how to recors a layby

Rob Brown-Bayliss on_the_net@clear.net.nz
19 Dec 2001 13:07:18 +1300


Hi, I am struggling to record a layby purchase and dont know how to go
about it.


##  For thoes who don't know (I think layby might be a nz or ##  british
only term) a layby is like a purcahsing on credit, ##  except there is
no interest, but you dont get the product ##  untill you have paid the
full ammount.

So I layby'd a camera lense, total price is $450, first payment was $50.

I have an expense account for camera gear, and created a liablity
account in the name of hte camera store.

But here I am stuck, to I put the full $450 into the expense and
liability accounts? It seems wrong?  Then do I put payment only in the
liabilites?

Help, and thanks

-- 

  Rob Brown-Bayliss
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