FREQUENTLY ASKED QUESTIONS
There are many. The most typical are a Capital Lease and an Operating Lease.
A Capital lease is one that meets anyone or more of four criteria per Financial Accounting Standards Board Number 13 (FASB-13). A capital lease is often structured with a bargain purchase option that can range from $1.00 to some amount below the expected fair market value. A lease in which the present value of the payments exceeds 90% of the cost of the equipment would also qualify as a Capital lease regardless of the purchase option. A Capital lease is a finance lease, which means that it represents nominal ownership for the customer. The cost of the equipment and the Lease obligation must be presented on the customer’s balance sheet with a Capital lease.
An Operating lease must not meet any of the criteria of FASB-13. On operating lease is structured so that the customer uses the lift truck for the term of the lease with the options to renew, return the equipment, or purchase it at its fair market value at the end of the lease term. An operating lease is basically a “Long-term Rental Agreement” in which the customer obtains the use of the lift truck without the risk or benefits of ownership. For accounting purposes these transactions are usually treated as off-balance sheet.
You should repair or replace batteries when capacity has fallen below 80% of its rated capacity. Continuing to operate a bad battery can damage a truck’s electric motor and electronics. Failing batteries also require recharging more frequently, wasting hundreds or thousands of dollars in energy per year, depending on the size of your fleet.
One important consideration is making sure that your building power is sufficient to charge the batteries on these units. You will need the proper charger to compliment your truck battery. Your charger Amp Hour must match the battery Amp Hour, or you will never fully charge the battery.
OSHA Rule 1910.178(l)(2)(ii) states that “…(T)raining shall consist of a combination of formal instruction (e.g., lecture, discussion, interactive computer learning, video tape, written material), practical training (demonstrations performed by the trainer and practical exercises performed by the trainee), and evaluation of the operator’s performance in the workplace.”
Mid-Ohio Material Handling offers a comprehensive, on-site forklift safety course. Using your own equipment, we will work with your staff over a half-day time-frame to teach forklift truck safety via classroom work, video reviews and a forklift driving test.
First and foremost, get your forklifts on a Planned Maintenance program. This is an inexpensive way to keep your trucks maintained. PM service helps to catch repair items at the early stages before they become major repairs. It also helps to facilitate a budget for future repair needs. If our technicians notice an item during PM service they will inform you if the repairs can wait and approximately how long, allowing you to budget for repairs down the road.
If your forklifts are older you may want to look to replace them with new or used equipment depending on how much you operate them. The more hours a forklift has the more the maintenance cost per hour to run them will increase. It may be time to look at replacing some of the older trucks in your fleet with newer forklifts and newer technology, which will help to reduce your overall costs. Contact a Mid-Ohio Material Handling team member to discuss other ways we can help reduce your overall costs.
Mid-Ohio Material Handling offers a comprehensive, on-site forklift safety course. Using your own equipment, we will work with your staff over a half-day time-frame to teach forklift truck safety via classroom work, video reviews and a forklift driving test.
Choosing the right tires significantly impacts forklift handling and safety characteristics. But before you start searching for tires, see if your forklift gives you the option to choose different tires. The majority of forklifts have frames that will only accept a specific tire type. This is why choosing the right tire really means choosing the right machine for the work you plan to do.
If most of your lifting will take place indoors or with light outdoor usage on asphalt, then cushion tires will do the job. Cushion tire forklifts have a smaller chassis and sit much lower to the ground than pneumatic forklifts. Cushion lifts are less expensive and are much easier to come by than pneumatic lifts.
Similar to the tires on a car, pneumatic tires have air in them, and are most useful outdoors on gravel or in yard work, though they can be used inside as well. Pneumatic tires are longer and wider than cushion tire lifts which is why they are primarily used outdoors. There are two types of pneumatic tires – solid and air. Solid pneumatic tires are made of solid rubber. Like solid pneumatics, air pneumatics work well outdoors on asphalt, in gravel and in yards, but they can be punctured so you’ll want to make sure your work area is free of any sharp objects before you begin making your lifts. Many air pneumatic users foam fill their tires, giving themselves a smoother ride than the one experienced on solid pneumatic tires.
Before you decide on cushion or pneumatic tires for your forklift, determine the type of work you plan to do. While cushion tire forklifts are ideal for indoor lifting, pneumatic forklifts are better suited for outdoor lifting. But both offer almost any load capacity. For answers to more questions about forklifts and the one that’s best for you, please contact us.
First and foremost, get your forklifts on a Preventative Maintenance program. This is an inexpensive way to keep your trucks maintained. PM service helps to catch repair items at the early stages before they become major repairs. It also helps to facilitate a budget for future repair needs. If our technicians notice an item during PM service they will inform you if the repairs can wait and approximately how long, allowing you to budget for repairs down the road.
If your forklifts are older you may want to look to replace them with new or used equipment depending on how much you operate them. The more hours a forklift has the more the maintenance cost per hour to run them will increase. It may be time to look at replacing some of the older trucks in your fleet with newer forklifts and newer technology, which will help to reduce your overall costs. Contact a Mid-Ohio Material Handling team member to discuss other ways we can help reduce your overall costs.
Choosing the right tires significantly impacts forklift handling and safety characteristics. But before you start searching for tires, see if your forklift gives you the option to choose different tires. The majority of forklifts have frames that will only accept a specific tire type. This is why choosing the right tire really means choosing the right machine for the work you plan to do.
If most of your lifting will take place indoors or with light outdoor usage on asphalt, then cushion tires will do the job. Cushion tire forklifts have a smaller chassis and sit much lower to the ground than pneumatic forklifts. Cushion lifts are less expensive and are much easier to come by than pneumatic lifts.
Similar to the tires on a car, pneumatic tires have air in them, and are most useful outdoors on gravel or in yard work, though they can be used inside as well. Pneumatic tires are longer and wider than cushion tire lifts which is why they are primarily used outdoors. There are two types of pneumatic tires – solid and air. Solid pneumatic tires are made of solid rubber. Like solid pneumatics, air pneumatics work well outdoors on asphalt, ingravel and in yards, but they can be punctured so you’ll want to make sure your work areais free of any sharp objects before you begin making your lifts. Many air pneumatic users foam fill their tires, giving themselves a smoother ride than the one experienced on solid pneumatic tires.
Before you decide on cushion or pneumatic tires for your forklift, determine the type of work you plan to do. While cushion tire forklifts are ideal for indoor lifting, pneumatic forklifts are better suited for outdoor lifting. But both offer almost any load capacity. Foranswers to more questions about forklifts and the one that’s best for you, please contact us.
There are many. The most typical are a Capital Lease and an Operating Lease.
A Capital lease is one that meets anyone or more of four criteria per Financial Accounting Standards Board Number 13 (FASB-13). A capital lease is often structured with a bargain purchase option that can range from $1.00 to some amount below the expected fair market value. A lease in which the present value of the payments exceeds 90% of the cost of the equipment would also qualify as a Capital lease regardless of the purchase option. A Capital lease is a finance lease, which means that it represents nominal ownership for the customer. The cost of the equipment and the Lease obligation must be presented on thecustomer’s balance sheet with a Capital lease.
An Operating lease must not meet any of the criteria of FASB-13. On operating lease is structured so that the customer uses the lift truck for the term of the lease with the options to renew, return the equipment, or purchase it at its fair market value at the end of thelease term. An operating lease is basically a “Long-term Rental Agreement” in which thecustomer obtains the use of the lift truck without the risk or benefits of ownership. For accounting purposes these transactions are usually treated as off-balance sheet.
OSHA Rule 1910.178(l)(2)(ii) states that “…(T)raining shall consist of a combination of formal instruction (e.g., lecture, discussion, interactive computer learning, video tape, written material), practical training (demonstrations performed by the trainer and practical exercises performed by the trainee), and evaluation of the operator’s performance in the workplace.”
Mid-Ohio Material Handling is certified to offer a comprehensive, on-site forklift safety course that meets and exceeds OSHA’s stringent requirements. Using your own equipment, we will work with your staff over a half-day time-frame to teach forklift truck safety via classroom work, video reviews and a forklift driving test.
After determining how much you use your forklift, we suggest how often you should have basic service performed (oil and filter change, battery check, fluids topped off as well as a host of other items). We set up your service automatically and come out to service your forklift on a regular basis. By servicing your forklift before you have trouble, we can catch
many things (a worn belt, for example) that can be taken care of before it becomes a problem and your forklift stops running. PM Service is less expensive than a service call and it only takes us about an hour.
Our electric PM Service includes a 68-point inspection and our gas PM service includes a 54-point inspection. Planned maintenance is your best option to reduce breakdowns and keep your equipment running at peak performance levels.