Introduction
Sometimes someone other than the renter pays for a rental: an insurer that pays for a replacement car, a lease company, or a broker that sold the rental. The app calls this party the funder and its share of the booking the funding. The funder gets its own funder invoice for its share; the renter is invoiced for the rest.
You set a funder's standard terms once in a funding agreement: what kinds of cost it pays for, for how many days and up to how much. On a booking you then add the funder on the Funding tab, pick the agreement, and the terms are copied to that booking. The screen headed Fundings lists every funded booking.
You would be here because:
- an insurer phones to say it will pay for a customer's replacement car
- you are setting up the terms of a new lease company or insurer
- you want to check which bookings a funder pays for and how much is invoiced to it
- a funded booking is cancelled and you must decide who pays the cancellation fee
Terms used on this screen
| The screen says | What it means |
|---|---|
| Funder | The customer who pays part of the booking and receives the funder invoice |
| Funding agreement | A funder's standard terms, copied to a booking when you pick it |
| Covered categories | The kinds of booking line the funder pays for: base rent, insurance, options, mileage and so on |
| Settlement mode: Arrears / Prepaid | Arrears: the funder is invoiced after the rental. Prepaid: the funder has paid in advance, as brokers do |
| Asset group terms | Different terms for one vehicle class (the app calls it the "asset group") |
Every way a booking gets a funder
| Route | What you get | Covered here |
|---|---|---|
| Add funder on the booking's Funding tab | A funding you set up by hand, usually from an agreement | Yes |
| A broker booking that comes in with a rate code | A prepaid funding for the broker, made by itself | No, see Work with brokers and rate codes |
| Apply broker rate code on the booking's Funding tab, for a broker booking that came in without its code | The same prepaid funding for the broker, made afterwards | No, see Work with brokers and rate codes |
Use this page to set up funders and to add a funder to a booking.
How to use
Configuration
Set up an agreement per funder once. The funder must exist as a customer, or you create it from the agreement.
- From the main menu open Admin, then Fundings, and click Funding agreements at the top right. Click New funding agreement.
- On the Terms tab, fill in the two cards:
| Field | Starts as | What it does | What it accepts |
|---|---|---|---|
| Name | Empty | Shown when you pick an agreement on a booking; not shown to the renter | Text |
| Active | On | Only active agreements can be picked; bookings that use it keep their terms | Tick |
| Funder | Empty | The customer who receives the funder invoice. Its name prints on the renter's documents as the party that pays. New creates one | One customer |
| Settlement mode | Arrears | Arrears or Prepaid, see the terms table above | One choice |
| Max amount excl. VAT | 0 | The most the funder pays per booking; above it the renter pays. 0 means no cap | An amount, 0 or more |
| Agreed daily rate excl. VAT | 0 | The daily rent charged to the funder instead of the list price, when it is lower; the renter never sees it. 0, or an amount at or above the list price, means list price. Add-ons are not affected | An amount, 0 or more |
| Covered days | 0 | How many rental days the funder pays for; later days go to the renter. 0 means all days | Whole numbers |
- On the Covered categories tab, click Add category for each kind of cost the funder pays. Anything not listed goes to the renter. The pop-up Covered category asks:
| Field | What it does |
|---|---|
| Category | The kind of booking line: base rent, insurance, option, mileage, fuel and so on |
| Special type | Only for options: which option, for example a child seat. Empty means all options |
| Funded % | The share of each unit the funder pays. 50 means half; 0 or 100 means all of it |
| Max units per day, Max units in total | For mileage, kilometres. 0 means no limit |
| Max unit price excl. VAT | The highest unit price the funder pays; the renter pays the difference. 0 means list price |
| Max amount excl. VAT | The most the funder pays for this category. 0 means no cap |
- Optional: on the Asset group terms tab, click Add asset group terms for a vehicle class with different terms. Pick the Asset group, tick an override (Override daily rate, Override max amount, Override covered days) to use the value next to it, tick Own categories to give the class its own categories, or tick Excluded when the funder pays nothing for that class. Click Save.
- Click Save at the top right of the agreement. The Bookings tab later lists the bookings that use it.
Changing an agreement does not change bookings that already use it, until you click Re-apply agreement on that booking's funding.
Before you start: fundings and agreements are for company administrators. The Funding tab is on the Booking details screen only; see Find your way around the Booking details screen.
Using the booking funding
- Open the booking on the Booking details screen and click the Financial tab, then Funding. Without a funder it reads No active funding.
- Click Add funder. The screen headed Funding for booking #… opens.
- Pick the Funder, then the Agreement. Picking an agreement copies its terms and categories into this booking and replaces anything you typed. Only active agreements of that funder are offered.
- Check Period and limits. Covered from and Covered to start as the booking's contract dates and Covered days as its number of days. Change them if the funder pays for part of the rental only. Fill in the funder's claim or contract number under Reference; it prints on the funder invoice.
- Check Covered categories at the bottom. Add or change a row here for this booking only.
- Click Save. The app works out what the funder pays, updates the booking's price and returns you to the booking. Cancel or Back to booking saves nothing.
When it worked, the Funding tab shows Funders pay and Renter pays, and a card for the funder with Agreement, Covered, Reference, Funder pays and Invoiced to funder.
Key details
A worked example. A 14-day replacement car with a base rent of €50 a day excluding VAT: €700. The insurer's agreement covers Base at 100%, Covered days 10 and Max amount excl. VAT €450.
| Step | Amount excl. VAT |
|---|---|
| 10 covered days × €50 | €500 |
| Capped at Max amount excl. VAT | €450, paid by the insurer |
| The rest of the base rent | €250, paid by the renter, plus any extras the insurer does not cover |
The card buttons. Edit opens the funding again. Recalculate works out the funder's share again from the booking's current lines; do this after you change the booking. Delete removes the funding after Delete this funding? The renter will pay everything it covered. A funding that already has a funder invoice cannot be deleted.
Changing the vehicle class changes Asset group terms used by itself.
The Fundings list. Admin → Fundings shows every funded booking with Booking, Funder, Status (Active, Cancelled or Settled), Settlement mode, Funded amount, Invoiced amount, Covered from, Covered to and Reference. Filter on Funder to see one insurer's bookings. The open icon at the end of a row opens the booking on the Booking details screen, whichever booking screen your company uses.
Cancelling a funded booking. The cancel pop-up shows This booking is paid by a funder and a Funding choice:
| Choice | What happens |
|---|---|
| Cancel the funding and reverse the prepayment (the default) | A broker's prepayment is refunded and the renter pays the cancellation fee |
| Keep the funding: the funder pays the cancellation fee | The funder pays the fee from your cancellation rules; a broker's prepayment is cut back to that fee |
Then click Cancel with email or Cancel without email; see Cancel a booking. Cancelling several bookings at once from the overview always reverses the funding. A no-show that the app cancels by itself keeps it.
What to do next: invoice the booking as usual; the invoice run makes the funder invoice and the renter invoice. See Invoice and credit a funded booking.
Q&A
Why can't I delete a funding? It already has a funder invoice. The message says to cancel the funding and then run Rebalance. Correct the split with Rebalance invoices on the Funding tab; see Invoice and credit a funded booking.
Why is there no Funding tab on the booking? Your company uses the classic booking screen, where the tab is not shown. Funded bookings still open on the Booking details screen from the Fundings list (the open icon on each row). To add a funder to a new booking, ask your administrator to switch on Use new booking screen: Find your way around the Booking details screen.
Why does the agreement I want not appear on the booking? Only active agreements of the chosen Funder are offered. Pick the funder first, and check Active on the agreement.
Why did my own changes to the funding disappear? You picked an agreement, or clicked Re-apply agreement. Both replace the terms and categories with the agreement's.
Why does Save on the funding not close? Covered from is after Covered to, or Covered days, Max amount excl. VAT or Agreed daily rate excl. VAT is below 0.
Why does the funder pay nothing for this booking? The booking's vehicle class has Excluded ticked under the agreement's Asset group terms, or none of its lines falls in a covered category. The note This funding is not active, so it does not count means the funding was cancelled.
Why did a booking change after I changed the agreement? It does not. Existing bookings keep their terms until you click Re-apply agreement on their funding.
Related pages:
- Invoice and credit a funded booking, for the funder and renter invoices.
- Work with brokers and rate codes, for brokers, whose funding is made by itself.