Rental Rates

 

Rate types

 When creating a Rate, there are multiple Rate types to choose from. Below is a short explanation of each type. 

Job	The job rate calculates a flat rate for the whole rental order. Meaning the line quantity multiplied by the rental rate = invoice period price. Example: $5 job rate * 50 pieces = $250.
Repeating job	The repeating job rate calculates a flat rate for the invoice period. Meaning the line quantity multiplied by the rental rate = invoice period price. Example: $10 for an invoicing period of 1 year * 1850 pieces = $18.500.
Daily	It calculates a flat fee per day. It can be used in combination with a calendar.
Weekly	It calculates a flat fee per week. This method can be replaced by the prorated method.
Prorated	The prorated rate is the most flexible rate type, as it can be used to create almost any (recurring) rental period, based on setting a combination of a period length and a period (day/week/month/calendar month/year etc.) . It calculates a period amount by multiplying the rate by the number of time units by the quantity. Meaning: rate $500 per time unit (day/week/month) * quantity. Example: $500 per week for an invoicing period of 8 weeks * 2 pieces = $8.000.

Rental Pricing Profiles

Rental pricing profiles are used for the setup of rental pricing per rate ID. Each pricing profile has a currency code and can be setup with multiple different rate ID’s, each having a different price. The RMS functionality has several different rental rate types: Job (= fixed price); Repeating job; Daily; Weekly (replaced by prorated); Prorated.

The link between (rental) item and (rental) pricing profile is setup under rate price profiles. A generic line can be setup by setting the item code, the account code, and the project code to all. A more specific price can be setup by selecting specific items or item groups, customer accounts or account groups. Further specification can be done by using the product dimensions (Size, Style, etc.) or site and/or warehouse. The order in which the system will look for its price (profile) is determined by the search priority setup (run the ‘update hash values’ job to reset or recalculate them).

The Rental pricing profiles can be found by navigating to Rental management - HSO > Setup > Rental pricing > Rental pricing profile

Field	Description
Pricing profile

Profile ID	Enter the ID for this pricing profile.
Description	Enter a short description for this pricing profile.
Currency	Select the applicable currency for this pricing profile. This allows you to create different pricing profiles for (the same) rental items in different currencies.
Profile periods
View profile periods	This drop-down allows you to view only the active period, all periods, only future periods (including promotional rates), or only historic periods.
Effective	Date from which this period is active.

Expiration	Date when this period expired. On active periods, the expiration date is defaulted as ‘never’.
Promotional	This box is ticked if the period line shown is a promotional rate.
Created by	Shows the user that created this period line.
Modified by	Shows this user that last modified this period line.
Price list details
New / Delete	Create / delete a rate line on the price list for this rental pricing period.

Cope / Paste	Copies a rate line to be pasted into another pricing profile.
Default	If set to yes, this rate will be used as default by the system when selecting the pricing profile on a rental order line.
Rate ID	This column shows the Rate Ids selected on this pricing profile. The RMS functionality allows the setup of different rental rate types.
Rate description	Shows selected rate description.
Price	Shows the price applied to this rate. This field is editable.
Created by	Shows the user that created this period line.

Modified by

Shows this user that last modified this period line.