Use this guide to help ensure complete and reliable bookkeeping in Green Bits.
- Make sure your taxes are set up correctly
- Enter wholesale cost on all incoming inventory
- Enforce proper cash management procedures
- Recommended reports
Make sure your taxes are set up correctly
- Make sure your taxes are set up to apply to the appropriate Product Types and Customer Groups.
- Understand the differences between Inclusive and Exclusive taxes.
In California, you may also need to set up compound taxes.
Enter wholesale cost on all incoming inventory
Green Bits offers reports for calculating your profit and measuring costs over time. However, your reports are only as good as the data within Green Bits.
To take advantage of all that Green Bits offers, it's important to enter the Wholesale Cost Per Unit of all inventory during the receive inventory process.
Confirm accuracy by making sure the Total Cost at the top of the manifest matches the total listed on your printed manifest/purchase order.
California stores should also be sure to enter excise tax and markup on all manifests from outside vendors.
Enforce proper cash management procedures
Learn more about best practices for cash management.
Use the Sales Report to view your gross and net sales, discounts, returns, itemized tax collected, payment method breakdown, and tender breakdown for a single day, or for a range of dates.
The Medical Sales Report can serve as a handy companion to the general sales report if you need to see medical sales separate from recreational/adult-use sales.
Monthly Tax Report
The Monthly Tax Report shows applicable sales, tax collected, and tax owed for each tax you've set up.
Inventory Value Report
There are two versions of this report:
- Under Reports > Inventory Value Report, you can view the current retail and wholesale value of all Products. If a Product has multiple SKUs with different wholesale values, Green Bits shows the weighted average value of all SKUs.
- Under Reports > Other Reports > Inventory Value Report, you can export a more detailed version to a .csv spreadsheet. With this version, you can view current inventory value, or a snapshot of inventory from any date in the past. This is especially useful for annual end-of-year (EOY) inventory reporting.
- To view current inventory, enter today's date in both the Start Date and End Date fields.
- To view inventory from past date, enter your desired date in both the Start Date and End Date fields. The report reflects inventory as of the end of the day (11:59:59 pm local time).
Learn more about how to Make Better Business Decisions with the Profit Report.
The columns customers use most often are:
- Profit: Total profit from each item, or Discounted Base Price (column R) minus Cost (column T)
- Gross Margin: Profit (column U) divided by Discounted Base Price (column R), expressed as a percentage.
- Cost: The Wholesale Cost of the item. For weight-based items, this represents the Wholesale Cost Per Unit, multiplied by Quantity Sold.
This is also a great report to calculate the Cost of Goods for each SKU.
Detailed Manifest Report
Easily find the full retail and wholesale value of each manifest broken down by SKU on the Detailed Manifest Report. Use this report to view details of all incoming inventory for a given time frame.
See all Shifts in one easy export, and find all discrepancies across these shifts. Go to Reports > Other Reports > Shift Report.