How are you managing the cost of hired tools / assets which have a rolling hire period but monthly payments need to be made

ERPNext Accounting
1

Hi all,

We’re implementing ERPNext in an organisation which hires tools & assets (e.g. forklift trucks, cherry pickers & containers).

These items have a rolling hire period (so no specified end date), but we have to make monthly payments to the supplier for the hire of these items.

My question is:
How can we manage these monthly costs for rolling hire periods in ERPNext please?

Thanks in advance,

Duncs

2

Hi a search like this Search results for 'leasing rental' - ERPNext Forum

will give you ideas and tips like this Rent items in erpnext - #9 by max_morais_dmm

3

Amazing, thanks for the prompt response John!

I knew this would be a solved problem, just couldn’t find the terms to search for!

I’ll give those links a read now.

Duncs

1 Like
4

To close this thread in case anyone has a similar issue, we’re going with the Auto-Repeat capability for tools & asset hire

5

Yep, Auto-Repeat seems to be the way to go for this functionality.

Good luck with your implementation.

Thanks

Jay

6

Nice one, thanks Jay! :+1:

7

OK, so an update on our Auto-Repeat journey…

Initially we were always getting the validation error “Row #1: Reqd by Date cannot be before Transaction Date”

Through some trial & error, we’ve managed to get an Auto-Repeating PO without an error… that is until we hit the Required By Date in the PO / End Date in the Auto Repeat of 31/07/20 (they were configured the same)

On 01/08/20 we saw the validation error again.

Questions we have right now

  1. Some clarity on what the dates refer to in each of the artifacts would be greatly appreciated please - is the transaction date of the PO being created as part of the Auto Repeat?
  2. What is causing the validation error please?

Here’s our set up
Scenario is we hire containers for site for an undetermined duration - we’ve decided to work in 6 month hire periods).
The container hire company want paying monthly

We set up an experiment (using this guide) to Auto Repeat a PO for

  • 1 week (simulate 6 months)
  • Daily frequency (simulate monthly payments)

PO
(Transaction?) Date: 13-07-20
Required by Date: 31-07-20

Auto-Repeat-PO-config
Auto-Repeat-PO-config815×576 18.7 KB

Auto Repeat
Start Date: 13-07-20
Required by Date: 31-07-20

Auto-Repeat-AR-config
Auto-Repeat-AR-config803×723 15.5 KB

PO whichtriggered the failure (the last PO)

Auto-Repeat-PO-failed
Auto-Repeat-PO-failed806×480 11.6 KB

Decisions made to configure this experiment

  1. We thought required by date was when we wanted the container to arrive, but that seemed to throw the validation error, so we opted to set the required by date to be the end of the hire period (i.e. 6 months)
  2. We kept the Date & Required by Date consistent with the start & end dates for ease of framing the experiment (should they be the same?)
  3. We kept the experiment to a couple of weeks to give us enough examples to work with
  4. We’ve disabled the Auto Repeat for now whilst we get feedback from business stakeholders on the results & investigate this validation error

Many thanks in advance!

Duncs :slight_smile:

cc @afroleft