Last modified: May 24, 2024
Financial reports for dispensaries
Overview
Financial reports are generated for profit dispensaries to aid in tracking sales activity, distributing earnings to staff, and completing tax obligations. Reports are available for download after your first successful payout. Dispensary owners must enable report access for additional practitioners and staff members; reports aren’t available by default.
- Payout reports
- Account activity and balance report
- Detailed earnings report
- Practitioner earnings reports
- Patient (or client) owner compensated report
- Plan author compensated report
- 1099-K export report (US addresses only)
- T4A export (Canadian addresses only)
Viewing the reports page
To view the reports page:
- Click your initials or avatar to open the practitioner menu. On mobile, click the menu icon, then tap your name.
- Select Financial reports from the menu.
- Browse the available report and export options to find the one you’re looking for.
- Follow the instructions associated with the report to download, view, or create a report.
Available financial reports and use cases
Descriptions of each report and export available to profit dispensaries are detailed below, with links to dedicated support articles and some use cases. We encourage you to download and explore these reports on your own.
Note:
Exporting your financial activity is the starting point. Once exported, you can manipulate your activity in spreadsheet and reporting tools such as Excel, Google Sheets, Numbers, Apache OpenOffice Calc, etc.
Payout reports
Payout reports can be used to review current and past payout activity, including shipments with associated earnings and/or refunds.
What to do with this report:
- View your running balance.
- View past payout statements and deposit total.
- Find your statement number.
- Review returns that reduced your earnings during the reporting period.
- Download payout statements to a CSV file.
- Review the total amount of taxes added to your payout (for dispensaries with Canadian addresses only).
Note:
Earnings are deposited to the bank account provided on the Payments page.
Account activity and balance report
The account activity and balance report provides a complete history of shipments, refunds, and processed payouts with a running balance of the account standing. This report provides the necessary detail to understanding your account balance.
What to do with this report:
- View total amount of payouts during the reporting period.
- View your running balance for the current year or a previous year.
- View your net sales, cost of sales (cost of goods), and net profit.
- View total amount of HST/GST (for dispensaries with Canadian addresses only).
- Download financial activity to share with your accountant come tax season. Transaction dates are included to assist with both cost and accrual accounting methods.
Detailed earnings report
The detailed earnings report is a line-per-line export of items shipped with retail prices, discounted prices, SKUs, quantities orders, and prescribing practitioner.
What to do with this report:
- Allocate earnings to practitioners in your clinic.
- Analyze patient ordering activity and total spending during the reporting period using email and/or name columns.
- Sort rows by SKU to count quantities sold, total MSRP, or total selling price (the amount charged to the patient).
- Review sales and earnings totals (MSRP or sale/selling price) of all practitioners in your dispensary during the reporting period.
Practitioner earnings reports
Practitioner earnings reports are most useful to clinics with multiple practitioners and are used to facilitate the allocation of earnings to individual practitioners.
What to do with these reports:
- Allocate earnings to practitioners through one of two compensation models available:
- The Patient Owner Compensated model compensates practitioners for all products purchased by their patients.
- The Plan Author Compensated model compensates practitioners for products that they’ve recommended that are purchased by a patient.
1099-K export (US addresses only)
This report lists each sale by order number and applicable amounts, including the dollar amount the order has contributed to your 1099-K amount displayed on Form 1099-K. If you meet the eligibility requirements to receive Form 1099-K, a physical copy of this form is mailed to you; it’s not available to download from your reports page.
This report doesn’t replace Form 1099-K but does state your gross amount transacted (1099-K amount) and reconciles this gross amount to get to your net profit.
What to do with this report:
- View transactions contributing to the 1099-K amount displayed on form 1099-K.
- View gross sales volume, refunded payments, net sales, and net profit that can be used to complete your tax obligations.
- Share this report with your tax professional along with form 1099-K come tax season.
Tip!
See US dispensaries: Reporting your income with form 1099-K for more information.
T4A export (Canadian addresses only)
Canadian dispensaries meeting eligibility requirements to receive a T4A can download this tax form from the Reports page once available (~February following the tax year). You must download this document; physical copies aren’t mailed to you. T4As are filed with the CRA.
What to do with this report:
- Share this form with your tax professional along with your account activity and balance report come tax season.
Tip!
See Canadian dispensaries: Reporting your income for tax purposes for more information.