Rent to Rent Contract Data Fields

Rent to Rent Contract Data Fields

Reminder: Rent to Rent contracts are rent month to month contracts that may or may not pay off. There is no set term. A certain percentage of rental payments made may or may not accumulate as rent credit.

If the contract default was set up to ask for the Student name and School the student attends, the Student and School boxes will be available. If this option was not selected on the contract default, the Student and School boxes will not appear on the Details tab. Refer to 'Rental Defaults' for more information.

Student

The name of the student (if applicable) renting the item selected on the Inventory tab.

School

The name of the school the student attends, if applicable. You may click in the School box and select the school from the drop down list. The schools are maintained in 'Add/Change Schools' on the Rental Maintenance menu. For more information, refer to 'Schools' .

Note: Whether tax is broken out of the amounts entered on the contract or calculated on the amounts entered is determined by the option 'Amounts Entered in the Rental Program Include Tax'. This option can be found on the Miscellaneous tab in Workstations on the General Maintenance menu. If this option is selected, the tax will be broken out of the amount entered. If this option is not selected, the tax will be calculated on the amount entered. Refer to 'Workstations' for more information.

Maint

If the contract has a monthly maintenance fee, type the amount in the Maint box.

If Maintenance is taxable in your state, the tax portion of the maintenance amount will be added to the amount appearing in bold next to the Payment box.

Lease Fee

If the contract has a monthly lease fee, type the amount in the Lease Fee box.

If the Lease Fee is taxable in your state, the tax portion of the lease fee amount will be added to the amount appearing in bold next to the Payment box.

Payment

Type the rental payment in the Payment box.

If rent is taxable in your state, the tax portion of the payment amount will be added to the amount appearing in bold next to the Payment box.

Tot Payment

The total payment is calculated as Maintenance + Lease Fee + Payment + Tax.

Previous Rent Credit

If the customer has rent accumulated from a previous contract that is to be applied to this contract, enter the amount in the Previous Rent Credit box.

Previous Rent Credit Mos

If an amount was entered in the Previous Rent Credit box, enter the number of months the customer should receive rent credit for.

Example: For example, if the customer is to receive 100% credit for the first six months and they had three months of previous rent credit, a 3 should be entered as the Previous Rent Credit Mos. The customer will then receive credit for 3 additional months.

DownPay

If the customer is making a down payment at the time of contract issue, enter the amount in the DownPay box. The down payment entered should exclude Maintenance, Lease Fee and Deposit. The tax portion of the down payment will appear in bold next to the DownPay box.

Maint Rcvd

If the customer is making a maintenance payment at the time of contract issue, enter the amount in the Maint Rcvd box.

Lease Fee Rcvd

If the customer is making a lease fee payment at the time of contract issue, enter the amount in the Lease Fee Rcvd box.

Deposit Rcvd

If the customer is paying a deposit on the contract, enter the amount in the Deposit Rcvd box.

Note: The Deposit refers to a security deposit that may either be refunded or applied to a payment at a later date.

Contract Date

The Contract Date will default to the system date of the workstation. If the contract was issued on a date other than the system date, change the Contract Date as necessary.

Down Pay Rcvd

The Down Payment Received Date will default to the Contract Date. If the down payment was received on a date other than the contract date, click in the DownPayRcvd box and change the date as necessary.

1st Pay Due

The First Payment Due Date will default to the Contract Date + Payment Frequency established on the contract default. If the payment frequency was set to monthly, the first payment due date will automatically appear as one month past the contract date. The day within the first payment due date determines the day of the month all subsequent payments are due.

Example: If all contract payments are due on the 15th of the month, you want to be certain the day within the first payment due date is 15.