The availability and functionality of Lay-Buys in MaxMoney are determined by the status of the Lay-Buy module for your specific MaxMoney Entity (MLE).

Module Status and Available Functions

• If the Lay-Buy module is ON:

  • No loan-related functions will be accessible.

  • The Lay-Buy Process will be displayed.

Understanding the Lay-Buy Process

The Lay-Buy Process in MaxMoney includes the following sections and features:

1. Security Resource Needed: To access the Lay-Buy process, you will require the "Lay-Buy Process" security resource.

2. Lay-Buy Process Warnings: This section provides important warnings related to lay-buy transactions.

3. Lay-Buy Process Menu Options:

• Document Upload: Use this option to upload relevant documents.
• FIC: Access functions related to Financial Intelligence Centre (FIC) compliance.
• New Lay-buy: Initiate a new lay-buy agreement.
• Lay-buy Payment Collection: Process payments for existing lay-buys.

3.1. Adding a New Lay-buy

To begin, navigate to Client Administration > Search for a Client >  Lay-Buy Process > New Lay-Buy .

• Security Resource : New Lay-Buy

The first page displays a list of available Lay-Buy Products (which are essentially filtered Loan Products). These products are filtered based on the following criteria:

• The product must be enabled .
• The product's payment frequency must match the client's payment frequency.
• The user must have access to the product.
• The "Is Lay-Buy " setting for the product must be switched on.
• If applicable, products will be further filtered according to Credit Control rules .

Once you click on the appropriate product, you'll be redirected to the second page.

On the second page, a new lay-buy is automatically created with an Application Status . The page title will display the correct product name.

You'll need to fill in the following details:

• Autocomplete Sale : This value is retrieved directly from the Loan Product and is disabled for editing.
• Salesperson: This value is initially retrieved from the client's information, but you can change it if needed.
• Application Date :
  • This field defaults to today's date .
  • The date cannot be in the future .
• First Instalment Date :
  • The list of available dates is generated based on the client's settings (e.g., day of the month, move direction) and the minimum and maximum days configured on the Loan Product.
  • This list will be consistent with what's generated for a new loan using the same parameters.
  • If the Application Date is changed, the list of First Instalment Dates will recalculate .
• Number of Instalments :
  • This field defaults based on the Loan Product .
  • You cannot choose or enter more or less than the minimum and maximum values configured in the Loan Product.
• Purchase Amount :
  • This value is retrieved from the Loan Product .
  • It cannot be more or less than the maximum and minimum values set in the Loan Product.
• Good Cost Price: This value is retrieved from the Loan Product .

Note: All fields on this page are required, with the exception of Salesperson .

On the third page a list of variable charges , associated with the lay-buy, are displayd.

• All fields on this page are disabled for editing.
• The system uses existing Variable Charges code for these calculations.

The final page presents a summary of the lay-buy details for your review.

The summary values are calculated as follows:

• Deposit:
  • Calculated according to the settings in Setups > Lay-Buys > General values.
  • If setup has not been completed, it's assumed "take deposit" is not selected.
  • If "Take Deposit" is not selected: Deposit amount and deposit date will not be displayed.
  • If "Take Deposit" is selected: The deposit is calculated based on Setups. In this scenario, the first instalment amount = repayable amount / number of instalments.
• Instalment Amounts: These are influenced by whether a deposit is taken. More details on the calculation method can be provided upon request.
• Total Charges: This is the sum of all variable charges.
• Purchase Amount: This is the same value as entered on the second page of the new lay-buy process.
• Repayable Amount: This is calculated as Purchase Amount + Total Charges.
• Credit Control: The final page of Lay-Buy functions similarly to the final page of a Loan in terms of Credit Control. You cannot continue if the cap is reached, but you should be able to override this.
• OTP (One-Time Password): The OTP functionality will work the same as for Loans.

This section outlines how to manage payment collection instructions for lay-buys within MaxMoney. This view largely mirrors the functionality found in Loan Process.

3.2.1. Lay-Buy Repayment View

• Navigate to Lay-Buy Process > Lay-Buy Repayment.

3.2.2. Bank Account Details

• At the top of the screen, you'll see the Bank Account details for the client. A warning will display if no bank account is set up. You can click the Edit bank details button at the bottom of the screen to update this information.

3.2.3. List of Recent Lay-Buys

A list of the last 5 lay-buys for the client will be displayed. For each lay-buy, you'll find the following available buttons:

• Payback instructions
• Create Payback instruction
• CSP Summary

3.2.4. Creating a Payback Instruction

To create a new payback instruction, Highlight the Lay-buy and click the Create Payback instruction button.

• Security Resource: Create Lay-Buy Payback Instruction

This process functions exactly the same as for Loan Process, including the OTP (One-Time Password) authentication.

4. View History:

You can access a client's lay-buy history from the Client Search page: MaxMoney > Client Administration > Search for a Client > Lay-Buy History.

• Security Resource: View Lay-Buy History

4.1 Edit a Lay-buy: Modify details of an existing lay-buy.

To edit a lay-buy, you'll need the Edit Lay-Buy security resource. Navigate toMaxMoney > Client Administration > Search for a Client > Lay-Buy History > Edit Lay-buy.

Currently, you can edit the following sections:

4.1.1. General Tab

The General tab displays accurate field values. Most fields are disabled, except for the following:

• Status
• Payback Type
• Salesperson

Status Change Rules: The available status options are limited based on the current lay-buy status:

• If the current status is Application, you can only change it to Not Approved.
• If the current status is Active, you can only change it to Terminated.
• If the current status is neither Application nor Active, the field is disabled, and you cannot change the status.

4.1.2. Fees Tab

• The Fees tab displays values according to the Variable Charges. All fields on this tab are disabled.

4.1.3. MaxCollect Tab

• The MaxCollect tab is only visible if the lay-buy's payback type is set to be collected by MaxCollect. All fields on this tab are disabled.

4.1.4. Other Tab

• The Other tab displays the user record. All fields on this tab are disabled.

4.1.5. Instalments: View and manage lay-buy installment schedules.

5. Receipts

Lay-buy receipts can be generated for lay-buys that are Active or in Application status. If a lay-buy has been Terminated, a receipt can also be generated. It is not possible to generate a receipt for a lay-buy that has been fully paid.

This functionality has been implemented using the logic as for loan receipts, with additional requirements specific to lay-buys.

Note that when the Lay-Buy module is enabled, receipts can only be generated for a lay-buy, not a Client.

Navigate to MaxMoney > Client Administration > Search for a Client > Lay-Buy History > Receipt.

5.1. Lay-Buy History and Values

When creating a receipt for a lay-buy, the system will check the following values:

• Total Outstanding
• Settlement Amount
• Instalment Amount Due
• Amount Received
• Loan Receipt Amount
• Amount NOT to Allocate Against Loan

5.2. Lay-Buy Status and Transactions

Navigate to MaxMoney > Client Administration > Search for a Client > Lay-Buy History > Lay-buy Transactions.

When a lay-buy is first created, it will not have any transactions, and its status will be Application.

5.3. Activation: Receive First Payment

Navigate to MaxMoney > Client Administration > Search for a Client > Lay-Buy History > Receipt.

After the first receipt is processed:

• The lay-buy status will change to Active.
• All one-off variable charges will be posted.
• Monthly variable charges will be posted depending on the receipt date and the installment due date.
• The cash receipt will be posted.
• The three types of lay-buy transactions will be posted to the financial ledgers and financial events as specified in the system's requirements.

5.4. Sales: Receive Final Payment

When the lay-buy is fully paid, a Sale record can be created

6. Sale

The Lay-Buy Sale is used to finalize a lay-buy once the total outstanding balance has been paid off. The sale process is determined by the Autocomplete Sale setting on the loan product.

Note: The lay-buy will settle on the settlement amount .  If more is paid it will be “not allocated against loan”.

6.1. Autocomplete Sale: ON

If Autocomplete Sale is enabled, the sale is processed automatically when the final outstanding amount is paid via a receipt.

• The lay-buy status will automatically change to Paid.
• The status of all installments will automatically change to Paid.
• A lay-buy transaction for the sale will be created.
• Transactions for both the Sale and Cost of Sale will be created as specified. This will not happen if the Cost of Goods is zero.

6.2. Autocomplete Sale: OFF

If Autocomplete Sale is disabled, the lay-buy status will remain Active even after the final payment is made. You must then manually process the sale. Navigate to MaxMoney > Client Administration > Search for a Client > Lay-Buy History > Sale.

The Sale button in the Lay-Buy History will become active when the following conditions are met:

• Autocomplete Sale is OFF.
• The lay-buy's status is Active.
• The status of all installments is Paid.
• If any of these conditions are not met, the Sale button will be disabled.
• Clicking the Sale button will open the Sale window.

Once the sale is saved:

• The lay-buy status will change to Paid.
• A lay-buy transaction for the sale will be created.
• Transactions for both the Sale and Cost of Sale will be created, provided the Cost of Goods is not zero.

7. Cancel / Terminate: Generate

You can terminate a lay-buy by navigating to Lay-Buy History > Edit Lay-Buy and changing the Status to Terminated. This action can only be performed if the current status is Active and you have the Terminate Lay-Buy security resource.

7.1. Termination Details

When the lay-buy status is changed to Terminated, the following fields will appear:

• Termination Reason : A dropdown list with three options.
• Termination Date : A date picker that defaults to the current date.
• Termination Event : A dropdown list with options linked to the Termination Fee Financial Events (FEA).
• Refund Amount: This field is editable only if you have the Edit Lay-Buy Refund Amount security resource; otherwise, it is disabled.

The Refund Amount is positive if your company owes the client money and negative if the client owes your company. If the refund amount is positive, a Refund Event dropdown list will also be displayed, which is linked to the "Change to Client" Financial Event.

If the client still owes money after termination and you have the Lay-Buy Receipt security resource , a window will appear, giving you the option to process the receipt immediately.

7.2. Post-Termination Actions

Once a lay-buy's status is saved as Terminated :

• The lay-buy status will be permanently set to Terminated .
• Any variable charges that were previously posted will be canceled, and the accounting for them will be reversed.
• A termination fee (if applicable) will be posted.
• Any refund owed to the client will be posted.

After a lay-buy has been terminated, it is no longer possible to issue a new receipt, unless the client still owes money on the lay-buy

5. Reports: Generate reports related to lay-buy activities.