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Laybys

Australia and New Zealand have different rules for Layby sales.

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)

With the GST Accounting Method set to Accrual, Laybys become a Sale when the Final Payment is made.

Go to Setup > Global Options > Customers > Layby becomes Sales on Final Payment.

In Setup > Global Options > Miscellaneous, set the GST Accounting Method to Accrual.

Layby Sale & First Payment (Accrual Basis)

A Lay-by sale of $50 inclusive of GST with a $10 Deposit paid on Cash.

Layby Final Payment (Accrual Basis)

A Final Payment of $40 has been applied to the layby.

Lay-By Credit Adjustment (Accrual Basis)

A Lay-By sale of $50 Inclusive of GST with a deposit of $10.00 Cash.  An Adjustment of $1.00 was applied to this Lay-By with an owing balance of $39.00.

Lay-By Debit Adjustment (Accrual Basis)

Debit Adjustments cannot be performed when using the Accounting Module Interface.

Lay-By Cancellation – Refund Monies Paid (Accrual Basis)

Cancel a $50.00 Lay-By with a deposit of $10.00 Inclusive of GST.

The customer’s initial $10 deposit will be fully refunded with no cancellation fees.

The first Journal shows the initial sale of $50 and $10 deposit:

Then the Layby Cancellation refunding monies paid:

Lay-By Cancellation – Refund Part Monies Paid and charged Service Fee (Accrual Basis)

Cancel a $50.00 Lay-By with a deposit of $10.00 and a service fee of $5.00 and refund of $5.00.

The first Journal shows the initial sale of $50 and $10 deposit:

Then the Layby Cancellation refunding monies paid less the $5.00 layby cancellation fee:

Laybys (Cash Basis) – Australian Method

With the GST Accounting Method set to Cash, Laybys become a Sale when the Layby is first Started.

Go to Setup > Global Options > Customers > Layby becomes Sales when Started.

In Setup > Global Options > Miscellaneous, set the GST Accounting Method to Cash.

Layby Sale & First Payment (Cash Basis)

A Lay-by sale of $50 inclusive of GST with a $10 Deposit paid on Cash.

Layby Final Payment (Cash Basis)

A Final Payment of $40 has been applied to the layby.

Lay-By Credit Adjustment (Cash Basis)

A Lay-By sale of $50 Inclusive of GST with a deposit of $10.00 Cash.  An Adjustment of $1.00 was applied to this Lay-By with an owing balance of $39.00.

Lay-By Debit Adjustment (Cash Basis)

Lay-By Payments and Credits cannot be negative.

Lay-By Cancellation – Refund Monies Paid (Cash Basis)

Cancel a $50.00 Lay-By with a deposit of $10.00 Inclusive of GST.

The customer’s initial $10 deposit will be fully refunded with no cancellation fees.

The first Journal shows the initial sale of $50 and $10 deposit:

Then the Layby Cancellation refunding monies paid:

Lay-By Cancellation – Refund Part Monies Paid and charged Service Fee (Cash Basis)

Cancel a $50.00 Lay-By with a deposit of $10.00 and a service fee of $5.00 and refund of $5.00.

The first Journal shows the initial sale of $50 and $10 deposit:

Then the Layby Cancellation refunding monies paid less the $5.00 layby cancellation fee:

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