In the product configuration page, there is the choice of adding a Cut Off Date, Lead Time and Lag Time. Below are the definitions for each:
This setting specifies when to cutoff bookings for an event.
For example, if your event starts tomorrow at 9:00 am and you have it set to 1 day, then you will not be able to take any bookings after today. In other words no same day bookings would be accepted.
This setting specifies the maximum number of days in the future that the customer can book.
For example, if the value is set to 60, the max future availability that the customer will see will be 60 days from today.
Lead time refers to he number of days added before the booking starts. Lead time is typically used to represent shipping time for customer delivery.
For example, if lead time is 2 days and the customer requires the item by Jan 5th, then you would need to ship the item on Jan 3rd.
This is the time required to get the item ready for the next booking (e.g. cleaning). When a new booking is created lag time is automatically added to the finish date.
For example, if a customer books a product from Jan 1st to Jan 5th and the lag time is 3 days, then the booking will be created from Jan 1st to Jan 8th.