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If you sell goods using 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 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 the customer cancels or defaults on the lay-by.
GST on lay-by sales
In Australia |
|
In New Zealand | Regardless of your GST accounting basis, GST is realised upon the final lay-by payment when the goods are delivered. |
To track the quantity and value of stock on lay-by, you need to create a lay-by item and an associated asset account.
Here's how:
- Create an asset account to track the value of lay-by stock.
- 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 an inventory item for the stock being put on lay-by.
- Add "LB" to the Item Number to distinguish it from other stock items.
- For the Asset Account for Item Inventory, select the Layby Inventory asset account created earlier.
Transfer stock from the trading stock item to the lay-by stock item.
Use the Build Items function (Inventory > Build Items).
Enter a positive Quantity for the lay-by stock item. This increases the stock quantity for this item.
Enter a negative Quantity for the trading stock item. This decreases the stock quantity for this item.
Enter the Unit Cost for the lay-by item (to match the trading stock item).
You're now ready to create a sales order for the lay-by.
- Select Order as the Sales Type.
- Select the Customer.
- Select the lay-by item and specify the Ship quantity and Price.
Lay-by terms
You might want to change the terms for this order to reflect the date the lay-by needs to be picked up.
When a lay-by payment is made
Record the payment against the sales order (Sales > Receive Payments).
- Select the Customer to display their lay-by order.
- Enter the payment in the Amount Received and Amount Applied fields.
After the final lay-by payment is made
When the lay-by is paid off, change the order to an invoice to provide to the customer.
- Find the order (Sales > Sales Register > Orders tab).
- Click the order then click Change to Invoice.
- Check the details of the invoice then click Record.
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