DYNAMIC3i Asset Rentals – G/L Posting

In Dynamic3i Assets can be set up and rented out to potential customers.  The charge or rental is invoiced to the customer in the same manner as an order would be invoice.  The Asset is set up in DYNAMIC3i as a product and as with ALL products within DYNAMIC3i it is assigned to a product group (see Product Group Master Maintenance – in1000).   It is by way of this product group that the General Leger posting is controlled.  Each product group is assigned to a reason code (see Reason Code Master Maintenance – gb4300).

When the Asset Rental Invoicing - fa5600 is run an invoice is created as well as the following General Ledger transactions. These transactions will be updated when the standard Invoice Update - oe4100 is run:

Debit Accounts Receivable Regular Account setup in the Currency Master Maintenance – gb0700 for the currency involved with the appropriate rental charge plus any taxes as setup in the Fixed Asset Inventory Maintenance – fa0700 under the Rental Information tab.

Credit the appropriate Tax account also setup for the currency involved under Currency Master Maintenance – gb0700.

Credit Sales for the reason code involved for the Rental Amount.

Using above Asset definition rented on a weekly basis an example:

Debit AR regular account 1-ar_reg.1.1     for 151.73  (144.5 + 5% fed tax).

Credit  HST Tax account 1-gst.1.1             for 7.23
(no provincial tax per rental rates above)

Credit Sales  1-sales.1.1                             for 144.50