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Rental Management

Updated
Applies toInventory More FeaturesAudienceAll usersLast updatedOctober 10, 2025

The Rental Management module is designed to handle the shipment, return, and recurring monthly billing of rental items. It also allows you to track the current location and status of each rental item.

Item Setup for Rentals

  1. Add a Rental section to the Item record page.

  2. Mark the Rental Item checkbox to designate the item as a rental.

  3. Create one rental item per physical asset.

  4. To simplify tracking, avoid enabling Serial Tracking.

Key Fields

Field Name

Description

Rental Item

Indicates whether the item is a rental item (checked = rental).

Last Rental Shipment

Automatically populated upon posting a rental shipment.

Rental Status

Set to Available if Qty. on Hand = 1; Not Available if Qty. = 0.

Rental Customer

Automatically populated from the Rental Shipment.

Rental Shipment Date

Automatically populated from the Rental Shipment.

Rental Address

Automatically populated from the Rental Shipment.

Create a list view specifically for rental items.

A Validation Rule ensures rental item Qty. on Hand must always be either 1 or 0.

Cost Management

All rental items should have a Unit Cost of $0, ensuring that COGS remains $0 when rental invoices are posted.

To enforce this policy, it is recommended to create a validation rule on the item record that prevents saving a rental item with a non-zero cost.

Fixed Assets and Depreciations

Each rental item should be recorded as a Fixed Asset in the system to enable proper depreciation over time.

Adding Rental Items to Inventory

  • Use Item Adjustment Journals or Purchase Orders to bring rental items into inventory.

Shipping Rental Items

  1. Create a Sales Order for rental items.

Field Name

Field Help

Rental Order

Must be checked if the order is a Rental Order.

Next Invoice Date

Specifies the date for the next rental invoice. This is automatically updated each time a new rental invoice is generated, based on a standard 1-month billing cycle.

Last Invoice Date

Automatically updated with the date of the last created rental invoice.

Invoice End Date

The system will stop generating rental invoices if the Next Invoice Date is later than the Invoice End Date.

  1. Add rental items to the order.

    • Set Unit Price to the rental rate.

  2. Follow the standard supply chain workflow:

    • Allocate inventory

    • Post the shipment to deliver the rental item

  3. Generate an invoice for the initial rental period.

Creating Monthly Rental Invoices

  • To generate recurring monthly rental invoices, use the Mass Create Rental Invoices button. This process will automatically create invoices for all eligible rental orders based on their Next Invoice Date and Invoice End Date.

Receiving Returned Rental Items

  1. Create a Return Order with Unit Price set to 0.

  2. Follow the standard return process:

    • Receive the returned item into inventory.

    • Post a $0 invoice to complete the transaction cycle.

Article Rental-Management  ·  Last updated October 10, 2025 · GoldFinch ERP Help Center

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