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Lay-by sales

If you sell goods using lay-by (sometimes called layaway), it's easy to track these sales in AccountRight. Just create a lay-by stock item for the goods being sold, create a sales order for the goods, then apply payments against that order until the lay-by is paid off.

The example we'll use is selling a bicycle on lay-by, but the same approach can be used for most lay-by scenarios.

We'll also step you through what to do if a lay-by is cancelled.

Cancelling a lay-by

Typically when a lay-by is cancelled, the customer's payments are refunded and a lay-by cancellation fee is charged.

When processing the cancellation in AccountRight:

  • the cancellation fee is applied to an income account

  • the refund is paid to the customer, and

  • the lay-by stock item is returned to normal trading stock.

Let's use the example where a $300 lay-by is cancelled after $100 has been paid against it. A $20 cancellation fee is charged and $80 is refunded to the customer.