--- title: Introduction to Rental Management description: "## Overview AssetIQ Rental Management helps organisations plan and control the temporary allocation of assets to customers, projects, sites or other authorised recipients. A rental job provides a structured record of: - Who or what the assets are being supplied…" url: "https://help.assetiq.sg/docs/introduction-to-rental-management/" updated: "2026-09-01" category: Rental Management --- # Introduction to Rental Management ## Overview AssetIQ Rental Management helps organisations plan and control the temporary allocation of assets to customers, projects, sites or other authorised recipients. A rental job provides a structured record of: - Who or what the assets are being supplied to - Which assets are included - Where the assets will be used - When the rental begins and ends - Whether each asset is available - When the assets are dispatched - When they are returned - What condition they are in on return - Whether follow-up work is required Rental records also provide operational history against each asset. ## What is a rental job? A rental job is a record that groups the information and assets associated with a rental or temporary-use arrangement. Depending on your organisation’s configuration, a rental job may relate to: - An external customer - A customer project - An internal project - A construction or operational site - Another business unit - Temporary equipment hire - Short-term asset allocation - A defined job or work package A rental job may contain one asset or several assets and their related components or accessories. ## Why use Rental Management? Using a structured rental process can help your organisation: - Understand which assets are currently rented or allocated - Check whether an asset is available for a required period - Reduce scheduling conflicts - Maintain responsibility for assets away from their normal location - Record dispatch and return information - Monitor overdue returns - Document asset condition - Identify damage or missing components - Initiate maintenance or repair after return - Maintain a complete rental history - Improve operational planning and asset utilisation - Support downstream administration and reporting > **Important:** A rental record tracks the operational movement and use of assets. It may not replace an approved quotation, rental agreement, sales order, invoice or other commercial document required by your organisation. ## Rental Management terminology | Term | Meaning | | --- | --- | | Rental job | The main record containing the rental details, dates, recipient and allocated assets | | Rental period | The planned start and end dates of the rental | | Customer or recipient | The party receiving or using the assets | | Rental location | The site or location where the assets will be used | | Asset allocation | Reserving or assigning an asset to the rental job | | Availability | Whether the asset can be allocated for the required period | | Dispatch | Releasing or sending the asset to the recipient or rental location | | Active rental | A rental that has started and has assets currently in use or away | | Extension | An approved change to the planned return date | | Return | Receiving the asset back and recording its condition | | Rental closure | Completing the job after all required assets and actions have been addressed | The exact terminology used in your AssetIQ environment may differ. ## Rental job versus asset assignment Rental jobs and asset assignments serve different purposes. | Process | Primary purpose | Example | | --- | --- | --- | | Rental job | Temporarily provide one or more assets for a defined period or job | Hire a crane and accessories to a project for three weeks | | Asset assignment | Record ongoing responsibility for an asset | Assign a laptop to an employee | | Asset transfer | Change an asset’s recorded organisational or physical location | Transfer a forklift between warehouses | | Work order | Plan and record maintenance or repair work | Repair damage identified when a rented asset is returned | Use a rental job when the allocation has a defined business purpose, rental period and return process. ## How the rental process works A typical AssetIQ rental process follows these stages. ### 1. Create the rental job Create the main rental record and enter information such as: - Rental-job title or reference - Customer, project or recipient - Rental location - Planned start date - Planned end date - Responsible person - Delivery or collection information - Instructions or notes See [Create a Rental Job](https://help.assetiq.sg/docs/create-a-work-order/) for detailed guidance. ### 2. Add the required assets Select the assets required for the rental. Confirm that each asset: - Matches the job requirement - Is available during the proposed period - Is operational and suitable for use - Is located where it can be prepared - Includes the required components and accessories - Has no unresolved restriction preventing rental See [Add and Allocate Assets to a Rental Job](https://help.assetiq.sg/docs/add-and-allocate-assets-to-a-rental-job/). ### 3. Check availability Review each asset’s existing rentals, reservations, maintenance activities and other commitments. Resolve any conflict before confirming the allocation. See [Check Asset Availability and Resolve Conflicts](https://help.assetiq.sg/docs/check-asset-availability-and-resolve-conflicts/). ### 4. Prepare and dispatch the assets Before dispatch: - Confirm the rental details - Verify the assets and accessories - Complete required inspections - Record asset condition - Add supporting documents - Confirm delivery or collection arrangements - Record the dispatch See [Dispatch Assets and Start a Rental](https://help.assetiq.sg/docs/dispatch-assets-and-start-a-rental/). ### 5. Manage the active rental While the rental is active, authorised users may need to: - Review the rental status - Update contact or site information - Extend the rental period - Add authorised notes - Respond to equipment faults - Substitute an asset - Monitor the planned return date - Follow up on overdue assets See [Extend or Update an Active Rental](https://help.assetiq.sg/docs/extend-or-update-an-active-rental/). ### 6. Return the assets When the assets return: - Confirm each asset - Record the actual return date - Check components and accessories - Compare the return condition with dispatch information - Record damage or missing items - Update the asset’s availability - Initiate required maintenance or repair See [Return Assets and Record Their Condition](https://help.assetiq.sg/docs/return-assets-and-record-their-condition/). ### 7. Close the rental job Close the rental job after: - All expected assets have been returned or accounted for - Return information has been recorded - Missing or damaged items have been documented - Required follow-up has been created - The final rental information has been reviewed See [Close a Rental Job](https://help.assetiq.sg/docs/close-a-rental-job/). ## Rental job statuses A rental job’s status shows where it is within the rental lifecycle. Depending on your AssetIQ configuration, statuses may represent stages such as: - Draft - Pending - Confirmed - Scheduled - Ready for Dispatch - Dispatched - Active - Partially Returned - Overdue - Returned - Completed - Cancelled Use the exact statuses available in your organisation’s AssetIQ environment. A status should reflect what has actually happened. Do not mark assets as dispatched before they leave your control or returned before they are physically received and verified. ## Asset-level and job-level statuses The rental job and its individual assets may have different statuses. For example: | Rental job | Asset A | Asset B | | --- | --- | --- | | Active | Dispatched | Ready for Dispatch | | Partially Returned | Returned | Still Rented | | Completed | Returned | Returned | Review individual asset records before changing the overall rental-job status. A rental should not normally be closed while an included asset remains outstanding unless an authorised exception process has been completed. ## Asset availability An asset may be unsuitable for allocation because it is: - Already rented during the requested period - Reserved for another job - Under maintenance or repair - Awaiting inspection - Out of service - Retired or disposed of - At an unsuitable location - Missing a required component - Restricted from use - Otherwise unavailable Availability should consider both the requested dates and the asset’s operational condition. An asset appearing in search results does not automatically mean that it is available or suitable. ## Rental dates Rental dates help determine availability and expected asset movement. Important dates may include: - Requested start date - Planned dispatch date - Actual dispatch date - Planned return date - Extended return date - Actual return date - Rental completion date Record actual dates separately from planned dates where AssetIQ provides both. Do not overwrite the original planned dates merely to hide a delay. Accurate planned and actual dates support meaningful reporting. ## Asset components and accessories Some rental assets may include associated components or accessories, such as: - Lifting gear - Attachments - Batteries - Chargers - Cables - Tools - Remote controls - Safety equipment - Manuals - Spare parts - Keys Record the included items before dispatch and verify them again on return. A returned main asset should not automatically be considered complete if required accessories remain outstanding. ## Condition recording Asset condition should be recorded at appropriate points in the rental lifecycle, particularly: - Before dispatch - At handover - When a fault is reported - On return - After repair - Before the asset becomes available again Condition information may include: - Checklist results - Notes - Photographs - Meter readings - Fuel or charge level - Visible damage - Missing components - Cleanliness - Operational restrictions Accurate condition records help distinguish pre-existing issues from changes occurring during the rental period. ## Rental inspections Your organisation may require inspections before dispatch or after return. A pre-dispatch inspection can confirm that the asset is: - Correctly identified - In an acceptable condition - Safe and suitable for use - Supplied with required accessories - Ready for release A return inspection can identify: - New damage - Excessive wear - Missing accessories - Cleaning requirements - Maintenance needs - Safety defects - Changed meter readings For inspection guidance, see [Introduction to Asset Inspections](https://help.assetiq.sg/docs/introduction-to-asset-inspections/). ## Faults and damage during rental If a fault or damage is reported while an asset is rented: 1. Record the issue accurately. 2. Confirm the affected asset and rental job. 3. Determine whether continued use is safe. 4. Follow the required safety and escalation process. 5. Notify the responsible person. 6. Initiate maintenance, repair or replacement where required. 7. Retain supporting evidence. 8. Update the rental record when authorised. Do not wait until the asset returns to record a safety-critical problem. ## Rental extensions An active rental may need to be extended. Before extending it: - Confirm the revised return date - Check for future allocation conflicts - Review scheduled maintenance - Confirm customer or project approval - Check whether related documents need updating - Record the reason for the extension - Notify affected stakeholders An extension should not be approved if it creates an unresolved conflict or allows an asset to miss mandatory maintenance without authorisation. ## Rental returns When an asset is returned, confirm: - The correct asset has been received - The actual return date and time - The return location - Current asset condition - Meter readings where applicable - Included components and accessories - Damage or defects - Required cleaning, maintenance or inspection - Whether the asset can become available again Physically receiving an asset does not automatically mean that it is ready for another rental. ## Rental history Rental history can help authorised users understand: - Which jobs used the asset - Who or what received it - Where it was used - Planned and actual rental periods - Dispatch and return dates - Extensions and delays - Condition at dispatch and return - Reported damage - Related inspections - Follow-up work - Previous rental performance See [View and Export Rental History](https://help.assetiq.sg/docs/view-and-export-rental-history/) for more information. ## Who can manage rental jobs? Access depends on the permissions assigned to your AssetIQ role. Depending on your permissions, you may be able to: - View rental jobs - Create a rental job - Edit rental details - Add or remove assets - Check availability - Confirm allocations - Dispatch assets - Extend active rentals - Record returns - Record asset condition - Close or cancel rental jobs - View rental history - Export rental information If an expected function is unavailable, contact your AssetIQ administrator. ## Before creating a rental job Make sure that: - The customer, project or recipient is available - The rental location has been configured - The planned dates are known - Required assets exist in AssetIQ - Asset records are current - Availability can be checked - The responsible coordinator has been identified - Required approvals have been obtained - Commercial documents are handled through the appropriate process - Dispatch and return responsibilities are understood If required master data is unavailable, see [Set Up Master Data](https://help.assetiq.sg/docs/set-up-master-data/). ## Recommended practices For reliable rental records: - Use a clear and unique rental-job reference - Confirm the recipient and location - Record planned and actual dates separately - Check availability before allocating assets - Verify asset suitability and condition - Record included components and accessories - Complete required dispatch inspections - Update active rentals when plans change - Record extensions before the planned return date - Follow up on overdue assets promptly - Inspect returned assets - Create maintenance or repair work for defects - Do not make returned assets available prematurely - Close the job only after all assets are accounted for - Retain related operational and commercial records ## Next steps Continue with the following guides: - [Understand the Rental Job Lifecycle and Statuses](https://help.assetiq.sg/docs/understand-the-rental-job-lifecycle-and-statuses/) - [Create a Rental Job](https://help.assetiq.sg/docs/create-a-rental-job/) - [Add and Allocate Assets to a Rental Job](https://help.assetiq.sg/docs/add-and-allocate-assets-to-a-rental-job/) - [Check Asset Availability and Resolve Conflicts](https://help.assetiq.sg/docs/check-asset-availability-and-resolve-conflicts/) - [Dispatch Assets and Start a Rental](https://help.assetiq.sg/docs/dispatch-assets-and-start-a-rental/) - [Extend or Update an Active Rental](https://help.assetiq.sg/docs/extend-or-update-an-active-rental/) - [Return Assets and Record Their Condition](https://help.assetiq.sg/docs/return-assets-and-record-their-condition/) - [Close a Rental Job](https://help.assetiq.sg/docs/close-a-rental-job/) - [View and Export Rental History](https://help.assetiq.sg/docs/view-and-export-rental-history/)