In go to PrismCore>Inventory Control tab>Item Maintenance folder>Rental Number Maintenance (Ctrl+J 1012) the hammer option Rental Configuration. Here you will establish rental pricing parameters, charges for rentals not returned, and rental NBC Partnership adoption parameters, among other parameters on the Configuration tab. These setting should be reviewed with each new rental period and changed, when necessary.
NBC Partnership Pricing
This parameter controls rental prices for new and used books that are rented as NBC Partnership 2 titles. Also in this frame are fields for NBC Vendor, Rebate GL and NBC Rental Tender.
When NBC Partnership 2 rental records are created, PrismCore will calculate a rental price for each NBC Partnership title. The rental price will be based on cost/margin or retail, depending upon the parameters in the NBC Partnership Pricing frame. If necessary, the system calculated rental price of individual titles can be edited after records are created.
Because retail and cost are different for new and used textbooks, rental prices for new and used will be different as well. If you want to rent new and used for the same rental price, best practice is to edit rental prices after rental records are created.
For NBC Partnership titles, the rebate is the same, regardless of which is rented, new or used.
New and used Margin
Select the Method (Cost or New Retail), Margin (if method is Cost) Rounding and Currency (not available if Rounding is set to None).
NOTE: For PrismCore users in Canada, the rebate amount is first converted to Canadian currency using the exchange rate stored in WP Admin before being used to calculate the rental price.
Cost Method
The computation for the cost method is based on cost, rebate, and the margin entered. The formula used is:
Example: If the New Cost at Inventory Maintenance is $75 and the desired margin for New is 25%, the markup percentage is 25%. Assuming the selling price is rounded to the nearest dollar, the book would sell for $100 New. The margin dollars would be $25. If the rebate is $42 for this book, the system would suggest a rental price of $58.
Rental price = $75 – ($42 - $25)
Rental price = $75 - $17
Rental price = $58
The suggested rental price of different books with the same cost will vary based on the rebate and your desired rental margin.
Retail Method
The rental price using the retail method is calculated by subtracting the NBC Rebate amount from the items retail, either new or used.
Example: If the new retail at Inventory Maintenance is $100 and the rebate is $25, the rental price is $75.
Rental price = $100 – $25
NBC Vendor
Click the ellipsis to select the vendor code for Nebraska Book Company. This is a required entry when renting as part of NBC Partnership 2.
Rebate GL
PrismCore General Ledger Users: The general ledger code for rental rebates must be entered in this field. Click the ellipsis to select it. If you do not have GL, leave this field blank.
The Rebate GL accounts functions as a clearing account. Consequently, we recommend using a liability account since the rebate is associated with the return accrual that will be posted later for the rental books you’ll ship to NBC. If you have any questions about the selection of the appropriate GL code, contact IAS Support.
NBC Rental Tender
The NBC tender that is automatically created when NBC Partnership 2 is activated on your system should be displayed here. If you feel this should be changed, contact PrismCore ICS Support or PrismCore IAS Support to make sure an appropriate tender is selected. This tender is the one to which the rebate amount of the rental transaction is charged
NBC Partnership Adoption Parameters
The NBC Partnership Adoption Parameters are located in the upper right corner of the configuration screen.
New/Used
These parameters control what type of rental records are activated when Partnership rental records are created. For example, if you plan to rent used books only, check “Used Only.” When rental records are created, both new and used records are created, however, only the records checked in this frame will be activated. You can activate and deactivate both new and used rental records for individual titles after the records are created.
Margin
This parameter is used as a filter during the creation of Partnership rental records. It blocks the creation of rental records by comparing the rental price and the retail price. If the rental price is greater percentage of the retail price than entered in this field, the record will not be created.
This is useful if you do not want to rent titles that have rental prices that are close to the retail selling price.
For example, if you want all rental prices to be at least 80% or less than the retail prices, you can enter 80 in this field. If the selling price of a book is $100, then the calculated rental price must be less than $80.00 for a NBC Partnership 2 rental record to be created.
If you want to create rental records for all books regardless of the comparison of the rental and retail, leave this field at 100.00%.
Minimum QTP
This field can be used as a filter during the creation of Partnership rental records. It blocks the creation of rental records based on a title’s Quantity to Provide (as seen in the Order Decision module). This is useful if you do not want to rent titles for which you plan to provide only a few copies.
For example, if you do not want to rent any title that you plan on providing three or less, set this field to 4. When NBC rental records are created, a book would then need to have a QTP of 4 or greater in order for rental records to be created.
Leave this parameter 0 (zero) if you do not want to use it.
Not Returned Billing
The parameters in this frame are used to calculate the amount charged to customers for RNRs (rentals not returned). These parameters apply to both NBC Partnership 2 and Store Managed rentals. There are two separate amounts that can be calculated for Not Returned Billing: the replacement charge and an additional fee.
Also in this frame, you will select the type of tender can be collected for the rental guarantee (i.e., how the student will be charged if a rental is not returned to the store).
In addition, you can set a parameter to automatically set customer records as ineligible to rent again if a student is charged for a rental not returned.