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Laybys

Australia and New Zealand have different rules for Layby sales.

 

In Australia, when using the ‘accrual’ method – GST is recorded at the time of sale, but when using the ‘cash’ method – GST is recorded at the time of payment/s.

 

In New Zealand, regardless if your business is Cash or Accruals Accounting, the Layby becomes a sale on the Final Payment Made. All layby details are stored in Idealpos.

 

Laybys (Accrual Basis)

Laybys (Cash)