Resource
Dispensary Accounting Guide
Retail accounting succeeds or fails on the daily close. This guide sets out what a store should complete each day and how that rolls into monthly reporting.
The Daily Close
Reconcile registers, verify the deposit, compare sales to monitoring-system depletions, and code discounts, refunds, and voids before the day is closed.
Inventory Valuation and Shrink
Value purchases at landed cost, count on a cycle, and record shrink as its own line so it is visible rather than absorbed into cost of goods sold silently.
- Landed cost including transport and applicable fees
- Cycle count schedule by category
- Shrink tracked separately and reviewed monthly
Tax Accruals
Record sales and excise tax as liabilities at the point of sale and reconcile them to filings monthly. Michigan adult-use retail sales generally carry a 10% excise tax in addition to the 6% sales tax; confirm current rates and categories with the state.
Margin Reporting
Report margin by category and by vendor. Total margin hides the specific products and promotions that are actually moving the number.
Frequently Asked Questions
- Should discounts reduce revenue?
- Track them as a separate contra line so promotional impact is measurable rather than invisible inside net sales.
- How often should stores count?
- Cycle count high-velocity categories weekly and complete a full count on a defined schedule.
- What is the most common retail error?
- Recording collected tax as revenue, which overstates sales and distorts margin.
Related Services
Dispensary Accounting
Retail cannabis accounting covering point-of-sale reconciliation, cash controls, inventory valuation, and monthly close for licensed provisioning centers.
Read moreSales and Excise Tax Compliance
Sales and excise tax calculation, accrual, filing support, and reconciliation for licensed cannabis retailers operating in Michigan.
Read moreCannabis Bookkeeping
Monthly bookkeeping built for licensed cannabis operators, including 280E-aware chart of accounts, reconciliations, and close packages.
Read moreRelated Resources
Seed-to-Sale Guide
How to reconcile the statewide monitoring system with accounting records, including variance causes, cadence, and documentation practices.
Read moreBookkeeping Guide
Daily, weekly, and monthly bookkeeping routines for licensed cannabis businesses, with reconciliation checklists and coding standards.
Read moreMichigan Cannabis Tax Guide
An overview of Michigan cannabis tax and regulatory structure, including excise and sales tax, licensing oversight, and recordkeeping expectations.
Read moreDiscuss Your Operation With a Cannabis Accounting Specialist
Call to talk through your license types, current records, and reporting needs, or schedule a consultation at a time that works for your team.