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If your business allows customers to purchase goods on lay-by, it's easy to track these sales in AccountRight. All you need to do is create a lay-by stock item for the goods being purchased, create a sales order for the goods, then apply payments against that order until the lay-by is paid off.

We'll also step you through what to do if the customer cancels or defaults on the lay-by.

GST on lay-by sales

In Australia:

  • If using the cash basis, GST is realised on each lay-by payment.
  • If using the accrual basis, GST is realised upon the final lay-by payment when the goods are delivered.

In New Zealand:

GST is realised upon the final lay-by payment when the goods are delivered, regardless of your GST reporting basis.

 

 

 

 

 

 

 
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