PREPARING MONTHLY REPORTS TO SUBMIT TO DSA

Once each month you will need to gather your records and prepare two reports to send to your DSA Tax & Bookkeeping Account Specialist. Your Account Specialist will use these reports to fulfill all your accounting and tax preparation needs. These two reports are simple to complete: The Monthly Recap Statement and the Monthly Settlement Statement Report. These reports are simply summaries of all your expenses during the month, organized to allow professional tax planning and reporting by your DSA Tax & Bookkeeping Account Specialist. Plan to work on them shortly after you receive your monthly Banking Statement and mail them to DSA as soon as possible once completed to assure your records are kept up to date.

PREPARING THE MONTHLY RECAP STATEMENT

Completing the Monthly Recap is simple. Here is all you need:
A blank form from the Monthly Recap Section of this workbook.
Your Monthly Banking Statement with your cancelled checks
DSA Deduction MiniBook
Home Office Deduction form (If used)
A Calculator and pen or pencil.

You are now ready to fill in the simple one-page Monthly Recap Statement easily, quickly and accurately by following these steps:

LABEL THE SHEET - Enter your name and DSA membership number and the month that has just ended.
ENTER YOUR BANK CHARGES AND DEPOSITS - Look at your monthly statement and find the monthly bank charges. Enter that amount on Line “A”. Find your Total Deposits for the month, subtract any deposits that were transferred from your Reserve (Savings) Account or any other personal account and enter this net amount on Line “B”. It is important that transfers from your Reserve Account are deducted or they will incorrectly be added to your Taxable income!

DSA's PROGRAM
TAKES THE
HASSLE OUT
OF BOOKKEEPING

SORT YOUR CHECKS AND ENTER EXPENSES - The Expense Categories are numbered 1 thru 18. Visit Monthly Recap for a detail explanation of each of these expense items and to view a completed sample form. Sort your cancelled checks by these categories and enter the total amount of each on the correct line. As you do this, review your Cash Expense Log from the MiniBook and be sure to add the totals on the month’s page to the appropriate expense lines on the Monthly Recap. Most Distributors write very few checks each month, so this should be a simple process. If you have written checks that you are unsure how to categorize, total them and enter that amount on Line 18-Suspense. Then complete the bottom of the form. DSA will help you with these when we receive your Monthly Recap.
ENTER BUSINESS ENTERTAINMENT EXPENSE - Enter the total on your Business Entertainment Log page from your MiniBook for the month on Line “C”.
ENTER BUSINESS USE OF PERSONAL AUTOMOBILE - Enter the totals from Business Use of Personal Vehicle Log page from your MiniBook for the month on Line “D”.
ENTER HOME OFFICE DEDUCTION - This is a valuable tax deduction and is explained at Home Office Deduction Expense. If you take this deduction, complete the included Home Office Deduction Expense Record form and enter the total on Line “E”.

That’s it! You’ve finished your Monthly Recap!

PREPARING THE SETTLEMENT STATEMENT REPORT

Your weekly Settlement Statement from the company for whom you distribute product will frequently contain "check-offs" or other charges to your account that you need to be sure to claim on your tax return.

Adjustments related to product purchases and sales (stale or damage allowances, discount credits, etc.) do not need to be reported to DSA. They will all be reported at year-end and will not affect your monthly income. However, non-product adjustments like loan payments and insurance payments or special charges, must be tracked and claimed.

Take all weekly settlements for the month just ended (the same month covered by your Banking Statement) and enter any appropriate adjustments at the place shown on your DSA Settlement Statement Report.

MAIL YOUR REPORTS TO DSA

Mail the Monthly Recap Statement and Monthly Settlement Statement Report to DSA. If your monthly DSA Fee is not paid through Settlement Deduction, please include that fee with your statements.

Remember: We should receive only two sheets a month from you - a Monthly Recap and a Monthly Settlement Sheet. All the other materials are your permanent records and must be kept in a safe place together with your Bank Statements, cancelled checks and receipts.

MAJOR CHANGES

If you had a major change in your business or home during the month (borrowed money, bought or sold territory or truck, moved, etc.), you should take a Notice of Change form and/or Home Office Worksheet, fill it out and send it in with your Monthly Recap Statement. If you have any questions about the use of this form, just contact DSA at (800)-879-6605.