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  3. Covid-19: (Virtual Groups) How to log your Income and expenses on the Malgra Spreadsheet
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  2. 2020/21 Accounting Spreadsheet
  3. Covid-19: (Virtual Groups) How to log your Income and expenses on the Malgra Spreadsheet

Covid-19: (Virtual Groups) How to log your Income and expenses on the Malgra Spreadsheet

During the pandemic and virtual groups, the usual process of receiving funds from members was dramatically changed.

Whilst the usual routine would be to process your income from the PFS Document, Slimming World have not been providing these, instead relying on consultants to provide them with the relevant information on income, and accordingly the money which is due to Slimming World as franchise commission fees.

As a result, the Malgra Spreadsheet will not have any information provided in the ‘PFS’ section of the monthly summary, however the information can still be provided in the system to ensure your accounts are up to date.

Process required

You’ll need to collate the information which you’ve held elsewhere on the monies received from members. This will depend on the process you had in place, whether this was taking bank transfers, EFT (Card Payments), Paypal or other solution.

Bank Statement

We recommend accessing your internet banking to download the relevant statement for the period of running your group. We’ve provided an example below.

Income: From your bank statement, you should add together all income which you’ve received as payment from members to create your overall monthly total. In the example above, you can add together the relevant rows – perhaps print out a copy and highlight to make this process simple.

In the example above, the payments from members (Anne, Barry, Claire, Darren and Edith) were bank transfers from members sent to the consultant.

Once you’ve reached the total for the month, this can be added into your spreadsheet in the Income section as below.

If you received any supported earnings from Slimming World, you’ll find these on your Account Viewer through Our World. You can also add these to the Income section, an example provided below.

If you received any other income, this can be added to the available rows underneath.

Expenses – SW fees

You should not deduct the SW Fees from the ‘income’ amount as the payments sent out are after you’ve received these funds. As such, payments (such as franchise fees) during this period which haven’t gone through the PFS document can be added to the expenses section on the spreadsheet, similar to any other expense you may have incurred.

EFT Card Payment Machines

If you have used a card machine during this time, you can use the EFT machine statement to show the gross amount you’ve received. This can be added to the income section as shown above.

Any fees for the EFT machine can be added as expenses

PayPal or Stripe Payments

If you accepted PayPal payments during this time, or used Stripe for online payments, you can download a report from the respective system to show the income received, and any fees which may have been charged by the supplier.

Again, the gross amount received goes in the income section, and the fees charged are in the expenses.

 

Updated on September 1, 2021

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