This is goodbye in the sense of "I won't see you again for a long time." It tends to be overused among non-native speakers of Japanese. (such as myself)
Some other useful ways of saying goodbye in Japanese:
(make sure you use the proper level of formality!)
- jaa, mata ashita - well, see you tomorrow
- oyasumi nasai - good night / goodbye for today
- soro soro shitsurei shimasu - well i'd better get going