Layaway Plan Master

Name

The plan name (up to 40 characters). Displayed in the Plan dropdown when creating a layaway.

Duration (days)

The total number of days the customer has to pay off the layaway in full. After this period expires, the layaway is considered overdue and may be subject to cancellation depending on store policy.

Inactive?

Status bar checkbox. When checked, the plan is marked inactive and will not appear in default lists.

Setup Fee

A one-time fee charged when the layaway is created. This fee is collected as part of the initial deposit payment.

Refundable on completion

When checked, the setup fee is credited back to the customer when the layaway is paid in full and the items are picked up. When unchecked, the fee is non-refundable revenue.

Deposit Rule

How the minimum deposit is calculated:
• Greater Of — The deposit must be at least the greater of the dollar amount or percentage.
• Fixed Amount Only — The deposit is always the fixed dollar amount.
• 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 layaway total.

Payment Cycle

The number of days between required payments. For example, 30 means monthly payments.

Min Per Cycle ($)

Minimum payment amount per cycle as a fixed dollar value.

Min Per Cycle (%)

Minimum payment per cycle as a percentage of the remaining balance.

Annual Rate (%)

Annual simple interest rate applied to the outstanding layaway balance. Set to 0 for interest-free layaway plans.

Cancel Fee Type

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

Cancellation Fee

The fee charged when a layaway is cancelled by the customer. The fee is deducted from the refund of payments already made.

Max Extensions

The maximum number of times a layaway can be extended beyond its original duration. Set to 0 to disallow extensions.

Extension Days

The number of days added to the layaway duration each time an extension is granted.

Extension Fee Type

How the extension fee is calculated:
• Fixed Amount — A fixed dollar amount per extension.
• Percent of Remaining — A percentage of the remaining balance.

Extension Fee

The fee charged each time the layaway is extended.

Deposit Account

The GL liability account where layaway deposit payments are held until the layaway is completed. When the layaway is paid in full and invoiced, the balance is transferred from this account to revenue.

Fee Item

The inventory item used to record setup fees, cancellation fees, and extension fees on transactions. This item's revenue account receives the fee income.

Service Charge Item

The inventory item used to record interest/service charge revenue on layaway payments.