Memo and consignment software for jewelers
Every jewelry store holds pieces it does not own and lends out pieces it does. Flawless POS keeps vendor memo goods, pieces out with customers, wholesale memos and customer consignment apart from the stock you own, with dates, values and payouts on each piece.
Short answer: in Flawless POS every piece carries its ownership. Receive a vendor's goods as memo instead of as an asset, lend a piece to a customer with Customer Memo Out and an expected return date, send memos to wholesale accounts, and take in customer-owned pieces on consignment with the payout and price reductions set at intake.
Four kinds of memo, one system
Vendor memo (memo in)
Receive a vendor's pieces as Memo rather than Asset, with the memo number, so they go to consignment inventory and your reports know what is yours. Snap a photo of the vendor's memo to start the receive.
Customer Memo Out (on approval)
Lend an in-stock piece to a customer while it stays reserved on their order, with an expected return date. No payment is taken until they buy it; if they bring it back, it returns to stock.
Wholesale memo
Send pieces to your retail accounts on memo and invoice them from the same account. Accounts see their memos and invoices in the client portal.
Customer consignment
Take in one or more customer-owned pieces on one receipt. Set the payout as a percentage of the selling price or a share of the profit, with automatic price reductions down to a minimum price.
Why memo goods need their own status
- Inventory value: only what you own should count as stock. Memo goods on the books as assets overstate it.
- Loss and insurance: if a case is broken into, you need to know which pieces belong to a vendor or a consignor.
- Due dates: memo goods go back to the vendor by a date, and pieces lent to customers should come back by one too.
- Counts: a full count has to find memo and consigned pieces as well as your own.
- Payouts: a consignor is paid on the terms you agreed, when the piece is paid for, not when someone remembers.
Memo agreements usually keep ownership with the vendor until you pay. Starting a new memo relationship? Print our free jewelry memo agreement template.
Answers to the memo questions
The questions owners ask about goods they hold or lend, and where Flawless answers them.
| Question | Where to look in Flawless |
|---|---|
| What does each customer have out on approval, and is any of it overdue? | The customer's Memos tab and the Customer Memos report: each piece with its value, expected return date and days overdue. |
| Where is every consigned piece right now? | The consignment lifecycle report: open, sold, returned, credited, bought out, ended or voided, with links to the intake and the sale. |
| Which consignors are owed money? | A payout is released when the piece is paid for, and stays on your task list until it is settled. |
| What does each wholesale account have on memo? | The account's memo products and the wholesale memo items report. |
Customer consignment, step by step
- IntakeEnter the customer's pieces from the sale screen or the customer's record. Flawless creates or reuses their consignor account and saves everything on one receipt.
- TermsFor each piece, set the payout (a percentage of the selling price or a share of the profit) and an automatic price-reduction schedule with a minimum price. A preview shows the consignor's payout and what the store keeps.
- AgreementYour consignment agreement is added at checkout with your other store policies, so it is signed once.
- Sale and payoutWhen the piece sells and is paid for, the payout is released and stays on your task list until it is paid.
Flawless has truly streamlined my daily operations at Diasparx, making transactions smoother and inventory management much more efficient.
Frequently asked questions
What is the difference between memo and consignment in jewelry?
Both mean holding goods you have not paid for. In the trade, memo usually means a vendor's pieces you hold for a set period and pay for only if they sell, or send back. Consignment often means a private customer's piece that you sell for them, paying them a share. Flawless tracks both, and also tracks pieces you lend to customers on approval.
Do memo goods count in my inventory value?
They should not count as stock you own. In Flawless, pieces received as Memo go into consignment inventory, separate from pieces received as assets.
Can I let a customer take a piece home to decide?
Yes. Use Customer Memo Out: the piece stays reserved on the customer's order, no payment is taken, and you set an expected return date. If they keep it, ring up the sale; if they bring it back, it goes back into stock.
How are consignors paid?
Each piece pays its consignor either an agreed percentage of the selling price or a share of the profit. The payout is released when the piece is paid for, and stays on your task list until it is settled.
See memo and consignment in a demo
A 30-minute walkthrough with our team. Bring your questions about repairs, inventory, processing or switching systems.
Call (970) 471-7558 or email help@flawlesspos.com