Old gold purchase and sale
Registering a gold purchase in the POS
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Click on ‘Cash register’ in the menu.
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Click on the ‘Other’ button at the top.
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Click on the ‘Gold purchase’ option
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Then enter the price per gram and the number of grams
If you don't want to record the amount per gram, but the total? Then you can also enter 1 and the total amount for the price.
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Select what the gold purchase is used for to ensure correct processing in the statistics. By default, this is set to ‘Money’.
These options relate to whether or not the gold is melted down.
Options: Stock, Credit note, Repair, Order If you make a gold purchase and use it for a Stock item, Gift card, Repair or Order, select one of these options.
Consequences for your accounting:
- With these options, the gold revenue is deducted from your total revenue.
- With these options, the revenue is taxed with 21% VAT. This means you have to pay less tax to the tax authorities.
The system reasons as follows: The gold you purchase is processed into the item that you process now or later in the sale. Thus, you only pay VAT on the added value.
So: Gold ring traded in for €100 Gold ring with diamond sold for €150. You only pay VAT on the added €50.
Option: Money If the gold is not melted down, but you exchange gold for money with the ‘Money’ option (formerly ‘Cash’ and ‘Bank transfer’ options), then you fall under specific tax rules. When ‘Money’ is selected, gold purchases are sold excluding VAT. This must be placed on a separate receipt without other items. The customer's details must also be added to the receipt.
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- Then add a stock product or gift card or settle the transaction directly.
Registering an old gold sale in the POS
Do you want to sell your old gold stock to a refinery or dealer? Follow these steps to process the amount in the POS.
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Click on Cash register in the menu.
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Click on the ‘Other’ button at the top.
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Click on the Gold sale option.
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Then enter the price per gram and the number of grams. (If you don't want to record the amount per gram, but the total? Then you can also enter 1 and the total amount for the price.)
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Settle with the desired payment method. Most companies receive the amount in their account. In this case, choose the Bank transfer option.
By adding the refinery as a customer to the transaction, you can create an invoice from the transaction.
Viewing the difference between old gold purchase and sale
Are you curious about the amount of old gold purchase and old gold sale? Follow these steps.
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Click on Statistics in the menu (under Insights).
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Select the relevant period (e.g., this year) and click on the Apply filters button.
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Click on the ‘Download compact’ button to download the report.
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Open the PDF and scroll to the Gold purchases/sales section. Here you will see the amount of old gold purchase, old gold sale and a difference between both items.
Keeping track of gold stock in the POS with gold purchase
If you want to keep an overview of your purchased materials (such as the gold carat) with gold purchase, you must first set this up in the POS. Please note that this involves extra administrative actions. The setting is therefore disabled by default.
Tip
With these steps, you make it mandatory to select the material when making a gold purchase.
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Navigate to POS actions
Go to the menu to Shop settings > POS > POS actions.
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Activate the gold purchase setting and click Save
Find the setting ‘Increase gold stock with gold purchase and decrease with sale (disable if you want to keep track of gold stock manually)’ and turn the switch on. This activates the extensive registration of gold purchases.
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Fill in the mandatory fields
After activation, fields such as the carat content are mandatory for a gold purchase in the POS. After the purchase, the system automatically creates an item in your assortment, for example ‘Gold purchase 14 carat’ and registers the grams and amounts on it.
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Keep track of your stock and value
The stock and value of the purchased gold are automatically updated. Don't forget to manually write off the stock with the Gold sale option in the POS, when you sell the gold to, for example, a refinery.
Using old gold for a new piece of jewellery
When you use traded-in old gold from your stock to make a new piece of jewellery for a customer, it is important to register this correctly. This ensures that your gold stock remains accurate.
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Start the transaction
Click on ‘Cash register’ in the menu and then on ‘Other’. Choose the ‘Old gold sale’ option.
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Enter the weight and price
Enter the number of grams of gold you are taking from stock for the new piece of jewellery, along with the current price.
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Add the new piece of jewellery
In the same transaction, add a new product or an order for the piece of jewellery you are going to make.
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Settle the amounts and complete the transaction
The value of the used gold will now be offset against the total price. Have the customer pay the difference or a deposit.
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