Applying POS Layby payments to a Reckon Accounts Tax Invoice for Layby

Legacy KB ID: 5526

Question

How do I apply Layby payments received in Point of Sale to an existing Tax Invoice I have for the Layby in Reckon Accounts?

Answer

You should refer to your Accountant for specific guidance.

You should be aware of the ATO’s Tax Ruling GSTR 2000/12, TR 95/7 and any other relevant notes.

New Zealand users should be aware of the IRD’s guide to laybys here.

Here is one method for applying Layby payments and Layby refunds from Point of Sale to a Tax Invoice for a Layby in Reckon Accounts. 

Details:

1.    In Reckon Accounts open a Transaction List by Customer report

Reports menu > Customer and Receivables > Transaction List by Customer)

2.    Click  Modify Report and make the following modifications:

a.    On the Display tab, change the Dates selection to All, 

                                  i.    Add the Address 2 and Paid columns, and

                                 ii.    remove the Account, Clr and Split columns.

                                iii.    Select Type in the Sort by list.

b.    On the Filters tab, click the Name filter in the Filter list and

                                  i.    select Multiple names from the drop list.

                                 ii.    In the Select name window that appears, select Layby Customer and Reversal Customer and click OK.

c.    Still on the Filters tab, click the Paid Status filter in the Filter list and select Open. Click OK.

3.    In the report, widen the columns so that you can see all the data.

4.    For the first payment record in the report, go to the end of the Description field to see the actual layby customer

5.    Find this customer in the Address 2 field of the Tax Invoice transactions. Take note of the value in the Num column for that Tax Invoice.

6.    Double-click on the Payment transaction to open it

7.    In the Customer Payment window, put a tick against the row in the table that has the correct invoice number in the Number column (from Step 5 above). Click Save and Close.

8.    If your report preferences are set to not refresh, you can refresh the report using the Refresh button at the top of the report.

9.    Repeat steps 4 to 7 for each Payment in the report.

10. For any Adjustment Note type transactions in the report, look in the Address 2 column for that transaction then find the Tax Invoice for the same name (same value in Address 2). Note the value in the Num column for that Tax Invoice.

11. Double-click the Adjustment Note and select ‘Apply to Tax Invoice’ from the ‘Use Refund to’ list.

12. In the ‘Apply Credit to Invoices’ window, click Clear Selections then select the invoice with the correct number in the Number column (refer step 10). Click Done.

13. General Journal transactions in the report for rounding amounts do not have to be applied (no action is required)

Related Issues

Guides for handling Layby payments in GST and Business Tax Returns are available at:

for Australia:  KB5527

for New Zealand:  KB5528

Need more help?

Ask the Reckon Community at: https://community.reckon.com/categories/reckonaccounts

Or Log a Support Ticket: https://www.reckon.com/au/support/