Recording Item Historical Revenue

If you’ve been hiring out machines for some time before starting with HirePOS, you may want to capture the total lifetime revenue and history of those items in the system.

In addition to keeping your item history complete in HirePOS, this will help reports like Reports > Insights and Forecasts > Hire Item Return on Investment. HirePOS calculates ROI as (Revenue to Date - (Cost Price + Maintenance and Expenses))

In Setup > Items > (item) > Purchase/Disposal ensure the following are correct:

• Cost Price (ex)

• Cost Price Tax (usually "GST")

• Cost Price

• Purchase Date

Cost price will be the amount you paid for the item, and the purchase date would be the date you acquired it.

Create a single Maintenance Record for each item that includes:

• All past repairs and expenses (summed onto one line)

• The current meter reading

You can attach a PDF document of detailed maintenance history to date to the paperclip icon at the top right of this maintenance record.

This ensures your servicing history starts accurately in HirePOS.

To log revenue earned prior to using HirePOS:

1. Create a new customer

   • Suggested names: “Opening Balance”, “Historic Revenue”, etc.

2. Create a new invoice for this customer

   • Set the invoice date in the past

   • Ideally use a date from a previous financial year to avoid affecting current FY reports

3. Add items to the invoice

   • Include all relevant items in your fleet

   • Use one line per item

   • Set the unit type to Each

   • Enter the total lifetime revenue for each item in the Total field

4. Important notes

   • Do not enter Booked or Hired dates on this invoice

   • You can:

     • Put all items on a single invoice, or

     • Split them across multiple invoices (e.g. by category or machine type)

   • Both approaches produce the same result—choose whichever is easier to manage

This process allows you to accurately reflect historical earnings per item and maintain clean reporting for the current financial year, so you can start using HirePOS with complete item histories