Lay-by sales

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If your business offers lay-by as a way for customers to purchase goods using periodic payments, 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 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 to lay-by a bicycle, but the same approach can be used for any lay-by.

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 (see the ATO details)

If you account for GST on a cash basis, GST is realised on each lay-by payment.
If you account for GST on an accrual basis, GST is realised upon the final lay-by payment when the goods are delivered.

In New Zealand (see the IRD details)

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

1. Set up the lay-by item

To track lay-by stock, you need to create a lay-by item and an associated asset account.

Here's how:

Create an asset account.
- Set the Account Type to Other Asset.
- Enter an Account Number that suits your account list.
- Enter a suitable Account Name, such as Layby Inventory.
Create a lay-by inventory item. You probably already have an inventory item set up for this stock item, so most of the item setup will be similar, but with these differences:
- Add "LB" to the Item Number to distinguish it from the regular stock item.
- For the Asset Account for Item Inventory, select the Layby Inventory asset account created earlier.

2. Record a sales order for the lay-by item

3. Take lay-by payments

Related topics

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Reimbursable expenses

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Sales and purchases information

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