What we’ll cover… • The basics of renting items in WinPRISM • 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 WPAdmin > Store Set Up > Department-Class-Category
a) Add the Rental Record • Add a Rental record for the book in Serial / Rental Maintenance (Jump 105)
b) Assign a Unique Template • It is VERY important that the Rental template is unique for every rental record
c) Establish SOH for the Rental Item Create a purchase order for the rental item 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
d) Print Tags with Rental Barcode When creating the rental numbers, the 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 • WinPOS will prompt the cashier for customer information after the first rental item is rung • PRISM POS will prompt the cashier for customer information at the end of the transaction
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 (WinPOS) Sample Receipt PRISM POS
Looking at Rented Items • Stock on hand does not change when items are rented • A rental field in Inventory Maintenance shows the total rented amount of the item
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 • Serial Number report from Serial Number/Rental Maintenance
Rentals and Reports • Serial Number w/ Customer Info report (created to be exported into Excel)
Rentals and Reports • Custom Report available now: “Student Charge Rental Report”
Rentals and Reports • Custom Report available now: Outstanding Rentals report
Valuation of Rentals • Rentals are not a “sale” • Rentals do show as a line item in Manual Sales • Rentals do not show on Manual Sales Item Detail reports • Rentals show in a separate section on the Manual Sales Department Detail reports
Valuation of Rentals • Rental items are considered to be on hand even when the items are rented • The Inventory Value report in Physical Inventory includes all rental stock
Valuation of Rentals • Rental items have an accounting cost value like any other item in WinPRISM • 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 • The Stock Ledger never shows sales for rentals • Since all rental transactions do not affect SOH, the sales spreadsheet line will not reflect rental activity • All other activity (Purchase Accruals, Purchases, Count Adjustments, etc.) will be affected as normal.
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?
The full serial number/rental instructions can be found on our support website: www.support.nebook.com (under WinPRISM ICS, then Downloads)
Thank you for attending! Please fill out an evaluation form. Have a great lunch!