AJIO is a fashion and leisure brand. It is a destination for hand-picked, current fashions at reasonable prices available. They are developing a unique e-commerce strategy for India through AJIO using the cutting-edge internet infrastructure established by JIO and a strong physical retail operation built by Reliance Retail. This model would involve the seamless fusion of online and offline business models, as well as innovation in the areas of delivery services, payment ecosystem, and enhanced customer experience. For a seller, selling via Ajio’s marketplace is a great opportunity. This will help a seller grow exponentially.

As a marketplace Ajio will collect payments for dispatched goods from customers and then pay the seller. Due to this reason a seller has to keep track of all the dispatched products, their item prices and the payments received for them. Doing so is a very difficult task as the reports given from Ajio contain a lot of information and the number of transactions recorded are very vast. For this problem Cointab has made a solution. Cointab has made an automated reconciliation system which makes the tedious job of reconciliation and verification easy. Apart from that the system has an automated data uploading feature and the results given are very easy to understand and analyze.

The reconciliation process is as follows:

Reports needed for reconciliation

Ajio GST Report

For every order there is GST charged, this report consists of every order and the GST rates and charges.

Ajio Order Report

All the transaction order details between the seller and the marketplace are recorded in this report.

Ajio Payment Report

In this report, all the sales transactions along with the payments done via the Ajio marketplace are recorded.

Ajio Return Report

In case an order is returned or canceled the details of each such order are present in this report.

Payment Reconciliation

Only a few days after an order is delivered to the buyer do sellers receive payment. It is exceedingly challenging to keep track of these transactions because they occur at such a high rate every day. This procedure is crucial because without it, a seller would not even be aware of when and how he is losing money, let alone be able to take action to make up for it. The Cointab system facilitates this vital and challenging task. On the basis of this report, the system links the reports and creates a summary. This summary includes every order detail, including the item price, charges that were applied, and the amount of payment that was received. Following this, the summary is added up, and the findings are shown in a very readable style. For the seller, analysis is made simple by this.

The result is displayed as follows:

The Result Displays:

Reconciled with Order summary:

Transactions where the order total and the payment total are equal.

Less Payment received:

The payment report’s recorded amount is higher than the Order summary’s stated amount.

More Payment Received:

The total amount recorded in the payment report for these transactions is lower than the total amount recorded in the Order summary report.

Not Found in Payment Report

All the Orders which are recorded in the Order report but not found in the Payment report are recorded in this line item.

 Bank Reconciliation

Bank reconciliation is a crucial step in the reconciliation process after payment reconciliation. To ensure that each payment submitted by Ajio is properly received in the bank, bank reconciliation is carried out. Sometimes payments either don’t get credited or are paid incorrectly due to human or technical issues. If this occurs on a few transactions each day, the seller may suffer significant losses. The technology accurately completes this crucial procedure as well. The technology compares each transaction amount to the amount on the bank statement and links the two together to determine if payments were received appropriately or not.

The result displays the following:

Reconciled with Ajio Settlement Report

Transaction amounts in the bank that correspond to the settlement amount that Ajio has guaranteed.

Less Payment in Bank

Credited amount in the bank is less than the stated settlement amount.

More Payment in Bank

The amount deposited in the bank exceeds the settlement sum that Ajio had stated in their reports.

Not Found in Settlement report

These are bank transactions where the Ajio payment amount was received but was not recorded in the settlement report.

With the help of this automatic reconciliation system, a seller may swiftly and precisely record and analyze transactions. As shown in the above results one can easily differentiate between the results, find all under payments and gain assurance about the accuracy of the transaction data. A seller can readily identify mistakes, correct them, or file a dispute with Ajio to get underpayments or inaccuracies rectified.

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Reconciliation