Point Of Sale - End Of Day Procedure for LayBys

Initial LayBy Sale (Partially Paid Sale)

A partially paid sale (a LayBy) is handled as a positive entry in the LayBy Liability Account with no tax applied.
There is an implicit expectation that the LayBy will be fully paid at a later date when the actual sale will be recorded including the TAX for the sale.

Day 1: Original Transaction:

$1,100 Sale paid $400

Calculated Summary:

$400 recorded in the LayBy Liability Account.

Day 2: $200 added to the LayBy

$200 added to the $1,100 LayBy

Calculated Summary:

$200 added to the LayBy Account

Day 3: LayBy fully paid and converted into a sale

$500 paid that convert the LayBy into a Sale

Calculated Summary:

$600 credited from the LayBy account, $500 payment applied and a $1,100 sale (including TAX) is recorded.