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You want to be able to quote and invoice your customers from Rentman and that’s exactly what we will do. But first things first, let’s get everything ready.
The first step is to make sure you are on the same page with your customer when it comes to the prices you communicate with them. You need to indicate the currency, especially if you are dealing with international clients.
1 - Go to settings Configuration > Financial > Financial and add the currency sign you will use for most or all your transactions.
The terms and conditions
There are two types of conditions:
- The terms and conditions, the main ones that you send as an extra attachment together with all of your quotations
- The additional conditions, they are plain text that you can choose to add to your documents.
2 - Following the instructions in Configure your terms and conditions, create one of the two conditions.
The multiple days factors
You often rent your equipment for longer time periods and want to adjust the price according to that period so you can give your customers a more attractive price. That’s how the factors work.
3 - Go to settings Configuration > Finance > Factors and create a factor list that you will most likely use in a future project.
Manage the ledgers
The ledgers are used in accounting to split the invoice price into different categories. This is important when the moment comes to export your invoices. You may want to check with your accountant to make sure you are creating the correct ledgers.
4 - Go to settings Configuration > Finance > Ledgers and check the existing ledgers by default in Rentman. Edit them or add a new one if needed.
Hint: if you have the module Equipment in your Rentman account, you can set up a default ledger for each item if you want to. Most of the time, you have one ledger for rental items and one for sales items.
Set up your tax system
How to: Configure taxation (VAT & GST)
5 - Go to settings Configuration > Finance > VAT schemes/VAT class. Check the schemes and make sure that the rates you are using to apply taxes on your customers are there. If not, create a new Tax scheme and apply the proper rates.
The classes can be set up by default for equipment or functions for example. This makes things faster and more efficient when it comes to calculating the price of an event. We will have a closer look at this later.
Make sure customers pay on time
How to: Set up your invoicing process
We still haven’t created a project, and we already want to know when we should bill the customer and when they should pay. This is where invoice moments and due dates come in.
When you create a project, invoice moments will tell when you should create the invoice and if it has to be a complete or a partial one. If it is a partial invoice, Rentman will also tell you when you should create the rest of the invoice. Depending on how you set them up, you will be told how much of the total will be invoiced after signing, before the first day of the project, or after the event concludes.
6 - Go to settings Configuration > Finance > Invoice moments. Create one invoice moment that makes the customer pay 30% before the event and 70% at the end of the event.
Once the invoice is created, you need to give them an expiration date. That’s also something you can set up in advance and apply when needed. The payment term determines how long the customer has to be after the invoice is created/sent out.
7 - Go to settings Configuration > Finance > Payment terms.
Are you prepared to floor your accountant with financial fundamentals? Test your knowledge below; you'll then be ready to set up your document and email templates.