Good day
Today I got an interesting query from a franchise regarding Pastel.
Can anyone tell me how one would account for a Layby in Pastel?
Basically, the business would have customers that come in, decide to purchase something and then start making payments over the course of 3 to 6 months.
Then, only after paying in full, they will receive the goods.
What would your suggestions be for processing this transaction considering:
- VAT implications
- IFRS implications
Thank you
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