What is the difference between On-Account/Layby?

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Answer

On Account sales are registered in the sale report at the time of creation regardless of if a payment is taken or not

Layby sale will not be registered in the sale report at the time of creation and will only appear once paid in full.

LAYBY

  • INVENTORY FLOW - Inventory of a product will be deducted when the sale was created.
  • SALES REPORT - The report will update when the sale is fully complete on the original sale date but only when the sale has been fully paid. 
  • PAYMENT REPORT - The report will update on the date the partial or full payment is made.
  • REGISTER CLOSURE REPORT - The summary will show the layby sale start and the closing date and if the payment was taken.

 

ON-ACCOUNT

  • INVENTORY FLOW - Inventory of a product will be deducted when the sale was created.
  • SALES REPORT - This report will update when a sale is created on the total amount and not on the deposit/partial/full payment made.
  • PAYMENT REPORT - This report will update on the date the payments are made.
  • REGISTER CLOSURE REPORT - The summary will show when an on account sale was started and closed and if the payment was taken. 
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