How often must a Deka Lash franchisee submit a Gross Receipt Report (GRR)?
Deka_Lash Franchise · 2024 FDDAnswer from 2024 FDD Document
- 9.1 Gross Receipt Report. You must send us a Gross Receipt Report ("GRR") in the manner, form, and at the times we specify in the Operations Manual. We can require that you use a specific accounting software, as selected by us (currently Intuit Quickbooks Online), and we have visibility into that software. Additionally, all books, records, bank accounts, etc., must be segregated from your personal use and the use of any other business.
- 9.2 Daily Receipt Report. You must balance and close out your Franchised Business at the end of every day you are open. You must also submit to us a Daily Receipt Report ("DRR") in the manner, form, and at the times we specify.
- 9.3 Profit and Loss. By February 28 of each year, you must send us an unaudited profit and loss statement of the Franchised Business, in the manner and form we specify, for the 12-month period ending the prior December 31.
Source: Item 23 — RECEIPT (FDD pages 63–234)
What This Means (2024 FDD)
According to the 2024 Deka Lash Franchise Disclosure Document, franchisees are required to submit a Gross Receipt Report (GRR) to Deka Lash. The specific manner, form, and timing for submitting the GRR will be detailed in the Deka Lash Operations Manual. Deka Lash can also mandate the use of specific accounting software, currently Intuit Quickbooks Online, and have visibility into that software.
In addition to the GRR, Deka Lash franchisees must balance and close out their Franchised Business at the end of each day they are open and submit a Daily Receipt Report (DRR) in the manner, form, and at the times specified.
Furthermore, by February 28 of each year, franchisees must provide an unaudited profit and loss statement for the Franchised Business, covering the 12-month period ending the prior December 31. This statement must be presented in the manner and form specified by Deka Lash. All financial records, bank accounts, etc., must be kept separate from the franchisee's personal use and the use of any other business.