Purchase Rental Assets

If a rental item/machine is designated as a fixed asset it normally will be acquired by a purchase order. In COSMO Rental, a fixed asset and inventory is created on the rental location upon purchase.

Rental asset fields on purchase order

In a purchase order line, the Use as Rental Asset field indicates if the rental item was designated as a fixed asset through the Fixed Asset toggle on the Machine Type Card, Machine Component Type Card, or Supp. Part Type Card, and is, therefore, a purchased fixed asset.

To purchase rental assets through a purchase order

  1. Choose the Lightbulb that opens the Tell Me feature icon, enter Rental Purchase Orders, and then choose the related link.
  2. Choose the New action.
  3. In the Vendor Name field, enter the vendor.
  4. In the Lines FastTab, enter the machine/machine component/supplementary part in the No. field.
  5. In the Quantity field, enter the number of machines/machine components/supplementary parts to be purchased.
    Notice that the Use as Rental Asset field indicates Yes.
  6. In the Direct Unit Cost field, enter/update the cost of machines/machine components/supplementary parts to be purchased.
  7. On the Lines FastTab, choose Line > Item Tracking Lines.
  8. Assign the serial number(s) manually or automatically using the Assign Serial No. or Create Customized SN functions.
  9. Close the Item Tracking Lines page.
  10. In the Vendor Invoice No. field, enter the invoice number from the vendor.
  11. On the Home menu, choose the Post action.
  12. In the dialog box, with the Receive and Invoice option selected, choose the OK button.

To view machine/machine component/supplementary part

After the rental purchase order is posted, the corresponding machine/machine component/supplementary part is created. In the relevant card, in the Rental FastTab, the Fixed Asset No. field shows the related fixed asset.

To view the rental (fixed) asset and add the depreciation information

After the rental purchase order is posted, the corresponding fixed asset is created for the machine/machine component/supplementary part.

  1. Choose the Lightbulb that opens the Tell Me feature icon, enter Fixed Assets, and then choose the related link.
  2. Locate and open the fixed asset created from the rental purchase order.
  3. Notice the following:
    • The serial number is assigned in the Serial No. field on the General FastTab.
    • The machine/machine component/supplementary part number is assigned in the Rental Item No. field on the Rental FastTab.
    • The purchase order price is assigned to the Book Value field in the Depreciation Book FastTab.
  4. In the Depreciation Book FastTab, enter the depreciation dates in the Depreciation Starting Date and Depreciation Ending Date fields.

Revaluate the created item ledger entry

When the rental purchase order was posted, the cost and inventory values of the machine/machine component/supplementary part are revalued and are visible in the Value Entries, accessed from the cards by choosing Entries > Value Entries on the Related menu.

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