Rental Classes
| TrackAbout Feature | |
|---|---|
| Feature Name: | Rental Classes |
| In Module: | Rental |
| Short Description | Rental Classes provide the default pricing structure for assets in the TrackAbout rental system. |
| Available In: | |
| ← Back to list | |
Rental Classes
Rental Classes provide the default pricing structure for assets in the TrackAbout rental system. They establish a clear baseline for billing related Asset Types, but can be overridden on a per customer basis for maximum flexibility.
A Rental Class is a collection of similar Asset Types that are:
- Normally rented at the same rental rate
- Treated the same way for sales tax
Asset Types in a Rental Class are billed using the same Rental Method, such as Daily, Weekly, Monthly or Peak Balance, and share the same rates.
You assign each Asset Type to a rental class. You can create an unlimited number of Rental Classes, and each Rental Class can contain an unlimited number of Asset Types. But an Asset Type can belong to only one Rental Class.
If you're renting cylinders, for example, you might create an Industrial, Large Rental Class to set rates and rental methods on all 200- and 300-size industrial cylinders. This Rental Class could include both Argon 200 and Oxygen 300 cylinders, which would be billed using the same default rates and billing method.
Rental Classes also allow you to provide less-detailed, summary-style rental bills to customers if desired. TrackAbout rental bills can be configured to display one line item for every Rental Class, instead of displaying each Asset Type on its own line.
Rental Class Properties
Rental Class Grouping
Rental Class Groups allow you to organize Rental Classes into meaningful categories. If you're just getting the Rental module set up in TrackAbout, you'll need to create at least one or two Rental Class Groups prior to creating any Rental Classes.
Example of rental class groups:
- Cylinders
- Equipment Rental
- Bulk Vessels
- Micro Bulk Vessels
- Portable Liquid Vessels
Rental Billing Period Type
You might want to bill different types of assets on different cycles, such as billing customers once a month for cylinders but more frequently for equipment. TrackAbout enables this by categorizing Rental Classes into several Rental Billing Period Types. This feature can also allow you to divide different Rental Classes into blocks that can be run separately. Contact TrackAbout Support if you'd like to set up custom Rental Billing Period Types.
Tax Category
Rental Classes are assigned to a Tax Category to determine how they should be taxed. Contact TrackAbout Support for assistance in setting up your Tax Categories.
Accounting Code
Each Rental Class has an Accounting Code that TrackAbout uses to report to the business/accounting system. This is typically the general ledger (GL) or charge code from the accounting system.
Cost Percentage (Tecsys only)
Cost Percentage is specific to the Tecsys accounting system. The value doesn't affect the TrackAbout rental calculations but is included when bills are exported for the Tecsys system.