
      Daily Close 1 - balance the Cash Invoices to the Invoice Edit
      Daily Close 2
      Daily Close 3

   4. Prepare Bank Deposit - see Balancing the Cash & Bank Deposits