Equipment Management Module for Sage 100 Contractor
Watch this short video demonstration of the Equipment Management module for Sage 100 Contractor. This is an extra feature, not included in the core modules, but provides many benefits. The Equipment Management module allows you to allocate equipment costs to jobs. This way you know what the true cost of your jobs are using the equipment that you own. You can also track the equipment maintenance, repair costs and earned income.
Watch the demo of Equipment Management
In the Equipment Management module you also have the ability to calculate cost recover rates by entering your ownership and operating costs in the Cost Recovery calculation tool. The tool lets Sage 100 Contractor determine the appropriate operating, idle and standby rates charged. You can also track any equipment you rent to ensure that the equipment supplier bills you the proper amount.
Time & Material Billings
Equipment Management also allows you to create hourly, daily, weekly or monthly rates for time and material billings. It even allows you to keep track of lease and finance payments to keep track of the remaining balance of your loan and post depreciation entries. With the locator function you can see where the equipment was last used.
When setting up your equipment, on the general information tab you can keep track of the equipment’s serial #, License #, Public Utility Commission number, purchased date, original hours and original miles. You also have two user defined field available to track any other information of your choice.
On the financial information tab you can enter the interest expense account you want loan interest to post as well as the account you want to use for depreciation expense. If you have multiple departments setup in your Sage 100 Contractor database, you assign a piece of equipment to that department. You can also specify any loan details for the piece of equipment such as loan type, lender, loan #, pay date, interest rate, payment amount and monthly depreciation.
On the cost recovery worksheet you can enter the cost of owning and operating the equipment for a resource consumption period, as well as an estimated use for the resource consumption period.
On the Costs and Billing Rates tab you can enter the rate you want costed to a job and the rates you would like to use for time and material billings including mobilization.
Tracking: Owning vs. Renting Equipment
You can also create equipment types so you can further breakdown your owned or rented equipment into categories.
Use the equipment allocation window in conjunction with payroll to enter job and equipment cost records. You can enter the operated, standby, and idle time for equipment at the job site. In payroll you can enter the time an employee spends on repairing or operating a piece of equipment.
Equipment Depreciation & Equipment Revenue
Use the Equipment Depreciation task to post depreciation expense on all of your equipment.
In the Equipment Revenue window you can review the revenue generated by a piece of equipment. When a piece of equipment is allocated to a job, Sage 100 Contractor creates two records: a job cost record and a revenue record. The job cost records reflects the cost of using the equipment on a job and the revenue record reflects the value earned by the equipment. By tracking the revenue created by a piece of equipment you can see whether or not the equipment is profitable and refine the cost recovery rates.
Equipment Management Reports
You also have various reports that show you a list of the equipment owned, depreciation and cost recovery data. The Equipment Management Report shows you the cost and total revenue for a piece of equipment so you can confirm profitability by equipment and Equipment maintenance reports so you can keep track of the maintenance on your equipment.