Managing Rental Business in Odoo

Managing Rental Business in Odoo

The rental market has been growing a lot in many sectors recently. Office space, lodging, transport, furniture, heavy equipment and even clothing are rented out for obvious economic and environmental reasons. People are relying on renting now more than ever before this is something and now this is manageable with Odoo.

What is Odoo Rental App

If a company has a lot of products then it can sometimes be difficult to stay organized but with Odoo rental App renting your products isa walk in the park. You can keep an eye on which products are reserved to avoid multiple bookings, make new products available in just a few clicks and decide which extras you want to offer such as rental insurance extensions and so on. You can also check reports by product or customer as you will as analyze revenue by quarter or month.

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Calibrating the  Rental App

Default Padding Time

Minimum amount of time between two rentals

Default Delay Costs

Additional costs for late returns

Digital Documents

Ask customer to sign documents on the spot when picking up or returning an item

How does it work

First thing is to make a product Rentable. This needs to be done through products database. Extra option of “Can be rented” is available for all products after installing the rental app. Need to choose this option for the products that you plan to rent. If you are creating the product directly from the rental application that will be checked automatically.

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Once a product is made rentable then tab for “Time-based pricing” will be available for further settings. In time based setting you can enter the pricing and extra surcharges. Pricing can be for hourly, daily, weekly or monthly rental.

If the customer is late to return the item you can have some extra fees depending on how many hours or how many days late they are to return the item. There is also setting for security time, it's actually the amount of time that the product will be unavailable before an order now this is just to avoid any conflicts between reservations and to manage any maintenance work in between. So that's a really cool feature to take advantage of

Placing a Rental Order

Go to Rental App Click New and you will get the form forecasting a new Rental Sales order. Chose you required product from product list and a sub menu for details will open where you can enter the

Rental Dates (Duration will be calculated automatically)

Quantity to rent (Available quantity is also show)

Unit Price

Serial Number (Optional)

Serial number is an optional feature but it can be handy if you are renting out high cost equipment which requires maintenance and proper tracking

Once you have entered these required information, you are good to go to create your first rental order and share it with your customers on portal or through email as it would have for a regular quotation. As soon as it is sent you're gonna see a staged change from quotation to Quotation sent and you can preview this quotation as if you you re the customer by clicking on the customer preview button. It's going to give us the view that the customer would have from their portal, you can click on sign and pay where customer can sign and they'll be able to pay for this online depending on the payment options that you have set up. You can set up some automatic payment options like pay by credit card online using PayPal or through stripe and plenty of other options.

It is possible that your customer would like to rent different products for different amounts of time so you can modify that as well within the same rental sale order.

Once the order is confirmed by clicking on “Confirm” you will see a status change on top of this sales order and you'll also see that these products have now been reserved.

You're also going to be able to see that status from the dashboard as you'll so YOU see those that are reserved, returned or even in the quotation status. So if your customer would like to pick up this order that you have just made, they're like to say to warehouse guy hey I'm here for these product sand all you have to do is to click on pickup and that's where you can add serial numbers if you are tracking the products by serial numbers. Then you're gonna click on validate, again you will have a status change and now it says "picked up". You can also print a pickup receipt and give that to customer for his/ her record and also same can be asked to be returned when returning the product . In the chatter you will be able to see that these items the customer picked up and you can even see the specific serial numbers that were handed over to the customer as everything that happens will be noted in the chatter which is just a really great way to keep track of your products in your rental orders.

Now let's say that time has passed and your customer is ready to return the items, all you have to do is click on return button. Now you can return everything at once and that's what Odoo will propose that it will return all items or of course you can remove an item. Let's say customer is returning one item and not other then you can remove the other items from return order by clicking the little trash bin you can even remove a specific item if they're tracked by serial numbers or you can change the quantity so let's say customer is taking everything from the truck and she realizes that oh no she forgot one of the items then you can remove that item then and there. you're gonna validate this and now the rented products have been returned. You of course can print that receipt once again and you're gonna see the returned number has been updated and of course it will be noted in the chatter so it's super super easy to keep track of your rentals with Odoo.