Equipment Rental Rates

Equipment Rental Rates calculate charges for items that you rent out by the hour, day or week.

HINT-- You'll only need to use Equipment Rental Rates if you are in the business of renting out equipment. In that case, the Goldenseal accounting software will use them to calculate the amount that you charge to customers for equipment time.

WEBSITE INFO LINKS
Accounting Software | Billing Software | Equipment Tracking Software
Project Billing Software | Project Management Software | Time Billing Software

RELATED TOPICS
Equipment Accounts | Equipment Billing Rates | Equipment Hours

When to Use Equipment Rental Rates

Use Equipment Rental Rates if you are in the equipment rental business, and rent out equipment that you own for an hourly, daily or weekly charge.

If you rent equipment from other people, enter it as an Other Cost expense.

If you lease equipment to others on a long-term basis, use Leases and Rental Transactions instead.

If you charge for use of your own equipment when doing time and materials work or as part of your job costs, use Equipment Billing Rates instead.

Entering Equipment Rental Rates

To enter an Equipment Rental Rate, follow these steps:

Choose Income Setup from the Income menu, then choose Equipment Rentals from the submenu.
Click the New button, or click on an existing item and click the Edit button.
Enter details about the rate.

Data Fields

Enter the following information for each Customer Discount:

Name-- Type in a brief name for this rental rate. This is the text that will appear in clairvoyant fields.
Description-- Type in any comments you'd like to make about this item.
Rate Periods-- Turn on the checkbox for each time period that is available for rentals that use this rate. In the example above, only weekly, half-month and monthly rates are used. Also enter details for the rental rate.
Add Flat Amount-- If this rate includes a fixed dollar charge in addition to the rate per time period, enter it here.

Rate Period Info

Each rental rate can be calculated by any of several methods:
Dollar Rate-- Use a dollar rate if all equipment rentals using this rate are charged at the same dollar amount. Enter the charge per unit of time.
Variable Rate-- Use a variable rate if you charge a different amount for each equipment item that is assigned this Equipment Rental Rate. The rate entered in the Rental Amount field of the Equipment Account will be used.
NOTE-- You can assign a variable rate to only one time period.
Times Hourly Rate-- Use this rate if the time period is charged as a multiple of the hourly rate. Enter the multiplier.
Times Daily Rate-- Use this rate if the time period is charged as a multiple of the daily rate. Enter the multiplier.
Times Weekly Rate-- Use this rate if the time period is charged as a multiple of the weekly rate. Enter the multiplier.
Times Monthly Rate-- Use this rate if the time period is charged as a multiple of the monthly rate. Enter the multiplie

Using Equipment Rental Rates

Enter equipment rental rates into the Rental Rate field in your Equipment accounts. If you assign a variable rate, enter a rental amount for this piece of equipment.

Equipment rental rates are calculated automatically if you record equipment rentals in a Sales transaction with an item breakdown.