V9 - Rentals and the Rentals list

Rentals are available to Plus and Pro plan subscribers of SOS Inventory. To use the rental/consignment features of SOS Inventory, go to the General inventory settings (Tools & settings > Configuration > Inventory > General) and check the Rental inventory box. Once done, you can access the Rentals and Rental returns lists (Operations > Rentals).

The system also automatically creates an additional location called Out for rental to store the records of all items currently rented. This location is non-nettable. You may also define other locations for rentals if needed. Using Out for Rental allows you to run reports that show whether items are out for rental or are available to rent.

Rentals list

The Rentals list will show all rentals of goods at customer locations. On this list, you can see which location the rental equipment was pulled from and the due date for its return. If multiple items are listed on the same rental transaction, you can also see any partial returns that were completed.

Included among the Actions menu options for rental transactions are Create rental return, Create invoice, Ship via UPS, Use as template, and Show transaction history. 

For a general overview of how lists work in SOS Inventory, refer to List functions. See Action and batch action descriptions for more information about the actions available on lists.

Adding a rental

When a customer rents an item from you, enter a rental transaction. This tells the system that the item is rented with a specific due date.

1. To add a rental, use either of the following methods:
   1. The Quick add (add_circle) menu. On the Task bar, go to Quick add > Rental > Rental.
   2. The Rentals list. Go to Operations > Rentals > Rentals, then select +Add.
   3. Generate a rental from an invoice.
       
      edit_noteNOTE: First, create an invoice which lists the items being rented and their quantities with a sales price of zero. Add a line with a service item, such as Fee for Rental, to represent the rental cost.
      1. Go to the Invoices list (Operations > Sales > Invoices) to find the invoice that you want to use for generating the rental.
      2. On the invoice Actions menu, select Create rental from the dropdown.
      3. SOS Inventory will automatically import all relevant information from that invoice into the rental.
      4. Remove the rental fee item from the rental transaction.
          
2. Complete the transaction, referring to Rental and rental return field descriptions for explanations of the data fields. 
    
3. Save the transaction when finished. SOS Inventory will add the transaction to the Rentals list.

Editing an existing rental

An existing rental can be opened for viewing or editing by selecting its transaction reference number link in the Ref # column. You will need to enable editing line by line to make changes to the rental if you use Transaction edit mode.

Be sure to save any changes you make.

Rental history of an item

Rental history, available on the Actions menu of records on the Items list (Operations > Inventory > Items), allows you to trace the historical record of a rental item.

Rental reports and Calendar

Run the Open rental detail or Rental calendar reports (under Operations > Reports > Rentals) to view all items that are out for rental. Note that only serialized inventory out for rent can be seen on the Rental calendar.

You can also use the Calendar (Operations > Calendar) to see when rentals are due. While the reports are item-based, the Calendar is based on the full rental transaction.

Using rentals for consignments

Sometimes your company may have to rely on an agent to sell goods on your behalf. This is a consignment process. In this instance, you may use rental transactions to help you manage this process with your agent (consignee). To do this, you will first need to create a non-nettable location to represent your consignee. This is where you will store your goods for the consignee to sell. Use rental transactions to move your goods to the consignee location. When the consignee sells your goods, use an invoice and shipment to close the deal for those items with the consignee.

The screenshot below of rental REN-1004 is an example of how a rental transaction can be used to handle the movement of consignment inventory. Customer Art Works Consignment is also the consignee (the agent) selling item Art:Paintings:Coffee at Parisian Cafe on behalf of this SOS user. A non-nettable location representing the consignee's shipping address, also called Art Works Consignment, is the To location on the rental.