Getting Started with Rental Business Manager Excel Template – Initial Setup

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In this post, we will see how we can do the initial set up for the template to customize it for our rental business.

 

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.

 

Step 1: Enter Business information

Enter our Business Information in the Settings sheet. This information will be used to auto-populate in our Invoice.

Enter Business Details in Rental Business Manager template
Enter Business Details in Rental Business Manager template

 

Step 2: Enter List of Asset Categories

Please enter groups in which you would like to categorize your assets or products.

Enter list of Asset Categories or product categories in Rental Business
Enter list of Asset Categories or product categories in Rental Business

 

There are two key benefits of categorizing your rental assets or products. 1) We can analyze our business performance by identifying categories that bring more revenue versus those that do not. 2) We can make data entry in orders easier by first selecting Asset Category and the Asset drop down list becomes a shorter list to pick from. We have entered 4 Asset categories for this demo.

 

Step 4: Enter the list of Assets or Products in Assets sheet

Let’s enter assets and its related information.  Please make sure that your first asset is in row 6.

Enter list of Rental Assets or Products
Enter list of Rental Assets or Products

 

  • ASSET ID: Unique identification of Asset. This has to be unique. Please do not repeat the same ID or leave the field blank.
  • ASSET NAME: Name of the asset. This needs to be unique.
  • ASSET CATEGORY: Choose the Asset category to which each item belongs. The Asset Categories we had set in the Settings sheet will be used to populate this drop down list.
  • ASSET DESCRIPTION: Description of the rental asset , as needed in our business.
  • STARTING QUANTITY: This is the quantity of the asset owned by the business when we begin using the template. This is entered only once and does not have to be updated daily. If you have rented items out, please include them here. This number needs to reflect all the assets currently owned (rented out or not). When we decide to retire an asset in the future or buy more assets, we can handle that separately. We will discuss that later.
  • TAXABLE: In our business, if we have assets that are not taxable, we can enter NO. If tax is applicable, just leave it blank. By default, tax will be applicable.

 

Step 5: Enter Customer information

In the Customers sheet, we will enter the list of our customers.

Enter list of customers and their data
Enter list of customers and their data

 

Please make sure that your first asset is in row 5.

  • Customer ID and Customer Name should be unique here. Do not leave them blank.
  • Enter Shipping and Billing Addresses. Enter Email and Phone Number. These details can be displayed on the invoice automatically.
  • We can also add additional columns in this table. 2 Custom Columns are available that you can rename and use for your needs.

Step 6: Set up Invoice Sheet

Invoice sheet is the printable invoice that can be automatically created for any rental order. This sheet is very customizable to suit your needs.
First, let’s update the logo. Right click on the existing logo and click on Change Picture.

Change Rental Business Logo on Invoice
Change Rental Business Logo on Invoice

 

Then, choose your logo image from your computer and click on Insert. Now, your logo will appear on the invoice when printing.

To change the size or other attributes of the logo image, press Ctrl+1 or click the Picture Tools — Format ribbon.

Then, let’s review the fields that are displayed on the invoice.

Rental Business Invoice - Customize Invoice easily - Ready to print or export to PDF
Rental Business Invoice – Customize Invoice easily – Ready to print or export to PDF

 

There are 4 key sections in the invoice: Customer Information, Order Information, Rental Asset Information and Order Total Information. The invoice sheet is fully automated and for each order, all we have to do is to type order number to create the invoice. However, before we begin creating invoices, it is recommended that we review the field displayed in the invoice and customize to suit our business needs.

 

Customer Information (8 fields)

Invoice for Rental Business - Customer Information
Invoice for Rental Business – Customer Information

 

Order Information (5 fields)

Invoice for Rental Business - Order level information
Invoice for Rental Business – Order level information

 

Rental Asset Information (8 fields)

Invoice for Rental Business - Asset Information
Invoice for Rental Business – Asset Information

 

Order Total Information (6 fields)

Invoice for Rental Business - Order Total Information
Invoice for Rental Business – Order Total Information

 

Please review all the fields to make sure that the invoice meets your business needs. All these sections are customizable.

  • If you do not need a certain field, just click on a field name and press the Delete key.
  • If you need to choose another field instead, click on the field name. You will see a drop down menu to choose from a list of available fields. Just select the one you need.

 

Once the fields are customized and everything looks good, let’s save the file by pressing Ctrl+S. Now, every time when we create our invoices, it will have the information we need. It’s just that simple.

 

Step 8: Set up Currency symbols

By default, the template does not display any currency symbols as this is meant to be a tool that can be used by any business in any country. However, it is set up to easily apply currency symbols as needed.
Let’s go to Invoice sheet. Press Ctrl+G to open the Go To dialog box.

Selecting currency cells for formatting
Selecting currency cells for formatting

 

Find the name ‘CURR’ and click OK.
Excel will now select all the cells for fields UNIT PRICE, UNIT DISCOUNT, NET PRICE, AMOUNT AFTER TAX and the Order Total section fields.

This is assuming you have not modified the invoice fields. If you have changed or re-ordered the fields, then, please select the appropriate cells you need to apply currency symbols.

Press Ctrl+1 to open the Format Cells dialog box.

Changing Currency Format in Dialog Box
Changing Currency Format in Dialog Box

 

Select ‘Currency’ in the Category and then choose the symbol from the drop down. Click OK. This will now apply the chosen currency to all the selected cells in the Invoice sheet.
For other sheets, if you would like to apply currency formats, please select the cells and then press Ctrl+1.

The calculations in the template are not impacted by currency symbols. This is purely for visual presentation.

 

With this, we have completed our initial setup.

In the next article, we will learn how to enter rental orders.

4 thoughts on “Getting Started with Rental Business Manager Excel Template – Initial Setup

  1. Hi,

    I have purchased your template today and was wondering if there is a way of entering the ‘unit price’ for each asset on the ‘Asset’ sheet so that I don’t need to enter a unit price each time I add an asset to an order?
    Hope this makes sense to you!

    Thanks for your help in advance.

    Ed

    1. Thanks for purchasing.
      The Unit Price is not provided on the Asset sheet, as that would allow only one price for an asset. To allow prices change over time, it is entered directly inside the order details.
      If your price will not change, please let me know. We can write a couple of simple formulas to implement. If prices do change, then it requires more development.
      Thanks & Best wishes.

  2. Hi,

    I have filled in an asset with an initial stock. When I go to the Order details and fill in that I am sending out 1 item it does not deduct it from the asset page as rented out now. Is this normal? Should I put that in manually?

    Thanks.

    Bogdan

    1. Thanks for purchasing.
      In the ASSETS sheet, we enter the initial stock in ‘Starting Quantity’ column. This is a one-time entry. We don’t have to do this every day.
      As you enter order information in Order Headers and Order Details, the inventory calculation will update and the current in stock inventory is shown in ‘IN STOCK NOW’ column in ASSETS sheet. This is a formula and should not be changed.
      Also, please check the Rent Out date for the order. The ‘IN STOCK NOW’ column shows today’s stock levels and if your order’s rent out date is in future, then it will not impact IN STOCK NOW.
      Please let me know if there are any questions.
      Best wishes.

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