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Rent or lease items to your customers

SOLVEDby QuickBooks11Updated 1 year ago

Record and keep track of your inventory items for rent or lease to your customers  in QuickBooks Desktop Point of Sale.

Note: You may need to track rental equipment as fixed asset in QuickBooks Desktop Point of Sale. Consult your accountant if necessary.

To rent or lease items to your customers

  1. Create an inventory item to represent the equipment. Set the Cost and Price to zero (Inventory > New Item).
  2. Create a non-inventory item called Deposit on Equipment. Set the Price to zero.
  3. Create a non-inventory item called Rental Fee. Set the Price to zero.
  4. Create a receipt with the equipment (inventory item) on the first line and Deposit on Equipment on the second line.
  5. The amount on the first line should remain zero while the second line should reflect the amount of the deposit.
  6. Record the receipt, taking the payment by credit card, check or cash as appropriate.
  7. When the equipment is returned, locate the receipt and reverse it, thereby making the refund to the customer. If the deposit was placed using a credit card, the reversing process will automatically refund the amount on the credit card. The reversal of this receipt also places the equipment back in inventory so it may be tracked properly.
  8. Create a receipt using the non-inventory item called Rental Fee and enter the appropriate amount for the rental charge. Record the payment.

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