I have a customer that is having trouble understanding Lay-A-Ways and how it is reporting on the Z. He feels it should reflect as a sale on his daily z but it does not. Is there anyone familiar with Lay-A-Way
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Thank you.
A layaway item in RMS is considered as Committed stock waiting to be picked up. See Item Properties, Inventory tab, Committed entry for item quantity on open orders.
Ownership of the item is not transferred to the customer until the item is picked up/delivered.
That is why no sale is recorded in RMS on the day of the layaway. Instead any deposit/payment made on the layaway is posted to the "Layaway: Paid" entry on the Z report.
When the item is picked up/delivered, the amount paid to date is posted to the "Layaway: Closed" entry on the Z report and the sale is recorded on that day's Z report.
A simple way to look at this is the item is not sold until picked up.
In the meantime the retailer is holding deposit/payments against final pickup/delivery.
No sales tax is due to a taxing authority until the item is fully tendered and picked up.
The retailer must count the layaway item when performing physical inventory counts.
If the retailer does not like this method of recording sales, they could complete the sale of the item by charging the invoice to the customer's account then "hold the item" while the customer makes payments.
In this case the item should not be counted during physical inventory and sales tax is due for the sale even if the customer hasn't paid enough to cover tax.
The item is somewhat at risk in this case as payments need to be monitored carefully and management of items on hold is now required outside of RMS. Should a store fire or theft occur it appears book-wise that the item is no longer in inventory. Insurance won't cover the loss.
Layaway is a process where a customer may pay in increments and receive the item when the item has been fully paid for. The customer must place a minimum deposit.
Note that the deposit paid will reflect on Z report as paid on layaway but not in sales since the customer has not been issued the item.To make this appear in sales the customer has to pickup the item for more details on this you can use help file in RMS manager program on search type layaway or go through below
To pick up layaway items
Your customers can pay for any combination of the items on the layaway. Once you use F11 to recall a specific layaway, you can process and track the layaway items. Whenever a customer picks up an item on layaway, that item comes out of your inventory.
1. Press F7, select the applicable customer account, and then press Enter.
2. Press F11 to display the available recall functions.
3. Select the Recall a Layaway option, and then press Enter. The Layaways window appears. If you selected a customer, you will see the layaway(s) for that customer. If you did not enter a customer's account, you will have to select from all the customer accounts that presently have layaways.
4. Select the applicable layaway, and then press Enter.
5. Press F12. Store Operations displays a window enabling the customer to either pick up the entire layaway or partially pick up the layaway.
Pick up entire layaway
If the customer wants to pick up all the items on the layaway, you can perform the following:
1. On the Layaways window, select the Pick Up Entire Layaway option, and then press Enter.
2. On the Tender window, enter the amount received in the appropriate tender field, and then press Enter.
Pick up partial layaway
If the customer wants to pick up a partial order, you can perform the following:
1. On the Special Functions window, select the Pick Up Partial Layaway option, and then press Enter.
2. The Pick Up Order window enables you to select the specific item and quantity for which the customer wishes to pay. To do this, press the Spacebar to select or clear the Pick Up check box located next to the item.
3. If the customer has put two or more of the same item on layaway, enter the applicable quantity number in the Quantity field.
4. Press Enter to display the Tender window, and then enter the applicable tender amounts.
5. Press Enter again to process the transaction. Store Operations tracks the layaway payment(s).
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