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Rental Classes
How do I determine what my Rental Classes should be?
A Rental Class is a grouping of Asset Types that are:
- Similar kinds of items
- Normally rented at the same rental rate
- Are treated the same way for sales tax
Rental Classes
- There is no limit to the number of Rental Classes
- Each Rental Class may contain many Asset Types
- Each Asset Type may belong to only one Rental Class
For example, an "Industrial, Large" Rental Class could be created for setting rates and rental methods on all 200- and 300-size industrial cylinders.
Each Rental Class is assigned to a Rental Billing Period Type. This allows for different Rental Classes to be billed on different cycles. For example, customers may be billed once a month for cylinder rental, but more frequently for equipment rental. However, even if different Rental Classes are billed on the same cycle, assigning them to different Rental Billing Period Types allows their rental bills to be run separately. Contact TrackAbout to setup the different Rental Billing Period Types.
Every Rental Class has an Accounting Code which gets reported back to the business/accounting system. This is typically the general ledger (GL) or charge code from the accounting system. Each Rental Class is assigned to a Tax Category to determine how it is taxed. Contact TrackAbout to setup the different Tax Categories.
Rental Classes can also be used for displaying a less-detailed Rental Bill. There is an option to configure TrackAbout such that the Rental Bill displays one line for every Rental Class, as opposed to displaying one line for every Asset Type.