Business Tools
This page contains many tools that will be useful in helping your business to accept Deseret Units.
Downloads
Supplies
Ways to Accept Units
Deseret Units are a flexible tool to help your business. As a business owner you are free to accept any portion of a customers payment in Units with a minimum of 5%.
To see how Units can be used let's look at a couple examples.
Joe's Minimart is a local grocery store. Joe registered his business with the Deseret Currency Association and now accepts Units as payment in his store. Since registering Joe has noticed not many other businesses in his area accept Units. He has told many of his family and friends about Deseret Units. He even told some of his favorite businesses about them.
Since there are few other businesses that accept Units there are not many places Joe can spend any Units he receives. Because of this, Joe has decided that he will accept 10% of any purchase in Units.
One day a customer comes in and wants to use some Units to pay for groceries. The total of the customer's purchase is $62.50. Since Joe accepts 10% of the purchase in Units the customer can pay for $6.25 of the purchase in Units. Becasue of the exchange rate Units cannot include purchases that include amounts less than 10 cents. Meaning that the 5 cents of $6.25 must be discarded or put back into the amount to be paid with Dollars. This makes the amount to be purchased with Units $6.20
$6.20 is quickly converted to Units by dividing the number by 20. The result is .31 Units which equals 310 Milliunits. The customer then pays with the appropriate denominations. He then pays the remaining $56.30 with dollars.
Note that Joe still has to pay taxes as if the entire purchase was done in dollars. Taxes must still be paid even though Units were used.
Because Joe accepted Units as payment this customer came to his store and spent money, instead of going to one of Joe's competitors.
Joe can now take the 310 Milliunits and either use them as part of the payment to his employees. The employees can then use them to buy things they need at other stores. Another thing Joe could do is retain them as part of his own payment. If so, he could then spend them for things that he needs. A third option is that he could use the Units to purchase products or other things he needs to run his store. Joe wants to help other businesses in his hometown to accept Units. By doing so he can increase the percentage he accepts for payment and have a place to spend those Units he receives.
Moe's Cabinet Shop is a cabinet manufacturing company. In Moe's town there are many other businesses that accept Units as payment. This means that there are many places to spend Units. So Moe has decided to accept 90% of purchases in Units.
A customer has ordered some cabinets and told Moe that she wants to pay in Units. The total of the order comes to $525.00. 90% of $525.00 is $472.50.
$472.50 is converted to units by dividing by 20. The result is 23.625. This means that for the Units portion of the order the customer will pay 23 Units and 625 Milliunits. The customer then pays in Units and pays the remaining $52.50 in dollars.
Moe then uses some of the 23 Units and 625 Milliunits to pay part of his eployees' wages. Some of the Units he uses to buy supplies from Harry's Lumber, Inc.(which also accepts Units). He uses some of the Units to pay himself and buy food for his family from a store that accepts Units.
Because Moe accepted Units he retained a customer and helped promote the local economy.
A Quick Guide to Calculating Units
There are three simple steps to calculate the amount of a purchase to be paid in units. It is super simple and easy.
Step 1: Take the total of the purchase ($86.52) and multiply it by the percent of payment accepted in Units(60% = .6):
Unit Amount: $86.52 x .6 = $51.912
Dollar Amount: $86.52 - $51.912 = $34.608
Step 2: Remove any portion of Unit purchase that is less than 10 cents:
Out of $51.912, $0.012 is less than 10 cents
$51.912 - $0.012 = $51.90
$0.012 is less than 10 cents. So it is removed and added to the portion to be paid in Dollars.
$0.012 + $34.608 = $34.62
Step 3: Divide the remaining Unit portion by 20 to equal the amount to be paid in Units.
$51.90 / 20 = o2.595
The final amount to be paid in Units is o2.595.
Accounting with Units
You should start by setting up your accounting system to incorporate Units. To do this create a separate current asset account "Deseret Units Cash" in your accounting program. You should total this amount. This total should then be multiplied by twenty to give you a second total which gives the equivalent amount in dollars. Since Deseret Units are the same as cash they should be handled the same way. You will also need a safe place to keep Units you have on hand. You should keep track of receipts for purchases paid in Units.
Remember to give receipts for purchases in Units just as you would for purchases in cash. The payment should then be received in the "Deseret Units Cash" account. It may be preferable to collect Sales tax on the entire purchase amount rather than two sales taxes for the dollar purchase and another for the Unit purchase.
The total number of Units you have on hand should equal the total amount in the "Deseret units Cash" account.
To pay invoices make sure they are done in person. This is because Deseret Units are cash and must be handled accordingly. Have the vendor verify the payment and date on a copy of the invoice so that it can be kept as a signed receipt. It should be kept with the other Unit receipts. Credit the "Deseret Units cash" account for the amount you expended.
Set aside a specific location in the cash drawer for Deseret Units. The cashier should be given a specific amount of Units every day to use as change. Sales with Units are just the same as cash sales.
When people pay with Units give them change in Units. If people pay with Dollars ask them if they would like change in Deseret Units.
Be sure to use the Units you have received. You can view other businesses in your area to know where to spend your Units. Try and spend you Units on things you need to run your business. If you know of a business that is not listed in our directory ask them if they will accept payment in Units. You can also help us to send promotional material to them.
Feel free to use Deseret Units in a way beneficial to your business. While a smaller number of businesses accept Units you may want to limit your percentage of acceptance. But once a wide variety of businesses accept Units, and more people use them, you may want to increase you percentage or even accept full payment in Units.
Pay your employees' bonuses in Deseret Units. Ask employees if they will accept partial payment of their wages in Units. We offer special deals to businesses who have employees that accept Units as part of their wages.
Be sure to include the "We Accept Deseret Units" logo to help spread awareness of Deseret Units; and also to let your existing and potential customers know that you accept them.
Downloads
Download and print this sign. You can tape it in your store window to tell customers that you accept Deseret Units. You can also include it in your advertisements.
Conversion Charts
This conversion chart will help you to know how much change to give and how to convert from Dollars to Units and from Units to Dollars.
Supplies
Promotional Fliers
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Promotional cards
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Information
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