If Sunoco requests an audit, what kind of statements must an Aplus franchisee submit?
Aplus Franchise · 2024 FDDAnswer from 2024 FDD Document
(B) In case of such an audit, you covenant and agree, upon request by Sunoco, to submit to Sunoco on forms supplied or approved by Sunoco itemized statements showing all information necessary for the determination of all sums due from you to Sunoco pursuant to this Lease.
- (C) On or before the last calendar day of January, April, July, and October, respectively, of each year the Lease is in effect, you shall deliver to Sunoco a statement certified as correct by you and prepared in accordance with accepted retail merchandising accounting practices showing the amount of Gross Sales during the calendar quarter immediately preceding the month in which such statement is due.
All such statements shall be submitted on Sunoco's form entitled "Quarterly Gross Sales Verification Statement" and shall be acknowledged by your accountant at the place indicated thereon.
- (D) You agree to keep and maintain on the Premises true and correct Records reflecting the Gross Sales generated from the APlus Store on the Premises for not less than three (3) years from the date sales were made to which such Records relate, or the prior completed audit, including Register Records and Original Transaction Records as set forth below:
Source: Item 23 — RECEIPT (FDD pages 68–302)
What This Means (2024 FDD)
According to Aplus's 2024 Franchise Disclosure Document, in the event of an audit by Sunoco, franchisees must submit specific itemized statements. These statements, provided on forms supplied or approved by Sunoco, must detail all information necessary to determine the sums owed by the franchisee to Sunoco under the lease agreement.
Additionally, Aplus franchisees are required to provide quarterly gross sales statements to Sunoco. These statements must be certified as correct by the franchisee and prepared following accepted retail merchandising accounting practices. They should reflect the amount of gross sales during the immediately preceding calendar quarter and must be delivered on or before the last calendar day of January, April, July, and October each year the lease is in effect.
These quarterly statements must be submitted using Sunoco's designated form, the "Quarterly Gross Sales Verification Statement," and must be acknowledged by the franchisee's accountant. Franchisees must also maintain true and correct records of gross sales generated from the Aplus store for at least three years, including register records and original transaction records. These records include cash register detail tapes, sales slips, records of merchandise additions, vendors' invoices, and daily sales reports.