This document provides a comprehensive guide on the End of Month (EOM) Rollover process in HirePOS. The EOM Rollover feature allows for the creation of monthly invoices for long-term hires, enhancing accounting practices and cash flow management by issuing invoices more frequently.

The EOM Rollover screen, accessible under Sales/Hire > EOM RollOver, facilitates the closure of current On Hire invoices by updating the Hired To date and generating a new On Hire invoice to extend the hire into the following month.

The Rollover Date typically falls on the 1st of the month, but the process can be executed shortly after month-end. All active On Hire invoices are displayed in the EOM Rollover list. By default, only account customers are shown, but cash customers can be included by adjusting the settings under the Filters button.

It's important to note that overdue returns must be extended and cannot be rolled over. For open-ended invoices with unknown return dates, the Booked To TBA box should be checked, and the Extend Overdue TBA's button can be used to push the Booked To dates to the end of the following month.

To initiate an EOM Rollover:

• From the Main Menu, select Sales then EOM RollOver.

• Ensure all returns are processed to prevent unnecessary invoices.

• Click Lock Rolled Invoices to secure the rolled-over invoice.

• If needed, extend TBA invoices using the Extend Overdue TBA's button.

• Click RollOver Invoices to commence the rollover process.

Upon completion, the selected invoices will be closed off to the rollover date, and new invoices will be generated for the subsequent month.

The EOM Rollover is typically conducted after the end of the month. It is important to note that the process does not automatically roll over overdue returns. To extend the estimated return date (Booked To date) for overdue returns, it must be pushed beyond the rollover date.

Within the EOM Rollover screen, there is an option to extend Over To Be Advised (TBA) returns. By clicking the "Extend Over TBA's" button, all overdue returns marked as TBA will be extended. This action applies to all On Hire contracts that have a tick icon in the TBA (Open-Ended) column. The extension will move these contracts to the end of the following month, typically the nearest full week block.

It is important to note that the extension date for these contracts, which are still On Hire and not yet sent to the customer, does not impact the current situation. The actual hire date (Hired To date) will be updated during the next month's rollover or when the equipment is returned. The final invoice will be generated and sent to the customer once the equipment is returned and the hire period is finalized.

All efforts should be taken to prevent mistakenly rolling over invoices. However, if you mistakenly roll over an invoice, you must manually reverse the process. Follow the steps below to reverse a rolled invoice:

Begin by deleting the Continued (On Hire) invoice associated with the rolled transaction.

Locate and open the original Rolled invoice. Note that its status will now display as Returned instead of Rolled.

If the invoice is locked, navigate to the Options button dropdown at the top-right corner and unlock the invoice. Please note that only Administrator users have the authority to unlock invoices.

Ensure to uncheck the "Retain existing 'item' Hire Dates" checkbox to proceed. Clear out the Hired To date field to make necessary adjustments.

After making the required modifications, click on Save Changes to apply the updates. Your invoice will now be reverted back to On Hire status, without any continued invoice associated with it.

If you require customers to pre-pay the first invoice upfront for a set period and then bill all subsequent invoices after the end of the month, the Roll 1st Invoice as 'Booked To' date setting is essential. This setting treats the first invoice in the rollover sequence differently, ensuring accurate billing.

1. From the main menu, navigate to Sales/Hire > EOM RollOver.

2. Click on the Options (cog icon) button located next to the Filters button.

3. Check the setting "Roll 1st Invoice as 'Booked To' date (and don't Autocalc)."

4. Note that this setting will be remembered for future use.

For instance, if the first invoice is pre-paid for 28 days from July 14 to August 11, the Booked To date should remain unchanged. The first invoice will roll based on the Booked To date (August 11), while subsequent invoices will follow the EOM RollOver process based on the RollOver Date (typically the 1st of the month at 12 am).

In the realm of invoicing, two common methods for closing off invoices at regular intervals are Recurring Invoices and End-of-Month (EoM) Rollover. While both serve the purpose of sending a final version of the invoice to customers, they cater to slightly different use cases.

Recurring Invoices are best suited for scenarios where:

• You have a high volume of monthly invoices that need to be generated on different dates.

• Your invoices follow weekly or daily intervals.

EoM Rollover, on the other hand, is ideal when:

• You invoice all long-term invoices at the end of each month or on a specific date.

Understanding the distinctions between these two methods can help you streamline your invoicing process and choose the approach that aligns best with your business needs.