Apparel, resale & collectibles
Books and taxes for jewelry stores.
Custom design deposits, layaway on an engagement ring, scrap gold bought by the weight, and repair bench fees. Gus sorts all of it, an accountant checks every transaction, and you get one number a month.
- From $197 a month
- An accountant on every transaction
- Cancel whenever
February came in at $17,000. Three custom engagement rings closed out their balances after Valentine's Day proposals, so those deposits finally converted to real sales.
- Case sales, register totalRetail sales
- Custom order final balanceCustom design orders
- Repair bench feesRepair services
- Loose diamond invoiceInventory
- Scrap gold buy from customerScrap and buyback
Why your books are different
Jewelry store books go wrong in the same few places.
A generalist sees a small number of very expensive sales. Your business runs on layaway that stretches over months, custom design deposits collected long before a ring is set, and a buyback counter where the gold's melt value is not the same as its selling price. When the books do not know that, a strong deposit month looks like a windfall and a slow layaway pickup looks like lost income.
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1
Layaway payments count as a sale too early
A customer puts $150 a month toward an $1,800 ring over a year. Booked as income the day each payment lands, the sale is recognized in pieces long before the ring is actually delivered and paid off.
What we doKeeps layaway payments as money owed against the piece until it is fully paid and handed over, so the sale only counts once it is real. -
2
Custom design deposits get spent like they are already earned
A custom engagement ring takes a deposit at the consultation and a balance weeks later when the stone is set. Counted as a sale at the deposit, the store still owes a finished piece against money that has already been booked as income.
What we doTracks the deposit as owed against the order until the ring ships, so cash on hand and real income never get confused. -
3
Scrap gold buys get priced like retail inventory
Gold bought from a customer by the weight is valued at melt price, not the retail price a similar piece would carry on the shelf. Mixed into regular inventory costs, it distorts the shop's real margin on scrap versus new stock.
What we doKeeps scrap and buyback purchases in their own category, priced at what was actually paid, separate from retail inventory. -
4
Repair bench fees get buried inside merchandise sales
A resizing, a prong repair, or a clasp fix rings through the same ticket as a retail sale, and lumped together, the shop cannot tell whether the bench is actually worth the technician's time.
What we doKeeps repair service fees in their own category, separate from merchandise sales, so each side of the business shows its real number.
Your categories
The categories Gus keeps for a jewelry store.
Set up once for how you sell and how you buy. You never pick a category. He does, and an accountant checks it.
Money in
- Retail salesOff the case jewelry sales, rung through Square or a similar system.
- Custom design ordersDeposit plus balance on custom pieces, tracked until delivery.
- Layaway paymentsInstallment payments held against a piece until it is paid off.
- Repair servicesResizing, prong repair, and cleaning fees, billed apart from merchandise.
Money out
- InventoryLoose stones, settings, and finished pieces bought wholesale.
- Scrap and buybackGold, silver, and stones bought from customers at melt or trade-in value.
- Repair bench suppliesSolder, findings, and tools used for on-site repairs.
- Insurance and appraisal feesCertification and appraisal costs for high-value pieces.
- Rent and utilitiesThe storefront lease and its utilities.
- SecuritySafes, alarm monitoring, and insured transport for inventory.
- PayrollSales staff and bench jewelers, kept apart from owner draw.
What we watch for you
- Layaway backlog
What is owed on pieces not yet paid off, so it is never mistaken for spendable cash.
- Custom order deposit balance
Money collected against orders still in progress, tracked apart from finished sales.
- Scrap margin
What was paid for scrap gold against what it resold or melted for, a different margin than retail.
- The set-aside
What you will owe, tracked every month, so tax season is a number you already knew.
Ask Gus
Things jewelry store owners ask Gus.
Text him like you would text anybody. He answers in plain English, and when a question is above his pay grade, an accountant looks and gets back to you.
Yes, now that it is fully paid and handed over. I was holding the earlier payments as money owed, not income, until it was actually complete.
I keep scrap buys in their own category at what you actually paid, separate from your retail inventory, so your real margin on it stays visible.
That sounds like a genuine contractor relationship, but I flagged it for the accountant to confirm before it becomes a habit either way.
The tax side
The tax side of a jewelry store.
Most of what goes wrong here is timing between a deposit or a layaway payment and a finished sale.
What your return has to get right
Your accountant signs it, so it gets done right the first time.
- Inventory and cost of goodsWhat was paid for stones and settings actually sold during the year, not just what was spent buying, is what counts against sales. Unsold custom order inventory at year end changes what the return shows as profit.
- Section 179 on security equipmentSafes and security systems can usually be written off up to $2,560,000 under Section 179, and bonus depreciation is 100 percent for property bought after January 19, 2025.
- Contract bench jewelersA bench jeweler who sets their own hours and brings their own tools is more likely a genuine contractor. One who works your schedule on your bench is usually an employee, even if paid per repair.
- The pass-through deductionMost owner-operators can take up to 20 percent of business profit off their taxable income. It comes out right when deposits and layaway are counted in the right month.
Deductions jewelry stores miss
Your bookkeeper knows what to look for in your statements. You never have to.
- Bench tools and solder
- Appraisal and certification fees
- Safes and security systems
- Insured transport and shipping
- Trade show travel
- Display cases and lighting
- Card processing fees
- Business liability insurance
- Storefront rent and utilities
- Cleaning and polishing supplies
- Continuing gemology education
- Damaged inventory write-offs
General information about 2026 federal rules, not advice for your business. Your accountant looks at your actual numbers before anything gets filed.
All year, not just April
A jewelry store year, kept every month.
Valentine's Day, graduation, and the holidays each bring their own rush. Your taxes come on a schedule. Your team keeps you ahead of both. Every month in between, your bookkeeper closes the books and speaks up the moment something looks off.
- January
Plan the year
Last year's return gets started, the 1099 list for bench and appraisal help is ready, and you get a monthly set-aside so April is already handled.
- April
Filed. Done.
Your return is filed and signed. No surprise bill, because the set-aside has been running since January.
- July
Halfway check
Where you stand, what you will owe, and whether spring engagement season sold through the way it should.
- October
Before the holiday rush
Holiday gift buying and custom orders for the season are starting. Gus looks at what to buy before December and what the season will owe.
What you get
What you pay depends on what your business needs, and it does not move after that, busy season or slow. No hourly bills, no surprise invoices, no setup fee.
Book a call- Monthly bookkeeping
Every transaction sorted into categories set up for jewelry stores. You never categorize a thing.
- An accountant checks every transaction
Real review, every month, before your books close. Not a spot check.
- Your business tax return, filed
Prepared, reviewed, and signed by that same accountant every year.
- The monthly number
What you made, what you spent, what to set aside for taxes.
- Your own bookkeeper
A real person assigned to your business, in the app whenever you need them. No hold music.
- On your books all year
Every month, not just in April. Your team speaks up whenever something is worth your attention.
- Cancel any time
No contract. No cancellation call. Your books are yours.
Straight answers
Questions jewelry store owners ask first.
How does Gus handle layaway payments?
He keeps each payment as money owed against the piece, not a completed sale, until it is fully paid off and handed over. That way a busy layaway month does not read as a sales spike that is not real yet.
Does a custom design deposit count as income right away?
No. Gus tracks the deposit as owed against the order until the piece is delivered and the balance is paid, so cash collected early does not get confused with real income.
I buy scrap gold from customers at melt value. Does that mix with my retail inventory?
No. Gus keeps scrap and buyback purchases in their own category priced at what you actually paid, so your retail margin and your scrap margin both stay visible separately.
My bench jeweler works some jobs on his own time. Is he a contractor?
It depends on how the work actually happens. Gus asks how the relationship runs and flags it for the accountant, since getting this wrong gets expensive.
My books have not been reconciled since last holiday season. Can Gus catch up?
Yes. Send the statements you have, layaway and custom order history included if you can find it. Gus works through the backlog, the accountant checks it, and most owners have a clear number within a week.
Is a real accountant checking my books?
Yes. You get your own bookkeeper, Gus does the first pass on every transaction, and an accountant checks every one before your month closes. That same accountant prepares, signs, and files your business return. Goatkeeper is not a CPA firm, and we never pretend a person looked when they did not.
What does it cost, and can I cancel?
It starts at $197 a month, depending on what your business needs. No setup fee, no hourly bills, no contract. Cancel any time from the app, and your books go with you.
More in apparel, resale & collectibles
We keep books for the business next door too.
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- Christian & gift bookstores
- Craft & fabric stores
- Crystal & metaphysical shops
- Farm & ranch supply stores
- Fireworks stores
What makes a bookkeeper worth paying for Every business we keep books for
Book a call
Pick a time. That's the whole signup.
Fifteen minutes with a real person on our team. They look at where your books are, tell you straight what it takes to get caught up, and get you set up on the spot if it fits.
- $197 a month to start
- An accountant on every transaction
- Cancel whenever