Rental invoicing
The invoicing process for rental goods may be defined as the process where you invoice goods that has been rented or bought, either before they were rented or during.
An invoicing process may result in
One invoice per rental order.
A collective invoice for all rental orders by customer.
An invoice for purchase.
The terms are normally set earlier when the invoice process starts. The payment terms and similar have normally been agreed upon and will in most cases not change at this point.
There are several methods of invoicing a rental order. Some want to invoice as soon as the rental goods are picked up, which requires a set rental period agreement. Others like to invoice when the goods are returned, or in cases of log term/set period rentals they may wish to invoice at set periods. If the customer is large and rents several types of equipment or equipment from several orders, a collective invoice for everything will be best suited.
One last scenario that may be relevant is if the customer needs to purchase the goods or equipment he is renting. This may be due to that the customer have an interest in owning it or that the customer has damaged or misplaced the equipment/goods.
Tasks involved in this process
Prepare invoice data - Check and correct, if necessary, the invoice data. Changes may be necessary if agreements have been made and not registered.
Create invoice - Invoicing a rental order.
Create collective invoice - Invoice several items for one customer, including the same order number or the same purchaser.
Send invoice - Sending invoice to one or several recipients by e-mail or physical copy.
Change invoice - If any errors are detected earlier in the process, they may be changed.
Follow up on rental invoicing - Follow up invoices sent for approval and follow up any deviations.