The Rental Equipment Module in the Track application supports Client Owners who rent equipment from rental equipment companies for their employees and other contractors to use at job sites. Rental equipment companies use this module in the Track application to bill the Client Owners.
The Rental Equipment Module starts at the Activity process. This process allows users to keep track of the equipment on rent as well as equipment that has been returned. According to the Rental Contract, rental equipment activities occur within the rental period, which falls under the Rental Equipment Agreement.
The Activity process includes the ability to
Add activities for rental equipment with a unique ID or a quantity for bulk items
Swap similar rental equipment
Input other costs for rental equipment
Track is designed to accommodate various rental equipment invoicing scenarios, while the industry standard practice is to only invoice monthly or at the end of the rental period.
Track users can create rental equipment agreements with daily, weekly, and monthly rates, including weekly and monthly prorated rates. Track applies these rates to the amount of time defined in the rental contract to calculate the rental charges. The duration of the rental period is based on the planned or actual option in the Rental Contract as agreed between the rental equipment companies and Client Owners. The planned option is a projected rental period of when equipment is on rent and expected to return while the actual option is the exact rental period of when equipment is returned and is the end of the rental cycle.
In Track, the Rental Equipment Module provides options to add the rental equipment activities by the equipment’s unique IDs or by a quantity for the bulk items.
Equipment is a vehicle, such as a crane or a truck, with unique identification numbers known as VIN in Track. If a specific type of equipment with a VIN is on rent, the users should add an equipment VIN during the Activity process. Track applies the Rental Equipment Agreement rates to the Rental Contract duration when calculating the charges for rental equipment.
Bulk items are equipment without a unique identification number, such as 2-way radios. When Track calculates the charges for the bulk items, Track uses the same calculation method for the equipment charges with VINs by multiplying a defined rate to a quantity of the bulk items.
The Rental Equipment Module provides the capability of swapping similar equipment. Swapping similar equipment can be completed without impacting the rental equipment rates. Equipment swaps provide clarity into what is being swapped and when the swap occurred. The swapping feature is available with similar equipment types. However, it is unnecessary to swap bulk items.
Ensure that the activities for original rental equipment are already allocated before swapping it to another equipment to prevent the activity override.
Other rental equipment costs are additional costs related to the rental equipment usage, such as fuel costs or permit fees. If the other equipment costs are assigned to the Rental Equipment Agreement, they will be available for the users to submit these costs during the Activity process. Other rental equipment costs can only be added to existing activities.