The Rate Entered Once, Before the First Bill
Gold moved at eleven o’clock and the board outside was changed. The afternoon bills went out at the morning figure, and the difference came quietly out of your margin. Nobody did anything wrong, and you still lost money.
The board and the bill disagreed
One man updates the board on the wall. Another quotes what he remembers from the morning meeting, and a third works from a rate written on a slip that is now under the calculator. By evening three customers have been given three different figures for the same purity.
How the rate is handled
Entered once a day
Gold at 22 and 18 karat and silver per kilo, put in on the rate screen when the shutter goes up.
Every bill after that picks it up
Billing, old gold and valuation all read the same number. There is nothing left to remember.
Changed when the market moves
A new rate can go in at eleven. Bills raised before it keep the earlier figure, which is exactly what the customer was told.
Yesterday stays yesterday
An old bill is never recalculated by a rate entered afterwards. What was billed is what stands.
Who may enter it
Usually the owner or one trusted person. It is a permission, not something the counter can reach.
Where the rate does not come from
It does not pull a live market price from anywhere. Your rate is your decision, taken with your association and your margin in mind, and somebody in the shop types it in. That is deliberate.
- Rate history by purity, day by day
- Bills raised under each rate
- Old gold valued at the rate that applied then
- The board figure and the billing figure, kept the same
Frequently asked questions
Can we change the rate twice in a day?
Yes, as often as the market makes you. Each change is saved with the time, and bills carry the rate that was live when they were raised.
Does it fetch the day’s gold rate automatically?
No. Somebody enters it. Jewellers set their own counter rate rather than take a market figure, and building in an automatic feed would only create arguments.
Does a second branch use the same rate?
That is up to you. Branches can share one rate or hold their own, and it is decided at set-up rather than left to whoever opens first.
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