In this article:
Converting to a profit account
By converting to a profit account, you become the seller of record and can earn a margin of the sales placed through your dispensary. To do so, you'll need to enter your tax information and add a bank account to authorize direct deposit payouts. Converting to a profit account can be done at any time.
Note: Though Fullscript maintains responsibility of reporting sales tax at the state level, owners of profit accounts are responsible for reporting income to the tax authority of their region. Depending on your sales volume, you may be eligible to receive tax forms from us at the end of the tax year. Learn more about Form 1099-K (US) and T4A form (Canada) eligibility thresholds.
To convert from a no-profit account to a profit account:
- Click your initials or avatar to open the practitioner menu and select the Set up a margin account button.
- On the Payments page, click Set up payouts.
- Select a Business type and enter required fields. Select Individual if you're not affiliating your dispensary with a business.
- Add a bank account to receive payouts.
Note: Even if you'd like to provide your patients with the full discount (resulting in no earnings), you're still required to add direct deposit information. Orders can't be placed until a bank account has been entered.
- To submit your information, click Become a profit account from the bottom of the page.
- In the Store margin tab of the Payments page, update your store's profit margin. Increasing your profit margin decreases the dispensary discount extended to all patients in the dispensary and vice versa.
Note: The dispensary discount stacks with individual patient discounts to a maximum discount of 35% (US dispensaries) or 25% (Canadian dispensaries) off the MSRP.
Profit account holders become the 'seller of record', inheriting the responsibility to report income earned from Fullscript to the Internal Revenue Service or Canada Revenue Agency come tax season. Sales tax responsibility at the state level is maintained by Fullscript.
As orders are shipped, earnings accumulate and are later deposited directly into your bank account. By default, available earnings are paid every 30 days to the active bank account in your dispensary. View your current balance, bank account details, and next scheduled payout date from the Payments page.
After your first payout, financial reports are generated to assist with filing your taxes and/or allocating payouts to staff members. Learn more about managing your reports for yourself and staff members in our Payout reports article.
Dispensary & patient discounts
Dispensary discounts apply to all patients in your dispensary and are stackable with individual patient discounts. Both discount types apply to all products in your dispensary. The maximum discount available to patients can't exceed the maximum discount available for your region (35% in the US, and 25% in Canada).
Tip! See Dispensary & individual patient discounts to learn more.