System Categories Defined
There are a total of eight (8) system categories, as described below.
Note: The first six system categories all pertain to the Rent and Sales Contract module of AIMsi. If you are not using the Rent and Sales Contract module, these categories may be ignored. The rental categories include: EW, RO, RF, SF, RV and SV.
Note: You will notice ledger accounts described below with a sub number of 0. These ledger accounts primarily pertain to inventory and the 0 will be replaced with the category of inventory when ledger is updated. For example, system category 1601 'Inventory Cost Received' affects 120-0. When an item is received into inventory that belongs to category 1, the sub number of 0 will be replaced with 1. You should not have any ledger numbers in your chart of accounts with a sub number of 0.
Note: You will also notice a ledger account numbered 999-0 in various system categories. These system categories are referenced when sales and payments are entered. When ledger is updated, the 999-0 will be replaced with the ledger account assigned to the payment category selected. For example, system category 5109 affects 999-0. When a rental payment is entered and category 900 'Paid by Cash' is selected, the 999-0 will be replaced with 109-1.
EW – Extended Warranty
The EW categories are numbered between 5000 and 5099 and are referenced when rental contracts of type EW are entered, paid and returned. Extended Warranty contracts are service contracts.
Categories numbered 5001 thru 5019 are related to the amounts entered on the initial Extended Warranty contract.
Categories numbered 5041 thru 5059 are related to the payments entered on the Extended Warranty contract.
Categories numbered 5060 thru 5090 are related to the return of Extended Warranty contracts.
RO – Rent to Rent
The RO categories are numbered between 5100 and 5199 and are referenced when rental contracts of type RO are entered, paid and returned. Rent Only contracts are rent month to month contracts that may or may not pay off. There is no set term.
Categories numbered 5101 thru 5119 are related to the amounts entered on the initial Rent to Rent contract.
Categories numbered 5141 thru 5159 are related to the payments entered on the Rent to Rent contract.
Categories numbered 5160 thru 5190 are related to the return of Rent to Rent contracts.
RF – Rent to Own
The RF categories are numbered between 5200 and 5299 and are referenced when rental contracts of type RF are entered, paid and returned. RF contracts are rent to own with a set term to pay off. These rent to own contracts may or may not have a finance charge. If there is a finance charge, the finance charge is based on a fixed interest, declining rate. The interest disclosed at the time of contract issue is all the interest that can be collected on the contract. Contracts of this type usually have provisions for late charges to be collected if payments are late. If the contract is paid off early, the interest will be rebated off the balance (like most installment contracts).
Categories numbered 5201 thru 5219 are related to the amounts entered on the initial Rent to Own contract.
Categories numbered 5241 thru 5259 are related to the payments entered on the Rent to Own contract.
Categories numbered 5260 thru 5290 are related to the return of Rent to Own contracts.
SF – Sales Contract
The SF categories are numbered between 5300 and 5399 and are referenced when contracts of type SF are entered, paid and returned. SF contracts are similar to RF contracts with the exception that SF contracts are sales contracts, that is, the inventory is considered sold at the time of contract issue as opposed to the time the contract is paid off.
Categories numbered 5301 thru 5319 are related to the amounts entered on the initial Sales Contract.
Categories numbered 5341 thru 5359 are related to the payments entered on the Sales Contract.
Categories numbered 5360 thru 5390 are related to the return of Sales Contracts.
RV – Simple Interest Rent
The RV categories are numbered between 5400 and 5499 and are referenced when contracts of type RV are entered, paid and returned. RV contracts are rent to own contracts with a set term to pay off. RV contracts do have a finance charge and the finance charge is based on a simple interest rate. Simple interest contracts calculate interest due on the principal from the time the last payment was made to the time of the current payment. For this reason, the amount of interest actually collected on the contract may be more than what was disclosed on the contract at the time of contract issue.
Categories numbered 5401 thru 5419 are related to the amounts entered on the initial Simple Interest Rent contract.
Categories numbered 5441 thru 5459 are related to the payments entered on the Simple Interest Rent contract.
Categories numbered 5460 thru 5490 are related to the return of Simple Interest Rent contracts.
SV – Simple Interest Sales
The SV categories are numbered between 5600 and 5699 and are referenced when contracts of type SV are entered, paid and returned. SV contracts are similar to RV contracts with the exception that SV contracts are sales contracts, that is, the inventory is considered sold at the time of contract issue as opposed to the time the contract is paid off.
Categories numbered 5601 thru 5619 are related to the amounts entered on the initial Simple Interest Sales contract.
Categories numbered 5641 thru 5659 are related to the payments entered on the Simple Interest Sales contract.
Categories numbered 5660 thru 5690 are related to the return of Simple Interest Sales contracts.
Ledger References (Inventory)
The Inventory categories are numbered between 1600 and 1699 and are referenced in the Inventory and Purchase Order modules when inventory is received, when inventory cost is changed and when inventory is removed from inventory.
Ledger References (General)
The General categories are numbered between 1800 and 1899 and are referenced within all of the modules of the software.
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