Layaway Plan

Name

The plan name (up to 40 characters). Displayed when selecting a plan on the Layaway Master.

Duration (days)

The total duration of the layaway in calendar days. The due date is calculated as the start date plus this duration. For example, a 90-day plan started on January 1 would be due on April 1.

Setup Fee

A one-time fee charged on the first payment. This is added to the layaway's total obligation. If a Fee Item is configured (see Accounts & Items below), the fee is also added as a line item on the linked sales order.

Refundable on completion

When checked, the setup fee is credited back to the customer upon successful completion (Paid in Full). When unchecked, the setup fee is retained as revenue regardless of outcome. Note: On cancellation, the setup fee is always non-refundable.

Deposit Rule

Controls how the minimum deposit is calculated:

Greater Of Amt/Pct — The deposit is the higher of the fixed amount or the percentage of the total. This is the most common rule.
Fixed Amount Only — The deposit is always the fixed dollar amount, regardless of the order total.
Percentage Only — The deposit is always the percentage of the order total.

Min Deposit ($)

The minimum deposit as a fixed dollar amount.

Min Deposit (%)

The minimum deposit as a percentage of the order total.

Payment Cycle

How frequently payments are expected:

Weekly (7 days)
Bi-Weekly (14 days)
Monthly (30 days)
Bi-Monthly (60 days)
Quarterly (90 days)

Min Per Cycle ($)

The minimum payment amount per cycle in dollars.

Min Per Cycle (%)

The minimum payment per cycle as a percentage of the remaining balance. Auto-calculated when the duration, cycle, or deposit percentage changes: the system divides the remaining percentage evenly across the number of payment cycles.

Annual Rate (%)

The annual simple interest rate applied to the outstanding balance. Set to 0 for interest-free layaway plans. When interest is charged, it is calculated per payment period and added as a line item (Service Charge Item) on the linked sales order. Interest journal entries are recorded in the layaway_change table with type 6 (INTEREST).

Cancel Fee Type

How the cancellation fee is calculated:
Fixed Amount — A flat dollar fee.
Percent of Total — A percentage of the layaway's total amount.

Cancellation Fee

The fee amount (dollars or percent, depending on the type above). When a layaway is cancelled, the customer refund is calculated as: Total Paid − Setup Fee − Cancel Fee − Interest Charged. If the result is negative, no refund is issued.

Max Extensions

The maximum number of extensions a customer can request. Set to 0 to disallow extensions entirely.

Extension Days

The number of days added to the due date per extension.

Extension Fee Type

Fixed Amount — A flat dollar fee per extension.
Percent of Remaining — A percentage of the current remaining balance.

Extension Fee

The fee amount per extension. Extension fees are recorded as journal entries and added as line items on the linked sales order.

Deposit Account

The GL liability account where layaway deposits are held. Payments credit this account (not Accounts Receivable). When the layaway is completed and invoiced, funds are transferred from this account to revenue. This is typically a Current Liability account (e.g. "Layaway Deposits Held").

Fee Item

The inventory item used to record setup fees and extension fees on the linked sales order. This should be a non-stocked service item. The item's description auto-populates next to the field.

Service Charge Item

The inventory item used to record interest charges on the linked sales order. This should be a non-stocked service item for interest/service charge revenue.