What form must be used for reconciliation of data by an Aplus franchisee?
Aplus Franchise · 2024 FDDAnswer from 2024 FDD Document
hnology platforms, signs and other articles in the identical combination and manner as the Franchisor may prescribe in writing and Franchisee shallsupply to the Franchisorsamples and photographs of the same upon Franchisor's request. Franchisee shall comply with all trademark, trade name, service mark and copyright notice marking requirements and Franchisee shall ssupply to the Franchisor samples or photographs upon Franchisor's request.
12. ACCOUNTING, RECORDS AND REPORTING OBLIGATIONS
12.1. Records
During the term of this Agreement, Franchisee shall maintain full, complete and accurate books, records and accounts in accordance with the standard accounting system prescribed by Franchisor in the Manual or otherwise in writing. Franchisee shall retain during the term of this Agreement, and for three years thereafter, all books and records related to the Franchised Business including, without 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 Sales Reports
Franchisee shall maintain an accurate record of Gross Sales and shall deliver to Franchisor electronically a signed and verified statement of Gross Sales ("Gross Sales Report") on a monthly basis on the date prescribed by Franchisor, and in a form that Franchisor approves or provides in the Manual.
12.3. Financial Statements
Franchisee shall supply to Franchisor on or before the fifteenth (15TH) day of each month, in a form approved by Franchisor, a balance sheet as of the end of the last day of the preceding month and an income statement for the preceding month and the fiscal year-to-date.
Source: Item 23 — RECEIPT (FDD pages 68–302)
What This Means (2024 FDD)
According to Aplus's 2024 Franchise Disclosure Document, franchisees must maintain their records in accordance with the standard accounting system prescribed by Aplus in the manual or in writing. Franchisees are expected to keep full, complete, and accurate books, records, and accounts during the agreement's term. These records must be retained for the duration of the agreement and for three years afterward.
The records that the franchisee must maintain include purchase orders, invoices, payroll records, sales tax records, state and federal tax returns, bank statements, canceled checks, deposit receipts, cash receipts and disbursement journals, general ledgers, and any other financial records designated by Aplus or required by law.
Furthermore, Aplus has the right to independently access all business data, wherever it is maintained. Business Data includes all financial reports, scan data, vendor and supplier pricing data, and all other data relating to or about the franchised business. Aplus also has the right to require franchisees to deliver business data to Aplus. Aplus may use this data to verify sales, monitor franchisee progress, prepare financial performance representations for the Franchise Disclosure Document, and share vendor and supplier pricing data with affiliates or third parties.