RentalPoint Pricing Parameters are used to customize how your business prices inventory for use. Take a few minutes to review the setting options below, then contact support@rentp.com for further assistance as needed.
Access Pricing Setup
From the main menu click Setup-->Settings and Preferences
Then select Pricing Setup
Complete the parameter information to suit your company preferences
Pricing Parameters Explained
| Number | Parameter | Description | Used with Parameter # |
|---|---|---|---|
| 2 | Price Factor Tables | Specify the number of days charged for each rental day. Six tables available. When enabled, Price Factor Tables override most other pricing parameters with the exception of Pricing #3 - Sunday Charge Option
| Operational #2 |
| 3 | Charge Sundays in First Week | Whether or not to charge for Sundays when renting gear. It can be used with the following pricing structures:
| |
| 4 | Price Set Tables | Multiple Price Sets can be used against each Rental Product for the purpose of offering different pricing schemes for different locations/currencies/customers. You may also use this option to price gear in different product groups at different rates. | |
| 5 | Weekly Rate Qualifying Period | Number of days rental before the weekly rate is applied. This option is usually set to 7 days, however some companies set a qualifying period that is higher i.e. 10/14/21 days. Rentals of periods shorter than this number will be charged at the more expensive daily rate. This option works in conjunction with Pricing Parameter #12 - Automatic selection of daily or weekly rate. | |
| 6 | Long Term Qualifying Period | Number of days rental before the monthly rate is applied. This option is usually set to 30 days. Rentals of periods shorter than this number will be charged at the more expensive daily or weekly rate. This option works in conjunction with Pricing Parameter #12 - Automatic selection of daily or weekly rate. | |
| 7 | Weekly Rate is Displayed as | The number of days the weekly rate is displayed as (usually 7) and should not be changed once products and prices have been entered. | |
| 8 | Long Term Rate Displayed as | The number of days the monthly rate is displayed as (usually 28 or 30) and should not be changed once products and prices have been entered. | |
| 9 | Apply Customer Discount as Line Item Discount | When adding rental items to a booking, automatically apply the customer discount rate as a line item discount. | |
| 10 | Days in Weekly rate | The number of days the system counts as a week. This parameter overrides the weekly rate entered in the Rental Rates Tab of a product.
| Pricing #2 |
| 11 | Days in Monthly Rate | Number of days used in monthly rate calculation (formula is days in monthly rate x daily rate). This parameter overrides the monthly rate entered in the Rental Rates Tab of a product.
| Pricing #2 |
| 12 | Automatic Selection of Daily or Weekly Rate | This parameter defines whether the daily rate or the monthly rate is automatically selected. If this option is enabled then the system will automatically select a default rate, otherwise the system will prompt the operator for a decision each time. This option is used in conjunction with Pricing #10 and Pricing #11. Note: Price Factor Tables will override this option until the price factor table ends. | |
| 13 | Discount Package Deals | Defines if discounts applied to the booking should be applied to package deals. If unchecked, package deals with be exempt from discounts. | |
| 14 | Discount Sub rental Items | Defines if discounts applied to the booking should be applied to sub rentals If unchecked, sub rentals with be exempt from discounts. | |
| 15 | Discount Outside Supplied Items | Defines if discounts applied to the booking should be applied to items marked as outside supplied If unchecked, outside supplied items with be exempt from discounts. | |
| 16 | Truncate Discount Cents | This option zeroes the cents in the discount column. The option only applies to the sum discount amount, not the individual line item discounts. | |
| 17 | Insurance/Damage Waiver Settings | Settings for calculation of Insurance/Damage Waiver on a booking | |
| 18 | Master Bill Settings | Defines if Hotel Master Billing is in use | |
| 22 | Standard Profit Margin for Sundries | This percentage is used to calculate the profit margin for sundries on a booking. The calculation is based on the total undiscounted sundry amount. | |
| 23 | Use Minimal Rental | With this option enabled, a minimum value will be charged for rental items. A minimal rental amount should be entered for each individual rental product via product setup. | |
| 24 | Freight Charge Breakdown | Provides an option to use a single freight charge OR separate freight charge into delivery, collection and fuel surcharge. Also provides option to 'allow manual entry' of freight charge on the equipment tab of a booking. | |
| 25 | Freight Price Lock Default | Defines if/when freight price on a booking should be locked for changes | |
| 26 | |||
| 27 | Currency Set on PO by PO Basis |
| |
| 28 | Event Management Surcharge | Event Management is an additional surcharge that you can add to a booking, much like Damage Waiver, freight surcharge or credit card surcharge. The event management value applies to the sub total of a booking and displays in the totals area of a booking. You can also apply separate taxes to the surcharge in the setup tax authorities window. | |
| 29 | Number of Hours Before an Extra Day | This is the number of hours difference between the delivery date and time and the return date time before the system adds 1 to the number of days or term of the rental. | |
| 31 | Extra Day Rate Calculation | Using this option saves the extra day from being entered on every product. The extra day rate is calculated from the day rate using the percentage entered. If the extra day rate is always the same as the first day rate, then enter a value of 100 in this field. | |
| 32 | Euro Support | This option is only relevant if multi currency support is enabled. The setting is used for Euro support only. Once enabled, all currencies will be converted via the Euro. The currency rates in currency setup must be the rates compared to the Euro. No support for currencies outside Europe will be possible. | |
| 33 | Show Line Item Days in Booking | This option displays a days column in the equipment grid of a booking. Users can edit each item and modify the says to a custom charge. This option is compatible with the following pricing schemes:
| Pricing #2 Pricing #70 |
| 36 | Limit New Customers to Retail | When enabled, any new customer set up through the booking window will be set to charge the retail price on sales items via 'price set customer pays for sales'. Edit the customer record to change any customer price sets as needed. | |
| 37 | |||
| 38 | Default Sundry Markup Percentage | A sundry is an item you charge for that does not fall into any of the other categories such as labour, rental, sales or delivery. The default percentage may still be overridden when a sundry item is added to a booking. | |
| 43 | Allow Auto Discount of Sales Items | When the user overrides the total price on a booking, a discount is applied to rental items to cater for the price reduction. If there is not enough rental discount available to lower the price, then the sales items will be discounted IF this parameter is enabled. | |
| 44 | |||
| 45 | Value Added Tax Rounding (Up/Down) | Rounding will only be changed at the start of a new tax period. Rounding must be consistent on all invoices during the period. When enabled, >=.5 will be rounded down. All other values will be rounded up. | |
| 48 | Pricing Basis for Losses | Defines pricing applied to losses or breakages | |
| 52 | Sales Costing Method |
| |
| 53 | Default Price Set | Default price set for each booking is pulled from either the current location or the customer, depending on the setting of this parameter. | |
| 55 | Multi-Rate Pricing Scheme | Defines settings for multi rate pricing method | |
| 58 | Double Discount Projects | When enabled, the project discounts will be applied after the booking discounts for project invoices. | |
| 64 | Default Number of Days to Charge for a Booking | Operational Parameter #2 - Always use flat days charged must be enabled to use this setting. This is the default number of days to charge for a booking | Must be used with days charged parameter |
| 67 | Deposit Based on Percentage of Cost Price | Enter a percentage that the deposit is based on, zero will disable this option. | |
| 68 | Crew/Installation Based on Percentage | Enter a percentage that will be used to calculate crew costs. Formula is rental amount x percentage entered. | |
| 69 | Default Discount Percentage for Backup Equipment | Line items may be flagged as backup equipment in the booking. The line item discount percentage will default to this percentage. The line item discount column must be enabled for this backup percentage feature to work. | |
| 70 | Enable First Day Extra Day Pricing | Price Factor Tables must be disabled for this optio to work. Prices will be calculated based on first day rate + (extra day rate x number of extra days) | |
| 72 | Use Last Purchase Price or Average Cost | When entering a new product in Product setup
| |
| 75 | Allow Zero Value Sub Rental | Permit a value of zero to be entered as the total value for Sub Rentals | |
| 79 | Standard Cost Default Percentage | This percentage will be used to apply a standard cost to all rental equipment that does not have a standard cost entered at the category level in product setup. |