The selections for the Item Rates tab are as follows:
Grace period % of rental * 10 - When a rental item is returned, the counter program will compute the grace period by multiplying the total time out by this parameter. This parameter must be entered as a percent, e.g. 1.5 would mean 1.5%. The resulting grace period will then be adjusted, if necessary, to fall within the minimum and maximum limits described below. The customer will be charged for the time out minus the adjusted grace period. For late or on-time returns, the charged time will not be allowed to be less than the scheduled time.
Grace period minimum minutes - The program will not allow the grace period to be less than this value.
Grace period maximum minutes - The program will not allow the grace period to be more than this value.
Prorate rentals on close of continuation bill – With this box checked, when contracts are returned after multi-months continuation bill, the item rental rate will be prorated. Unchecked, the items will be charged at standard rates as if the customer had only rented the item for that time period.
Minimum refund amount - This specifies the minimum refund amount per line item that you wish the program to consider when rental items are being returned early. For example, if you set this parameter to .50 (which is 50 cents), then the program will not give the customer a refund unless the refund is greater than 50 cents.
Minimum extra charges - This specifies the minimum extra charges amount per line item that you wish the program to consider when rental items are being returned late. For example, if you set this parameter to .50 (which is 50 cents), then the program will not charge a late fee if the computed late charges are less than 50 cents.
Weekend rate charge – This is the amount that you charge for an over Sunday charge. For example this would be 1D if you wanted to charge one day for over Sunday. If you want to charge a day and a half use whatever your 1 ½ day charge is in hours (usually 27H).
Default overtime calculation – This parameter selects how the program will calculate rental fees for time periods that are not defined in the item rate table. The program recognizes these rate codes:
Prorate between Min and Day – With this parameter checked, any overtime past the minimum rental period will be prorated for the duration the customer had the item. With it unchecked, the customer will go directly into the Daily rate if he is late.
Round overtime to next day – With this parameter checked, any time past the grace period given to the customer will result in another day’s rental. With it unchecked, the customer will be charged actual time out.
Round hours up to next hour – With this parameter checked, any time past the grace period given to the customer will result in hours being round to the next full hour. (Ex. three hour and 2 minutes round up to four hours).
ITEM RATE FORMULA OPTIONS:
RER formula (2) - The RER recommended formula will be used, with overtime hours based on the “Clock Overtime” parameter. This is the most common Rate Code.
Party rate formula (3) - Charges will be based on a day late. No overtime will be charged if the item is brought back within the same day that it was due. This rate code is mostly used in party stores where due back time is not critical.
Iterative Formula (4) - Iterative Rate formula will be used, with overtime hours being charged as the early rates in the table. For example, 196 hours will charge a week rate plus a day rate plus a 4-hour rate. This rate would charge the customer more than any other rate code.
24 Hour formula (0) - Charges will be based on a 24-hour day, 7-day week, 4-week month.
Interpolative formula (1) - An interpolation will be done using the two values in the item rate table that the rental period falls between. Each hour past an exact day will be charged based on the “Clock Overtime” parameter.
Clock overtime - These parameters are used to calculate overtime charges for any overtime after 24 hours. They define how many hours you count as a rental day and how many days you count as a rental week. For example, if you set hours in a day to 6 and days in a week to 5, then each hour of overtime past a 24 hour day will be calculated at 1/6 of the 24 hour daily rate, and each 24 hour day of overtime past a week will be calculated at 1/5 of the weekly rate.
Meter overtime - These parameters are used to calculate overtime charges for metered items. They define how many meter hours you count as a rental day and how many days you count as a rental week. For example, if you set meter hours in a day to 8 and days in a week to 5, then 8 meter-hours will be allowed in a 24 hour period, and 5 meter-days (i.e., 40 meter-hours) will be allowed in a week.
% charge for meter overtime – This parameter sets the percentage of hour meter overtime charges to bill. An entry of 100% charges full value for hour meter overtime. An entry of 50% would only charge half of the normal overtime rate for hour meter usage.
Usage Items – This parameter is generally used in conjunction with diamond blade wear calculations. It determines how many units free are given for each hour, week, and month charged. The “Hours in a day” parameter determines the fraction of free units per day given for each hour charged. This would normally be set to the same value as the Clock Overtime hours in a day. A value of 6 means for every hour charged give 1/6 of the daily free units. Valid entries are 0 to 24. The “Days in a week” parameter determines the number of free units given per week charged. Valid entries are 0 to 7. The “Weeks in a month” determine the number of free units given per month. Valid entries are 0 to 4. If the parameters are set to 6 hours a day, 3 days a week, and 3 weeks per month and the “free units” in the item record is set at 6, the customer would receive 1 free unit per hour, 6 free units per day, 18 free units per week, and 54 free units per month charged. Note: Most stores give a certain number of free units based on each transaction instead of time out. If this is how you operate, put 0 for each of these parameters.
Item Key to add on Reservation contracts – This is the key of the item that is to be added on to every Reservation contract written.
Item Key to add on Open contracts – This is the key of the item that is to be added on to every Open contract written.
Item Key to add on Work Orders – This is the key of the item that is to be added on to every Work Order written.
Item Percentage Description– This is the description for any item percentage charge. This charge is defined in each item record as a percentage of amounts charged. This field can be used to charge GST in Canada, road tax, EPA fee, or any other percentage based fee. The name entered here will be displayed on the item record and the contract and printed on reports and the contract.
Minimum Item Percentage– This is the minimum amount (in currency value) you want to charge.
Maximum Item Percentage– This is the maximum amount (in currency value) you want to charge.
Special Rates use Item’s Rate Structure: Allows special rates to follow the item record’s rate structure. For example, if you had an item rate structure of $100 – 1 day, $150 – 2 days, and $180 – 3 days, setting the special rate of $80 for a day will also update the item rates to be $120 – 2 days, and $148 – days. For your items only have a minimum, day, week, month structure, the parameter will make no difference.
Charge Item Percentage on Sale of Asset – With this option checked, the item percentage will be charged whenever this item is sold. With this option unchecked, the item percentage will not be charged on the sell amount.
Charge Item Percentage on Damage Waiver – With this option checked, the item percentage will be charged on any damage waiver amount charged on this item. With this option unchecked, no item percentage will be charged on the damage waiver.
Charge Damage Waiver on non-discounted Items - If this box is checked, then Damage Waiver is discounted along with the regular rental rates regardless if there is a discount on the item.
* Note: Warning, checking this box, and then modifying a closed or completed contract will remove the discount from the damage waiver, only calculating the discount on the regular item record.