Close Period - Partnership 2

When you are completely done with the rental period, use the ‘Close Period’ button on the NBC Partnership Rental Reconciliation screen to close it.  This is normally the last action that would be taken for a rental period.  A rental period can be closed only once.  It cannot be reopened.

It’s important to not confuse closing the rental period with closing rentals.  ‘Close Period’ ends activity for the entire rental period.  Close a rental is the action taken when students haven’t returned rentals to the store but you decided to not charge them.

When to Close a Rental Period

A rental period should be closed after the store due date and before the NBC due date.  Give yourself adequate time to pack and ship the NBC titles so that they arrive at Nebraska Book Company before the NBC due date.  If you need an extension, contact your Wholesale Textbook representative.

You should close the rental period when

• There will be no more rentals for the period.
• There are no more rentals to check in from students*
• There are no more rentals to be charged or closed as rentals not returned*
• You have edited the Ship Qty column of the NBC Rental Partnership Reconciliation to accurately match what is being shipped to NBC.
• You have given yourself enough time to pack and ship the partnership title so that they arrive before the NBC due date

*You can close the rental period while NBC Partnership 2 rentals are still outstanding.  However, these quantities cannot be included in the Ship Qty column.

Close Period with Outstanding Rentals

You can close a period with outstanding NBC Partnership 2 rentals.  However, the outstanding rentals cannot be included in the Ship Qty column and therefore can’t be included in the rental shipment to NBC.  Such rentals will be included on the rental PO and rental invoice as they are considered rentals kept by the store.

After the rental period, you can check in rentals from students and you can charge/close rentals not returned.  As stated above, though, such rentals won’t be included in the Ship Qty and they will be included on the rental purchase order and the rental invoice.

What Close Period Does

• Closes the rental period to any further creation of rental records
• Closes the rental period to any further renting
• Creates a rental purchase order for the quantities not shipped to NBC (quantities kept in store plus rentals not returned, whether billed, close or outstanding)
• Receives the rental purchase order, resulting in increase in SOH for quantities not shipped

What Close Period doesn’t do is charge or close outstanding rentals not yet returned.  If there are outstanding rentals when the period is closed, the store is responsible for collecting the rentals from the students or charging/closing the rentals as not returned.

NBC Partnership Rental Reconciliation

The NBC Partnership Rental Reconciliation is used at the end of the rental period to

1. a) Record the quantities that are shipped to NBC
2. b) Close the rental period
3. c) Create a rental PO to reflect the quantities that are not shipped.

You can access NBC Partnership Reconciliation at any time during a rental period, however, be sure to use the ‘Close’ button in the lower right corner to exit.  Only when you are ready to end all activity for the period should you click the ‘Close Period’ button. 

Below is a table containing information about each of the columns for the Partnership Return Reconciliation.  The only editable column is the ‘Ship Qty’ column.

Ship Qty

The only editable field is the Ship Qty.  At the end of the rental period, when you are preparing the shipment to NBC, this field should be edited to match what is being shipped.  This should be done after the due date for students to return books to the store and after rentals not returned have either been billed or closed.

NBC PO

The NBC PO field is calculated as Rented Qty minus Ship Qty. This is the quantity that is placed on the rental PO when the rental period is closed.  This quantity includes both titles kept by the store as well as rentals not returned that are charged/closed.

When to Reconcile

You can access the NBC Partnership Rental Reconciliation more than once to edit the Ship Qty.  To exit the reconciliation (but not end the rental period), click the ‘Close’ button in the lower right corner.  Only when you have the Ship Qty correct and you are ready to end activity for the period should you click the ‘Close Rental Period’ button in the center top of the screen.

At the end of the rental period, as books are being checked in from students, you will need to determine which books you will keep and which NBC Partnership 2 books you will ship to NBC.  You will prepare the shipment, reconcile the shipment and close the rental period.  The NBC rental shipment needs to be received at NBC by the NBC due date.  If you need an extension, contact your Textbook representative.

Although the NBC Partnership Rental Reconciliation is listed before ‘Send Due Date Reminders’, ‘Process Not Returned Billing’ and ‘Close Open Rentals,’ under the hammer, best practice is to close the rental period after you have charged/closed all rentals that have not been returned by students.   Here is a guide for reconciling the Partnership rentals.

• Before the (store) due date, check in rentals returned by students (via POS or buyback).
• As rentals are checked in from students, begin the process of determining what will be kept in the store and what will be shipped to NBC. Keep in mind that there is an NBC due date by which the NBC shipment should be received.
• After the (store) due date:
  • Process the charges for any rentals not returned that you wish to charge the students for.
  • If there are any rentals that you will not charge students for, close those rentals without processing the charges
• Collect and count the books that will be shipped to NBC. Prepare and pack the books for shipment, again, remaining aware that the books are to arrive at NBC before the NBC Due Date.
• Reconcile what will be shipped to NBC at NBC Partnership Rental Reconciliation under the hammer in Rental Number Maintenance.
  • If you are not ready to end the period, click ‘Close’ in the lower right corner.
• When you are have verified that the Ship Qty is correct and you are ready to end all activity for the period, click ‘Close Period.’ A rental period can be closed only once.  It cannot be reopened.
• The NBC shipment should arrive at Nebraska Book Company on or before the NBC due date for the period. If you need an extension, contact your Wholesale Textbook representative.
• Do not mix NBC Partnership titles with wholesale buyback shipments or regular returns to NBC. The invoice created at NBC is based on the physical count of the shipment.  If mixed with other books, the count will not be accurate and the invoice will not match the rental PO in PrismCore.

Reasons that You May Not Ship Partnership Titles

Some of the reasons that you may not ship Partnership titles to NBC include:

• Copies were not returned by students. You either charged the students for the RNRs or closed the rentals.  The copies were removed from SOH at that time.
• You are keeping copies to use again.
• There are lost or stolen copies.

Whatever the reason, if copies that were rented at NBC Partnership 2 are not shipped to NBC, your store will be invoiced for them, per the Partnership agreement.

Zero Quantity on Rental Reconciliation

If you are not shipping any quantities of an NBC Rental Partnership title, change the Ship Qty to 0 (zero).  This means that you will be invoiced for the total quantity rented.  The line item cannot be deleted because it is part of the rental partnership.

Reconciling the NBC Rental Shipment

1. Determine which NBC Rental Partnership books are to be shipped to NBC.
2. Collect, count and sort the books being shipped to NBC.
3. Access NBC Partnership Rental Reconciliation under the hammer in Rental Number Maintenance.
4. Select the appropriate rental period, as necessary.
5. Edit the Ship Qty to accurately reflect what is being packed to ship to NBC.
6. If you are not ready to close the rental period, click ‘Close’ in the lower right corner. If you are ready to end all activity for the period, click ‘Close Rental Period.’

Steps for Close Rental Period

1. Access NBC Partnership Rental Reconciliation under the hammer in Rental Number Maintenance.
2. Select the appropriate rental period, as necessary.
3. Verify that the quantities in the Ship Qty column accurately reflect what is being shipped to NBC.
4. After verifying that the Ship Qty column is correct, click ‘Close Rental Period.’

Stock Adjustments and Close Period

When the rental period is closed, the store stock on hand increases by not only the quantity kept by the store but also any rentals not returned (whether charged/closed or still outstanding).  If a Partnership rental is not shipped to NBC, it will be the store’s responsibility.  The store can either keep it to use again or can receive revenue from the student when the book is charged as an RNR.

When the period is close, a rental purchase order is automatically created and received.  Thus store stock increases.  This increase in stock on hand includes quantities kept by the store, quantities either charged or closed as RNRs and any Partnership rentals still outstanding.