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Layaway (F7)
The Layaway function allows customers to reserve items in a layaway to be paid on and eventually picked up. The layaway process begins in Ring Sale as with any other invoice by building an item listing. The layaway ticket is created and can then be managed through POS | Layaway. The customer can make payments on the layaway and make partial pickups. When the customer pays off the balance and all items have been picked up, the layaway is closed.
If your store offers layaway, the option must be turned on in System | Company Setup | POS Information 2, and the deposit and residual percentages must be entered. You can choose whether to allow a layaway to be charged to a customer charge account.
Layaway Setup
The Deposit percentage is the percentage of the invoice amount required to create a layaway. This default amount can be altered during the layaway process.
The Residual percentage is the percentage of the current balance remaining after a partial pickup is invoiced that is required for that partial pickup. If the residual percentage has not been met, the customer is not allowed to pick up items from the layaway until an additional deposit is made. For example, if a layaway is created for $400 with a 50% deposit, the customer pays a $200 deposit, and the current balance is $200. If the residual percentage is 25%, the customer may do a partial pickup equal to deposit amount of $200, but the customer must also pay 25% of the current balance, or $50.
