How to manage unit rentals

How to manage unit rentals

 
How to manage unit rentals  

The first step is to ensure that all necessary settings are in place for the rentals. 

From the DealerVu main screen > Accounting > Chart of Accounts:

• Add G/L Inventory Account – “Rental Inventory”;
• Add G/L Sales Account – “Rental Unit - Sales”;
• Add G/L COGS Account – “Rental Unit – COGS”;
• Add G/L Sales Account – “Vehicle Rental Income”;
• Add G/L COGS Account – “Vehicle Rental COGS”.          

You can create a separate list of accounts for each model type (ex. Dyna, Sportster, V-Rod etc.).

In System Settings > Unit > Unit Type:

Add a Unit Type – “Rental” and click on the “GL Account” tab to point to the Unit G/L Accounts setup above . (Please be sure to select the “Rental Unit-Sales” account for the proposed options sales, Liability and cost accounts).

You can create a rental unit type per model as well (ex. Rental-Dyna, Rental-Sportster etc.). 

In System Settings > Part > Part Group:

Add a Part Group – “Rental” and point to the Rental Income G/L Account setup above. You can create a part group per model as well (ex. Rental-Dyna, Rental-Sportster etc.). 

In System Settings > Miscellaneous > Locations: 

Add a Location – “Rental” for Units. 

In Part Sales and Management > Part Inventory: 

1. Create a new part for each rental unit type (ex. Rental - Sportster, rental-Dyna etc.) and assign it the correct rental part group you created above;
2. Adjust the part quantity in stock to 1000 so that the system won’t ask you to order this part when you are selling it on the service order. 

How To:

1. Go to Unit Sales and Management > Unit inventory > find the unit and open its file:​
   1. ​Change the stock number by adding an “R” (R= Rental);
   2. Change location to “Rental”;
   3. Change Unit Type to “Rental”.
2. Add Customer Name and Rental Period in the Notes field:

3. Add a Service Order without the unit attached and add “Rental” in the Ref Doc. field:
   1. ​Add the rented unit in the Concerns Box;
   2. Sell the above part number at a rate per day, week, month, etc.;
   3. Receive a deposit then save and print the receipt:

 

4. When the Rental Unit is returned, refund the rental deposit less any damages and charge the balance if any to the unit cost adjustments against the “Vehicle Rental Income” account. 

Monthly Rental Write-down: 
 
All Rental Unit Values should be written down monthly or seasonally against the “Vehicle Rental COGS” account, based on the miles put on the unit through rental usage.