CHAPTER ONE
1.0 INTRODUCTION
Renting is an agreement where a payment is made for the temporary use of a good, service or property owned by another person or company. The owner of the good, service or property may be referred to as the lessor and the party paying to use the property as the lessee or renter. There is typically an implied, explicit, or written rental agreement or contract involved to specify the terms of the rental, which are regulated and managed under contract law. Examples include: Renting real estate (real property) for the purpose of housing tenure (where the lessee rents a residence to live in), parking space for a vehicle(s), storage space, whole or portions of properties for business, agricultural, institutional, or government use, or other reasons. When renting real estate, the person(s) or party who lives in or occupies the real estate is often called a tenant, paying rent to the owner of the property, the lessor, often called a landlord (or landlady). The real estate rented may be all or part of almost any real estate, such as an apartment, house, building, business office(s) or suite, land, farm, or merely an inside or outside space to park a vehicle, or store things all under Real estate law.
The rental agreement for real estate is often called a lease, and usually involves specific property rights in real property, as opposed to chattels. Computerized rentals information system is a program that is use to track all the rental information and data. It documents their daily activities such as their daily rental, income and expenditure. It is an information system used in the collection and processing of rental information as pertain to Hendo rentals office. Many organizations face a significant challenge to track the location, quantity, condition, maintenance and depreciation status of their property. A popular approach to tracking computerized rentals data useage and their maintenance using the computerized rental information system. The Manager of the Hendo can use the program to access the overall activities of the organisation and prepare an effective report for the organisation. Tracking assets is an important concern of every company, regardless of size. Computerized rentals information system are defined as any ‘permanent’ object that a business uses internally including but not limited to computers, tools, software, or office equipment. While employees may utilize a specific tool or tools, the asset ultimately belongs to the company and must be returned. And therefore without an accurate method of keeping track of these assets it would be very easy for a company to lose control of them. With advancements in technology, rental tracking software is now available that will help any size business track valuable assets such as equipment and supplies. Rental tracking software allows companies to track what assets it owns, where each is located, who has it, when it was checked out, when it is due for return, when it is scheduled for maintenance, and the cost and depreciation of each asset. The reporting option that is built into most rental tracking solutions provides pre-built reports, including assets by category and department, check-in/check-out, net book value of assets, assets past due, audit history, and transactions. All of this information is captured in one program and can be used on PCs as well as mobile devices. As a result, companies reduce expenses through loss prevention and improved equipment maintenance. They reduce new and unnecessary equipment purchases, and they can more accurately calculate taxes based on depreciation schedules.
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