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PRISM Textbook Rentals. What we’ll cover…. The basics of renting items in PRISM Rentals and reports How rental items are valued The way other stores are using (or planning to use) rentals. 1. Create a Rental Agreement. Create a Warranty/Rental Agreement. 2. Creating a Rental Record.
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What we’ll cover… • The basics of renting items in PRISM • Rentals and reports • How rental items are valued • The way other stores are using (or planning to use) rentals
1. Create a Rental Agreement • Create a Warranty/Rental Agreement
2. Creating a Rental Record • Create a separate SKU for any item in the rental program • There should be a “sale” SKU and a “rental” SKU in Item Maintenance • For better tracking and reporting, put the “rental” SKU into a “rental” DCC • Create a rental DCC in Jump 535 (Department/Class/Category)
Add the Rental Record • Add a Rental record for the book in Serial / Rental Maintenance (Jump 105)
Unique Product ID is Assigned PRISM uses the Product ID to create unique barcodes for each copy of the book
Establish the Rental Price The price will be sent to POS and charged as each copy of the book is rented.
Establish SOH for the Rental Item Create a purchase order for the rental item if ordering it from the publisher or wholesaler and/or Do a Count Adjustment to move SOH from the “sales” SKU to the “rental” SKU
c) Establish SOH for the Rental Item When a stock adjustment made on the rental SKU, unique rental tracking numbers are assigned
Auto Generate Rental #s When you auto generate tracking numbers you enter the quantity of rental copies you will have in stock.
Print Tags with Rental Barcode When creating the rental numbers or when receiving rental items, rental price tags can be printed.
3. Renting the Item at POS • At the registers, the cashier scans the rental tag to rent the item • The publisher’s barcode must not be scanned
3. Renting the Item at POS • Selecting a customer for the rental • PRISM POS will prompt the cashier for customer information at the end of the transaction • Customer information is sent back to the Jump 113 (Serial / Rental / E-Book Maintenance)
3. Renting the Item at POS The rental agreement prints after the sale • In WinPRISM POS, a rental agreement insert is printed • In PRISM POS, the rental agreement prints directly on the receipt • PRISM POS can be set to print the agreement on an insert if desired
3. Renting the Item at POS Sample Insert Sample Receipt PRISM POS
Looking at Rented Items • Stock on hand does not change when items are rented • A rental field in Item Maintenance shows the total amount rented
Looking at Rented Items • Serial Number/Rental Maintenance is updated with the completed rental
The Rental is Returned • A refund transaction at the cash register is used when the customer returns the book after the rental period is over • POS automatically sets the refund price at $0.00
Rentals and Reports • <F9> Quick Menu, <S> Serial # Items
Rentals and Reports • Report Generator • Serial Number Header • Serial Number Detail • Stock Ledger • If you set up a separate DCC for rental textbooks • If, when you both sell and rent the same book, you transfer the quantity available for rental from one SKU to the other
Rentals and Reports • POS Reports • Rentals do NOT have a separate line or category on the Register Totals Report • If in their own DCC, they would be broken out separately on the Department / Class / Category Sales reports • ICS Sales Reports • Department / Class / Category report has a note about the amount of rental $$ collected
Valuation of Rentals • Rental items are considered to be on hand even when the items are rented • They are valued like any other item in your inventory based on the current accounting cost • Physical Inventory reports includes all rental stock
Valuation of Rentals • Rental items have an accounting cost value like any other item in PRISM • FIFO and Moving Average valuation methods use invoices to determine accounting cost • If no invoices, FIFO and Moving Average use the cost in Item Maintenance for valuing the rental SKU
Valuation of Rentals • Since the item is NOT taken out of inventory when rented, any fee associated with the rental does NOT increase Sales in the Stock Ledger • A journal entry is made in GL for the “sale” • All other activity (Purchase Accruals, Purchases, Count Adjustments, etc.) affected as normally
For Further Discussion • How important is it for your store to be able to rent textbooks to your students? • What percentage of your QTP should be provided as rental? • How do you advertise the rental option? • Are the faculty/staff involved in deciding which textbooks to rent? • How do/will you handle late rental returns?
Textbook Rental Survey • Are you currently renting textbook? • Would you want to be able to rent and sell the same textbook? • Would you want to be able to rent New Books and Used Books at different prices?
What hurdles would you have to overcome in order to rent textbooks to your students? • Would you want to rent every title? Or are there constraints on which titles you would rent?
What risks do you foresee? • How would you depreciate a title? • If a textbook was still rented when physical inventory is taken, what kind of documentation would you require?
How would you like the software to help you deal with textbooks that aren’t returned? • What kind of reporting would you want to see?
If you currently rent textbooks, what specific suggestions would you have for the software? • If we were to create a user panel to advise us on who to improve rentals, would you be interested in serving on it?
