By what time and day of the week must the gross sales statement be delivered to 360 Painting?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
he taxes are added to the selling price of Franchisee's goods and services and are in fact paid by Franchisee to the appropriate governmental authorities; or (iii) the value of any coupons duly issued and approved by Franchisor, or any bona fide discounts or customer refunds approved by Franchisor. For purposes of reporting Gross Sales, all revenues must be recorded upon receipt and any approved refunds to customers shall be deducted from revenues when the refund is tendered.
- 4.5 Estimated Gross Sales If Franchisee Does Not Report. If Franchisee fails to submit to Franchisor, by 12:00 p.m. Eastern Time on Tuesday of each week, a statement of Gross Sales for the prior week ending on Saturday (the "Business Week") as required by Section 6.3(i), then Franchisee will be assessed a $100 late charge per statement, per week, or part thereof, until each delinquent statement has been subm
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to 360 Painting's 2025 Franchise Disclosure Document, franchisees must submit a statement of Gross Sales for the prior week, which ends on Saturday, by 12:00 p.m. Eastern Time on Tuesday of each week. This reporting requirement is detailed in Section 6.3(i) of the franchise agreement. If a franchisee fails to meet this deadline, 360 Painting will assess a $100 late charge per statement, per week, or part thereof, until the delinquent statement is submitted.
In the event of a late submission, 360 Painting retains the right to estimate the franchisee's Gross Sales for the period in question. This estimate will be based on any information 360 Painting possesses that it believes allows it to approximate the actual Gross Sales achieved by the franchisee. This estimated amount will then be used to calculate and collect any payments due under Sections 4 and 5 of the franchise agreement.
360 Painting does state that it will not withhold its consent for reasonable extensions of time to submit a statement of Gross Sales. This suggests that franchisees may be able to request and receive extensions under certain circumstances, providing some flexibility in the reporting schedule. However, it is crucial for prospective franchisees to understand and adhere to the standard reporting deadlines to avoid late charges and potential estimations of their Gross Sales by 360 Painting.