Tip!
Depending on how Idealpos has been configured, Laybys may be referred to as Layaways or another customised description.
Should you wish to change this, go to: Setup > Function Descriptors > Select the "LAYBY" function from the list, press "Modify", then change the description to either Layby or Layaway, depending on your preference or the name used in your region.
After making the change, we recommend restarting Idealpos to ensure that the change has taken effect.
To restart Idealpos, go to Start, then open IPSUtils and press the "Close" button.
You may then start Idealpos and the change will have taken effect.
Laybys (or referred to as Layaways in regions other than Australia, New Zealand and South Africa) are used to give the customer a specified time period to pay a purchase off, before taking the goods home.
The customer can make a deposit on the item, which will then be held in storage by the retailer until the goods have been totally paid off, or the customer cancels the Layby/Layaway.
Laybys/Layaways are most commonly used in the retail sector for goods that do not perish.
You have the ability of setting the length of time customers can leave an item on Layby/Layaway, and also how much deposit is required.
A customer in your database that is classed as an Account is unable to also be used as a Layby/Layaway.
The information below can be found on the ACCC website.
A 'lay-by' is essentially a contract where you pay a trader for a product over a period of time rather than upfront.
Under the Australian Consumer Law, a lay-by agreement exists when you:
Any deposit you pay is also considered to be an instalment.
When you enter a lay-by agreement, it must be in writing and specify all the terms and conditions, including any termination charge.
The trader must give you a copy of the agreement.
The trader may charge a termination fee if you decide to cancel a lay-by agreement (unless the trader has breached the lay-by agreement).
The amount of the fee must not be more the trader’s ‘reasonable costs’ relating to the agreement.
If you cancel a lay-by agreement, the trader must refund all amounts you have paid, except for the termination charge.
If the lay-by payments paid do not cover the termination charge, the trader can recover the outstanding amount as a debt.
A trader can only cancel a lay-by agreement if: