How to rent or lease items to your customers in QuickBooks POS
If the nature of your business is to rent items available to your customers, you may follow these steps to accomplish that.
Note: If you are using QuickBooks with QuickBooks POS, you will usually wish to track rental equipment as a fixed asset in QuickBooks so you can depreciate it. You may wish to seek advice from an accountant on this issue.
Detailed Instructions
To process rental equipment transactions:
- Create an inventory item to represent the equipment in QuickBooks POS. Use a cost of zero, a price of zero and a quantity equal to the number of units the company owns.
- Create a non-inventory item called Deposit on Equipment and assign a price of zero.
- Create a non-inventory item called Rental Fee and assign a price of zero.
- Create a receipt with the inventory item representing the equipment being rented on the first line and theDeposit on Equipment item on the second line. While the first line should reflect a price of zero, the second line should reflect the amount of the deposit being made.
- Record the receipt, taking the payment by credit card, check or cash as is appropriate.
- When the equipment is returned, locate receipt which was created in QuickBooks POS to reflect the deposit on the equipment 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.
- Create a receipt using the non-inventory item called Rental Fee and enter the appropriate amount for the rental charge. Accept payment.