POS | Laybyes | How cancellation and refund works?

POS | Laybyes | How cancellation and refund works?

Question:
How does lay byes work and what is difference between Laybye Refund and Refund Cancelled Laybye
Layaway is a payment plan where the buyer makes a down payment on an item — either a set Rand amount or a percentage of the price — and pays the remaining amount in installments or a lump sum.
The seller sets the product aside, and the buyer receives it once they've paid the full amount.
Answer:
When using the Laybye Refund option it will take into account the stock entry in the ledger whereas with the Refund Cancelled Laybye it does not.
If a customer wants a refund on a payment done then use Laybye Refund, but when customer no longer requires the goods use Refund Cancelled Laybye
Note:
The physical On Hand quantity of stock will not be impacted with laybyes, so make sure the stock is removed from the shop floor/storeroom and kept aside to prevent it from being sold accidentally.

Steps to follow:

- Navigate to POS --> Laybyes -->New Contract



- Complete details for new laybye and Accept



- The processing screen will display to accept deposit payment



- The laybye deposit % and months allowed is setup under POS -->POS Setup -->Default Settings (Store Parameters) -->Till Options



- Payments needs to be received navigate to POS --> Laybyes -->Laybye Payment and choose the specific client by clicking on dropdown under Laybye Number and click OK.
​


- To do a partial refund for a client navigate to POS -->Laybyes -->Laybye Refund and choose the specific client by clicking on the dropdown under Laybye Number and click Process which will display the tender screen.
- If a client decides to cancel the laybye completely then you need to cancel the laybye in question and do the refund thereafter by navigating to POS -->Laybyes -->Cancel Laybye and choose it by clicking on dropdown under Laybye Number and Process
- Navigate to POS --> Laybyes -->Refund Cancelled Laybye and choose it under Laybye Number and click Process to display tender screen to finalise the refund.

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