Handling Tool Rentals

Task/Problem Overview

This document will cover how to handle tool rentals at your establishment.

Creating Tool Rental Part Numbers

Creating a part number for a tool rental is no different than a normal inventory item. Since this item is apart of your inventory we will create this part and the quantity into stock. This will allow you to see how many rental tools you have available to rent.

To get started go to Inventory> Inventory Manager > Item Manager > New. The Inventory Creation Wizard will appear.

Select Inventory Type: Normal, and hit Next

Enter your Part Number, UPC, MFG, and Vendor for this item. To identify this Part Number as a rental it is suggested to put ‘Tool Rental’ as part of the Part Number, i.e. LGD 508-280 TOOL RENTAL, as well as in the description.

Next, we will enter additional information about the item, mark it as Taxable and choose the ‘Inventory’ asset account.

Now we will enter the Tool Rental Deposit amount in the List Price field. If you have a cost associated with this you may enter that value as well.

You may select ‘Finish’ to create your inventory item.

Creating Service Fee’s

In some cases, you may also charge a service fee in addition to a deposit when renting tools.

To get started go to Inventory> Inventory Manager > Item Manager > New > The Inventory Creation Wizard will appear.

Select Inventory Type: Service and it hit Next

Enter your Service Part Number, you may leave UPC, Vendor, and MFG blank.

Next, we will, mark this service item as NON- Taxable, and Non-Returnable and choose the ‘Service Income’ asset account.

Now we will enter the Sevice Price in the List Price field.

You may select ‘Finish’ to create your inventory item.

Tool Rental Orders & Returns

Once your rental and service part numbers have been created you can successfully place an order for a rental item. Open a new order and enter your tool rental and service fee part numbers onto the order and Convert.

When the customer is ready to return the tool, you can create an RMA from the same order, by selecting ‘Return Order/Item’ in the History Tab.

Make sure to remove your Service Fee as that is a non-refundable charge.

Mark the Status of the tool and location and Convert.