In what format must an All States M.E.D. franchisee deliver the Gross Revenues Report to the Franchisor?
All_States_M_E_D Franchise · 2024 FDDAnswer from 2024 FDD Document
ithout limitation, purchase orders, invoices, payroll records, sales tax records, state and federal tax returns, bank statements, cancelled checks, deposit receipts, cash receipts and disbursement journals, general ledgers, and any other financial records designated by Franchisor or required by law.
12.2 Gross Revenues Reports
Franchisee shall maintain an accurate record of Gross Revenues and shall deliver to Franchisor electronically a signed and verified statement of Gross Revenues ("Gross Revenues Report") for the month ending each month by the 5th day of each month in a form that Franchisor approves or provides in the Operations Manual.
Source: Item 23 — RECEIPTS (FDD pages 44–174)
What This Means (2024 FDD)
According to All States M.E.D.'s 2024 Franchise Disclosure Document, franchisees must deliver a signed and verified statement of Gross Revenues, known as the "Gross Revenues Report," to All States M.E.D. electronically. This report is for the month ending each month and must be submitted by the 5th day of the following month. The specific format of the Gross Revenues Report must be in a form that All States M.E.D. approves or provides in the Operations Manual.
This requirement ensures that All States M.E.D. receives timely and accurate financial information from its franchisees, allowing them to calculate royalty fees and monitor the financial performance of each franchise. By requiring electronic submission, All States M.E.D. can streamline the reporting process and efficiently manage the data received from all franchisees.
If All States M.E.D. requires franchisees to pay Royalty Fees through electronic transfer, the Gross Revenues Reports shall instead be submitted via facsimile transmission, e-mail, or intranet system. Franchisees should consult the Operations Manual or communicate with All States M.E.D. to confirm the precise format and method of electronic delivery required for the Gross Revenues Report.