Is it anyway you can add a rental price column (same as the sale) for inventory items which you rent instead of sell? I have tried to add a box through customization but it doesn’t really do anything. I have some products which will be rented out instead of sold and i don’t know how to fit it in.
Settings and enable
Sales Invoice Items using
Then create your rental items as sales invoice items. Don’t use inventory module for rental items at all.
Ok well noted. How I will show the items as property of the business though?
You should use
Fixed assets tab to create items that your business owns (property, equipment etc.).
Ok. Thank you lubos!
Why should it not also be included as inventory, because you would need to “sell” or rent out the same item almost unlimited amount of time. Can one not set the stock count very high.
Because Inventory is sold and Fixed Assets are rented… When you weekly rent out property you aren’t selling it multiple times. If you purchase a single asset to rent out (concrete mixer) how can that become recorded as 100 Inventory Concrete Mixers.
Hi, I figured that it would be easier to determine the number of times that a single asset is rented, by creating it as inventory item.
The asset is technically utalised as inventory offered for rental. There will be a time in the future where the asset has been repaid and depreciated, but the asset is stll being rented. Hense it made sense to rent inventory items.
Your premise is entirely false. Items that are rented are simply not inventory. And Manager’s procedures for handling the sale and/or purchase of inventory items will not work for assets that you are not acquiring or transferring ownership of in the sale or purchase processes. You will also not be able to depreciate these assets if you treat them as inventory, because inventory explicitly cannot be depreciated.
Your financial records will be useless, no matter what you thought about convenience.