Rent Out flow- How to get fix Monthly Rental Price

  • 2 February 2022
  • 6 replies
  • 155 views

Userlevel 6
Badge +8

In Rent out flow, we need to maintain fix monthly rate and invoice should be done in the last day of each month. In the Sales Part the minimum chargeable unit is defined as Daily Rental Price only in IFS. Therefore, though we have schedule the Transaction Generation schedule monthly basis, they cannot get a fix Rental charge for each month. It changes according to the number of days of the month.

 

Any suggestions to get fix Monthly Rental Price is highly appreciated. 


6 replies

Userlevel 2
Badge +4

Hi,

I am in the same situation, did you find a solution to fix a monthly rental price ? 

 

Regards,

Nicolas.

Userlevel 1
Badge +4

Hi there, a workaround for this is to set the schedule to generate every 4 weeks as opposed to monthly - then each invoice will be for 4 weeks charge will result in equal amounts. :) 

Userlevel 2
Badge +4

Hi thanks for your reply @BWood.

 

Is it a setting from Schedule ID ? 

So i have to set up for example  :

  • August 1st to August 28th  (4 weeks)
  • August 29th to September 25th (4 weeks)
  • September 26th to October 23th ( 4 weeks)
  • ...

And I will be able to charge the customer at the end of the month  if I planned Invoice date to the trigger date ??

Regards,

Nicolas.

Userlevel 2
Badge +4

Hello,

 

To be sure to understand how you set up this  workaround.

I have a rental contract for 5 years, but when I generate a schedule on 4 weeks it’ll charge the renter on 13 months and not 12 months .

Did you find something to workaround this ?

 

Regards,

Nicolas H.

Badge +1

Hi,

Fixed rental charges is not supported in the core solution. I think this is entered in the R&D product backlog as well which should be implemented in future. 

Another woraround for this is that you can have the regular schedule for the full month, but try to have chargeable days as 20 days for everymonth by using three paramers Chargeable Dates, Date Exceptions and Period Rounding to set the chargeable dates to 20days for each month. The Date exceptions will not be charged. This will be quite a manual work to set up the Date Exceptions to cut down the chargeable days to 20 days for each month, but doing so will not create any 13 months issue stated above. 

Does it help?

Regards,

AsankaD

 

Userlevel 1
Badge +2

Hi,

Fixed rental charges is not supported in the core solution. I think this is entered in the R&D product backlog as well which should be implemented in future. 

Another woraround for this is that you can have the regular schedule for the full month, but try to have chargeable days as 20 days for everymonth by using three paramers Chargeable Dates, Date Exceptions and Period Rounding to set the chargeable dates to 20days for each month. The Date exceptions will not be charged. This will be quite a manual work to set up the Date Exceptions to cut down the chargeable days to 20 days for each month, but doing so will not create any 13 months issue stated above. 

Does it help?

Regards,

AsankaD

 

We have been looking into solutions like these (free days), which is taking us closer but also causing issues when rental is starting or ending of one of these dates, replacement these days etc. Being able to use “month” with built in calculations in the background is the only sound solution.

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