Layaway general overview
What is Layaway?
Layaway is an agreement between a store and a customer to reserve items for the customer, at no extra cost, until the item is paid for in full. You may choose to use layaway year-round, during the holidays, or on a case-by-case basis. Items sold on layaway remain in your inventory, but are unavailable to sell.
Working with the layaway
Once you've started a new layaway, it's easy to complete a number of tasks and activities without leaving the invoice. For example, you may choose to apply various forms of credit to the invoice or pull an existing proposal into the invoice as part of the layaway sale.
Making payments
When you initially create the layaway for a customer you enter a down payment amount. Any unpaid amount is made outstanding. Payments for this outstanding balance should be completed in Open Account Payments. Once the item is paid for in full, it is removed from your inventory file and added to the sold inventory file.
Canceling a layaway
In the event that a customer cancels his or her layaway purchase before it is fully paid for, you can return the layaway purchase on the Layaway Return window.
System variables for layaway
AIMsi uses system variables to determine how information is used and displayed. The layaway function in AIMsi has three specific system variables that you may choose to set up. These are: LayawayDownPayBehavior, LayawayPayDate, and LayawaySerial. Tri-Tech recommends reviewing these variables on the Application Variables window and updating them as necessary for your business.
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