EQUIPMENT RENTAL UPDATE

 

 

 

 

DESCRIPTION:  Equipment Rental Update is used to update the local and state rental rates for equipment.  The rates used are the Schedule C rates provided by the Michigan Department of Transportation.

 

 

 

To access:  Click on the Equipment module  then click the Equipment Rental Update menu item.   

 

The following window will appear:

 

 

 

By using the drop down list, Choose a year to update that corresponds with the rental rates you wish to apply.  You should only apply new rates when you no longer have any equipment usage transactions for the year.  Make sure you apply new rates before entering any new equipment usage transactions.

 

To increase rental rates for all equipment, enter the percentage the rate is increasing in the Regular adjustment percent and the State adjustment percent fields.  If you are decreasing your equipment rental rates, then you will enter the percentage as a negative number.  For example, if your equipment rates need to be decreased by 2%, enter -2.  Then, when you apply the rate update, your rental rates will be 2% lower than the Schedule C rate.

 

You can enter the rate for a single state code by entering the State code, the New regular rate, and the New state rate.

 

When you are finished, click the Done button and your rates will be updated.  An update message window will appear.  If the information is correct, then click Yes to continue with the update.  A success message window will appear.  Click OK.  If the information is not correct, then click No to go back to the Update Equipment State Rates window.

 

Click on the X in the upper right corner of the window or click the Cancel button to close the window without updating your equipment rates.