Financial Management Modules

rentalresult software to manage your rental business

Whether you want to use our fully integrated financials or integrate into a third party system such as SAP or Oracle we have a solution to meet your needs

From the initial inception of the rentalresult system we have always provided our own fully integrated financials. About 95% of custmers use our financials in full, with some exporting GL data to corporate financial systems as well. For customers with SAP, Oracle or other financial system installations, our highly developed SOA platform and enterprise architecture allows for real time web-service based connectivity with your financial system of choice.

Key financial features:

GL – General ledger & Banking

• General Ledger fully integrated with all operational, financial and asset based module.
• GL supports up to 5 levels within the GL code, with up to 35 characters in total allowing most GL structures to be handled with ease
• All GL postings captured at Company level for multi-company and individual company consolidation
• Detailed GL Inquiry with full drill down from GL Main head to individual document postings, through all levels of the GL Code. At the base level of a GL code, the user can drill through to the asset that created the posting
• Ability to load multiple budgets including period based weighting
• Ability to load journals from spreadsheets
• Automatic bank reconciliation and bank transfer management
• Full audit control of all financial and operational activities delivering the security and transactional controls required by legislation such as Sarbanes-Oxley or IFRS.
• Rental Accruals and Revenue Recognition:
  • As tougher financial regulations have been brought in over the last few years it has become a matter of necessity for many rental companies to review the way that they handle revenue recognition. This is particularly important for companies who already charge their customers in advance, or are considering doing so in the future, and those who charge their customers according to contract billing anniversaries rather than at month end.
  • Revenue straddling allows a company to bill in advance, secure in the knowledge that all revenues will be recognized on a pro-rata basis month by month. In other words, if you bill from 15th January to 14th February, part of the invoice will be recognized immediately in January, the rest will be posted as future revenue and recognized correctly in February. The software can recognize revenue up to 10 years into the future if appropriate.
  • Rental revenue accruals allow a company billing in arrears to create automatic accruals at the end of each financial period for any un-billed revenues. So again, a customer who begins a rental on the 15th January and will not be billed until 14th February will have an accrual raised for the revenue that has been earned in January. This will be automatically reversed when the invoices are raised in February.
  • Rental accruals can be run manually at any point during the course of a month without being posted to the general ledger. This means that they can be used for measuring current performance against target based on the relevant estimated off-rent dates from contracts.

AR – Accounts Receivable

• Accounts Receivable module including AR control center designed to provide a 360° of current customer account position including ability to post cash, raise credits, approve credit requests etc.
• Real time access to invoice and rental and sales contract history for credit controllers with easy drilldown and reprints to fax, email or printer
• Lock box upload for North American clients
• Cash Drawer or Till reconciliation and deposit tracking for dealing with cash (i.e. not credit) customers.
• Management of automatic payments eg BACS, Swift etc for AR
• Fully integrated to rental and sales for credit approval, quotation approval and tax exemption management

AP – Accounts Payable

• Accounts Payable module including AP control center designed to provide a 360° view of current vendor account position including ability to post invoices, register invoices, enter payment information etc.
• Automated Goods received not invoiced accruals
• 3 way matching of purchase invoice against purchase order and goods receipt
• Management of automatic payments eg BACS, Swift etc for AP
• Partial payment handling and definition
• Internal document management for associating documents etc to customers and vendors