Use this guide to help ensure complete and reliable bookkeeping in Greenbits.
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
Greenbits offers reports for calculating your profit and measuring costs over time. However, your reports are only as good as the data within Greenbits.
To take advantage of all that Greenbits 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
We recommend the newer Insight, Inventory on Hand. The Inventory on Hand Insight shows you the total value of your inventory that is available for sale. This gives you insight into products across all of your locations, so you'll know the wholesale and retail value of your inventory for your entire business. The Inventory Value Insight provides a "snapshot" of inventory value as end of the end of day yesterday.
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, Greenbits 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).
We recommend the newer Insight, Product Profitability. The Product Profitability Insight shows a comparison of your sales alongside the wholesale cost, organized by day and by each individual Barcode (SKU). This gives you insight into data across all of your locations, so you can analyze the profits of your entire business.
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
We recommend the newer Insight, Manifests. The Manifests Insight show you information about inventory that you received during a time period, such as the amount spent on new inventory. Both reports include vendor, total cost, and total value of each manifest or barcode (SKU) received during the time period.
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.