Extending TBA Contracts
After the end of month, you will likely extend your hires via the EOM Rollover process, which closes off the previous month's Invoice and creates a new On Hire Invoice for the current month. The EOM Rollover is typically carried out after end of month and will not roll overdue returns. The estimated return date (Booked To date) must be extended beyond the rollover date. For example, if the rollover date was 1st July 2020 and the estimated return date on a particular contract was 20th June 2020 (overdue return), then the contract must be extended beyond the 1st July 2020, typically to the end of July.
The EOM Rollover screen includes an Extend Over TBA's button to extend all your overdue returns that are marked as TBA. Simply click the button, and ALL the On Hire contracts listed that have a tick icon displayed in the TBA (Open-Ended) column will be extended to the end of the following month.
Given these extended contracts are still On Hire and have not been sent to your customer, the extension date is of no consequence at this point. The actual hire date (Hired To date) will be populated on the next months rollover or when the equipment is returned, and that's when the Invoice is finalised and will be sent to the customer.
Why do the extension dates appear to be a random date towards the end of the month for each On Hire contract, and are not just set to the last day of the month?
In auto extending the overdue TBA's, HirePOS applies some logic in that it extends each contract in full week blocks to as close as possible to the end of the following month. This way the Qty/Units and Line Totals are recalculated in a clean manner, with 2 Weeks, 3 Weeks or 4 Weeks for example, rather than 3.46 Weeks or some odd decimal calculation you would get if you were to extend to the very last day of the month. In summary, extending open ended contracts in HirePOS is as simple as one click!