Short-term Rental: Tips and Notes

Rent Out Equipment | Rental Returns

Pro

- Rental charges are posted to QuickBooks financial software to the income account you have specified and are reflected on reports as sales.

- Listing the rental equipment on a sales order helps track the units currently rented out, deleting it from the sales order before making the final sales receipt makes sure it has no net effect on sales amounts or inventory value.

- Updating the sales receipt with the rental charges updates the sales order status to 100% filled and automatically changes the status to "Closed."

- You can sell rental equipment at anytime in the normal manner by listing it on a sales receipt and, if appropriate, discounting the price to reflect its age/condition at the time of sale.

- If you want to run sales reports for all rentals, you could set up a "Rental" department and assign all rental equipment and charges to that department in inventory. Now you can filter reports for the "Rental" department.