To correctly process and monitor items or equipment for rent, consider that the ownership is not transferred. As a workaround, perform the following:
1. Create a Serialized Inventory Item.
o Navigate to Lists > Accounting > Items > New
o Click Serialized Inventory Item
o Assign Income Account to Rent Income
o Select a Location where the same items/equipment are received when bought
2. Create a Location where Items/Equipment may be temporarily placed while it is out for rent.
o Navigate to Setup > Company > Locations > New
o Name of Location : Rented Location
3. Transfer purchased Item/Equipment from original receiving location to Rented Location.
o Navigate to Transactions > Inventory > Transfer Inventory
o Transfer the Items/Equipment from Receiving Location to Rented Location
o Assign the serial number
4. Record the Rent Transaction.
o Navigate to Transactions > Sales > Enter Sales Order
o Select Rented Location on Location field
o On Items column, select the serialized Item/Equipment
o Enter the rate and amount of the rented Item/Equipment with the serial number
■ This sales order must not be completely fulfilled (Shipped status) to retain company's ownership. However users may fulfill the order until Picked/Packed status only.
o Click Next Bill, edit the rate and enter the monthly rental charge.
5. Users may opt to use a Memorized Transaction or a Billing Schedule to bill.
6. Users must also depreciate the same Item/Equipment, as necessary.
7. Upon customer's return of the Item/Equipment, edit the Sales Order and mark the Close box.
To return the item from Rented Location to the original receiving location, navigate to Transactions > Inventory > Transfer Inventory.
To be able to utilize the same serial number after being closed, refer to SuiteAnswer 49684: Location Available and Serial Quantity Available mismatch due to Sales Orders closed with Item Fulfillment set as Picked or Packed.
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