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.
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.
A Lay-by sale of $50 inclusive of GST with a $10 Deposit paid on Cash.
A Final Payment of $40 has been applied to the layby.
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.
Debit Adjustments cannot be performed when using the Accounting Module Interface.
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:
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:
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.
A Lay-by sale of $50 inclusive of GST with a $10 Deposit paid on Cash.
A Final Payment of $40 has been applied to the layby.
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 Payments and Credits cannot be negative.
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:
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: