Accounting and Finance Management in Excel for Rental Businesses

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Rental Business Manager template enables simple and effective finance management for rental businesses. We have options to enter taxes and discounts. We can track payments made by customers on orders. In addition, we can also record operational business expenses. In this article, we will see these features in more detail.

 

This article is part of a series of support articles of Rental Business Manager Excel template. For more information on the product, please visit Rental Business Manager Excel template.

 

Order Related Costs and Discounts

When we enter the order line items in the Order Details sheet, we are entering the rental prices of products. We are also entering any product level discounts.

Entering order details such as Asset, quantity, price and discount
Entering order details such as Asset, quantity, price and discount

 

In addition to this, any order level charges can be entered in the Order Headers sheet. This will be added to the Total Order Amount. Also, any Order Level Discounts can be entered there. This amount will be deducted to calculate the Total Order Amount.

Entering Order Level Charges such as shipping charges and Order Level Discounts
Entering Order Level Charges such as shipping charges and Order Level Discounts

 

The template will use these to calculate the total order amount and subtotals in the Invoice and Report sheets.

 

Tracking Payments and Due Amounts

When the customer makes the payment, we enter the paid amount in the Order Headers sheet.

Entering Amount Paid by Customer in Order Header Sheet
Entering Amount Paid by Customer in Order Header Sheet

 

Due Amount will be calculated for each order as (Total Order Amount – Paid Amount).

Calculating Amount due on each order. Overpaid orders and Zero Due.
Calculating Amount due on each order. Overpaid orders and Zero Due.

 

You can filter on this DUE AMOUNT field to limit the data to only orders which are not fully paid yet (Filter to values other than 0).

Filter Orders to see all unpaid invoices
Filter Orders to see all unpaid invoices

 

Similarly, you can filter on PAYMENT DUE DATE field to see orders which are past due date. First, choose Date Filters —> Before.

Accounts receivable - Filter to Orders past due date
Accounts receivable – Filter to Orders past due date

 

Then, Choose Today.

Choose Today in the dialog box
Choose Today in the dialog box

 

Click OK and now the table will be filtered to orders which are past due dates.

 

Reporting

We can see the overall current status of accounts receivable in the Report sheet.

Report - Current Status of Inventory and Finance (money)
Report – Current Status of Inventory and Finance (money)

 

When we choose a specific customer, we can see the financial status along with other metrics.

Metrics for specific customer - Inventory, Sales, Accounting
Metrics for specific customer – Inventory, Sales, Accounting

 

Tracking Operational Expenses

All the operational expenses can be entered in the Expenses sheet. For example, if you buy any stationery for your business or subscribe to any other business service, you can enter those expenses here.

Enter Business Operational Expenses in the template
Enter Business Operational Expenses in the template

 

These expenses will be summarized and reported in the REPORT sheet.

Monthly Metrics in table format - Rental Quantity, Revenue, Charges, Discounts and Expenses
Monthly Metrics in table format – Rental Quantity, Revenue, Charges, Discounts and Expenses

 

 

In the next article, we will see in detail the automated 5 page interactive report in Rental Business Manager.

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