The foundation for equipment rentals is the rental agreement document. A rental agreement is set up to record all revenue and costs for equipment and other service items relating to rental.
About Agreements
A rental agreement can range from simple (one piece of equipment for a short time period) to more complex (multiple equipment items, with a multitude of items and cost inclusions, for a longer time period).
The basic structure of a rental agreement is as follows:
-
Agreement header is the main record that houses the agreement.
-
Agreement lines represent the physical equipment you will be renting.
-
Misc. lines represent any additional inventory items that may go along with the equipment. You can have several agreement lines for one agreement.
-
The remaining elements include the additional costs that may incur as part of a rental agreement.