Reading time: 20min
Hi, how is it going so far? 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 and set up.
If you are lost or stuck at a point in the process, do not hesitate to ask our Support team for help in the bottom right corner of your screen. They will be happy to assist you.
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
How-to: Configure your 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 the article mentioned above (how-to), create one of the two conditions.
The multiple days factors
How-to: Setting up equipment price factors (multiple days discount)
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
How-to: Manage ledger accounts in Rentman
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 corrects 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.
As it can be a tricky topic, don’t hesitate to come back later for this one.
Set up your tax system
How-to: Configure taxation (VAT & GST)
Taxes are a pretty complex topic and it is best to tackle it right now so it is all set up for the future. Please bear with me on this, we will go through it together.
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 deeper 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 the customer will pay. It sounds confusing, but trust me, it is time-efficient.
When you create a project, Rentman can automatically 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, do not worry, Rentman will also tell you when you should create the rest of the invoice. This is all due to Invoice moments. Depending on how you set them up, you will be told which part of the project has to be invoiced straight away after the confirmation from the customer, and which part has to be invoiced before the event (or after).
6 - Go to settings Configuration > Finance > Invoice moments. Check what already exists. Do you relate? Perfect. Otherwise, edit them, delete them and create new ones to match your workflow. Quite some users ask the customer to pay a certain percentage as an advance payment when the quotation is confirmed. The rest will then be paid after the event. Create at least 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.
7 - Go to settings Configuration > Finance > Payment terms. Check what already exists. Do you relate? Perfect. Otherwise, edit them, delete them and create new ones to match your workflow.
Congrats, you did it! No need to worry about setting up the financial information anymore. Of course, you can come back later and edit them if needed. You can now start implementing another part of the software such as your inventory, your warehouse, or your crew database if you have not done so already.
Otherwise, you can start implementing your documents and communication before accessing Level 1!
If you have further questions or some feedback, do not hesitate to contact our Support Team.