A one or two letter alphanumeric code that represents the duration period used on the rental contract to indicate the rental charge.

An existing rental duration cannot be renamed when the rental duration exists in rental rates, contracts, or invoices.

For each duration, an ROI % (return on investment %) can be set which prevents the user from renting below the desired rate. The ROI % is calculated as the rental rate divided by the current cost of the unit being rented. For example, an ROI % set at 60.00 (60%) for the duration of a year would mean that the user would have to get authorization to rent a unit for a one year period at less than 60% of the unit’s current cost.

Used to determine how long a certain duration should last.

Increase the value of this field to allow your customers some “grace time” in the rental duration before the system calculates additional billing in the optimization process.

Used to determine whether an overtime charge should be applied to the rental.

A unit should normally be used to a maximum of 40 machine hours. If a machine is returned within the week but with 50 hours used on the hour meter, 10 hours are considered overtime.

Used to determine which durations are to be shown and printed as the standard rates for each unit.

The Show Rate field cannot be altered if the duration is currently being used on an active contract.

Rates include:

• Y - Yes, the duration is displayed and only durations coded with a Y are used during the optimization process.

• N - No, is not displayed and does not optimize. The system never optimizes to a duration with Show Rate - N, but still optimizes durations with Show Rate - N ( i.e. to a Show Rate - Y duration).

• S - Static Durations, does not display and never optimizes.

• U - Hours Usage, displays the hourly Usage rate and does not optimize.

• F - Fixed Durations, does not display and never optimizes (optimization does not occur, even for changing quantity or during return processing).

Used to set limits on overrides to the previously established rental rates when creating contracts or reservations.

ROI% = Annualized Rental Rate/ Current Cost of the unit being rented

For example, a ROI of 60% for the Year duration would mean that the user would have to get authorization to rent a machine for a one year period at less than 60% of the machine's current cost.

Description of the optimization method used, where the contract can be configured as per a variety of dates and times separate from the current system values.

The dates and times used in the Optimize Description field can be used to produce an invoice for more than one rental period.

The percentage of the Prorate on Return Durationcode's rate to use when calculating prorating charges for the selected duration.

If a value is entered in this field, you must select a Prorate on Return Duration code in order for the system to properly calculate prorating charges.