Asset Sale

An Asset Sale is a process that involves selling rental assets owned by your business to another party. This can happen when a customer expresses interest in buying your rental inventory or when your items are lost, damaged, or stolen. Assets typically include machinery, equipment, vehicles, tools, or any other items your rental business owns and rents out to customers.

Topics in this article include

• Getting there

• Creating an Asset Sale from a Rental Contract

• Creating an Asset Sale Quote   

• Converting an Asset Sale Contract to a Quote 

Getting there

Expert: Counter System > New Contract 

Elite: Transactions > New Contract 

Creating an Asset Sale From a Rental Contract

Creating an asset sale allows you to sell your inventory items to your customers while also charging them for the rental and removing it from your inventory.

1. To sell an item from a contract (it was missing or damaged upon return), simply right-click on the item.
   • If you're selecting a header, you must select a serialized item. When items are flagged for bulk the item will automatically be added.
   • If the item is not currently in your store, you will not be able to sell it. It will either need to be transferred to your store before it is sold or sold out of the other store. If the item is not at your store, you will get the following message.
     
       
2. Select Asset Sales from the list.
      
        
3. Select a quantity, sell price, and enter any comments for the sale. 

Creating an Asset Sale Quote
Asset Sale Quote allows you to create a quote for the sale of an item without taking the item out of stock. Let's say you have a customer who is interested in purchasing some equipment from you but only wants to get a quote. You can create an Asset Sale Quote, without removing the item from inventory. 

1.  Select the valid through date of the quote.
2.  Enter a quote time.
     
        
3. The inventory selection screen will appear. Do not search for an item, instead select Done to cancel out of the Inventory Selection screen.
4. Right-click the Add Item button in the bottom right corner of the contract. A pop-up will appear asking to add an asset sale. Select Yes.
   
          
5. Select the item being quoted for sale. Please note if you're selecting a header, you must select a serialized item. When items are flagged for bulk the item will automatically be added.
   
       
6. Enter the quantity of the amount to be sold.
    
        
7. Enter the price each for the item.
    
        
8. Enter a description of why it’s being sold.
   
        
9. You will see the line item status is now showing Sold Asset. The contract status is shown as a Quote.   
   
        
10. You will see the contract value has changed to reflect the amount of the sale. This will not remove the item from inventory until the status of the contract is changed to open.

Converting an Asset Sale Contract to a Quote

1. You can access an asset sale contract by selecting New Contract > Asset Sales or by going to a Dashboard (Customer, Day at a Glance, etc...).
2. Select Change Status > Change to Reservation then select Change Status > Change to Quote. 
    
      
3. You can then add an Asset Sale to Quote contract in the Contract Processing screen by selecting Tools > Add Asset Sale.