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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