Standard Monthly Invoicing

This section describes how monthly based rental contract invoices without partial shipments and returns are calculated for complete and partial months.

Example – Calculating with full month

Calculating full month

In this example, one piece of a rental item is entered in a Rental Contract for the entire month of April. The Rental Shipment and Return dates are the same as the rental dates.

Rental Position Type No. Location Code Customer Location Code Quantity UOM Rental Billing Unit Rental Start Date Rental End Date Rate Unit Price Unit Price Total Rental Time Amount Total Rental Time
Rental Item R-I-00001 RENTAL R-40000 1 PCS MONTHS 4/1/2022 4/30/2022 100.00 100.00 100.00

The rental amount to invoice will be 100.00 for the entire month of April.

Example – Calculating with started month

A started month refers to any day in a month that is after the first day.

Rental invoicing with partial return for a full month

In this example, one piece of a rental item is entered in a Rental Contract from April 26th until May 30th. The Rental Shipment and Return dates are the same as the rental dates.

Rental Position Type No. Location Code Customer Location Code Quantity UOM Rental Billing Unit Rental Start Date Rental End Date Rate Unit Price Unit Price Total Rental Time Amount Total Rental Time
Rental Item R-I-00001 RENTAL R-40000 1 PCS MONTHS 4/26/2022 5/31/2022 100.00 116.66 116.66

The rental amount to invoice will be 116.66:

  • April: 100/30 Days = 3.33 (Price per day) * 5 days (April prorated time) = 16.66
  • May: 100.00 (Complete monthly rate)

If the Rental End Date was May 15th, the calculation would be:

  • April: 100/30 Days = 3.33 (Price per day) * 5 days (April prorated time) = 16.66
  • May: 100/31 Days = 3.23 (Price per day) * 15 days (May prorated time) = 48.39

The total amount to invoice would be 65.05 if the rental end date was May 15th.

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