Stand Downs with Discounted Rate
In the hire industry, charging stand-downs at discounted rates is a common practice to accommodate various scenarios. This document outlines three methods to effectively charge stand-downs at discounted rates in HirePOS.
Partial Stand Down Method
The partial stand-down method is the quickest and easiest way to stand down an item at a discounted rate while ensuring all revenue is allocated to the equipment. This method deducts the stand-down period from the overall hire period when recalculating charges. To apply a partial stand-down:
Enter the start date and the time span you want to discount.
Adjust the time span based on the discount rate.
For example, a 10-day stand-down at a 50% rate would require a time span of 5 days. The formula for calculating the time span is provided for reference.
Non-Stock Item Method
The non-stock item method allows for stand-down charges but does not allocate revenue against the specific equipment. To set up a stand-down item:
Create a selling unit and a stand-down item in the HirePOS system.
Enter a sales prompt to indicate the discounted price needs to be manually entered.
In the invoice screen, add the stand-down item and adjust the quantity and rate accordingly.
This method is useful when revenue allocation across equipment is not a concern.
Split Hire Method
The split hire method involves creating multiple invoice lines for the same equipment to handle stand-down periods. This method requires:
Closing off the current hire on one line.
Creating a new line for the stand-down period at a different rate.
Adding another line at the original rate once the stand-down is completed.
By using this method, stand-downs are treated as additional invoice charge lines, eliminating the need for separate stand-down records.
Conclusion
Each method for charging stand-downs at discounted rates in HirePOS offers unique advantages based on the specific requirements of the hire scenario. Whether you opt for the partial stand-down, non-stock item, or split hire method, understanding the intricacies of each approach will help you effectively manage stand-down charges while maintaining accurate revenue allocation.