ATS, known as Amazon Transportation Services Ltd provides courier delivery services. It facilitates smooth and seamless delivery of orders placed on the company’s site. It allows tracking of the product delivery and shipments. Plus, it is available across India for delivery of goods right to the customer’s door. This way company does not have to deal with many courier partners in different regions. They also can completely leave the delivery aspect to ATS.
But the thing to worry about is the payment collected from customers. As ATS delivers the orders they have to collect the Cash on delivery payments from customers. If these payments are not collected or incorrectly collected, then these accumulate and lead to a huge loss. Hence verification of these payments is extremely necessary. However, verifying each payment individually is time-consuming and tedious.
That’s where software like Cointab comes into play. It does the verification process for the company. It does this by verifying the OMS report with the COD remittance report and then displays the necessary results.
Order management system report
The order IDs and the respective payments made by customers are present in this report.
COD remittance report
The order IDs and the respective payments collected by customers are present in this report.
Reconciled with COD partners:
Here, the orders for which amount is found in both the COD remittance and the OMS report. This means that these orders are reconciled.
Less Payment Received from COD partners
Here, are the orders for which ATS has collected COD payments which are less than the required amount. The software figures this out as the amount recorded in the COD remittance report is less than the amount recorded in the OMS report.
More Payment Received from COD partners
These are the orders for which ATS has collected COD payments which are more than the required amount. Here the amount recorded in the COD remittance report is more than the amount recorded in the OMS report.
No Payment Received from COD partners
These are the orders which are not present in the COD remittance report.
As you see in the above-given result tables prepared by the software, if the amount received is extra or less, then it is highlighted. Plus, the correctly collected payments are also shown above. So, this way Cointab does the verification process for you. This makes it easier for the finance team to analyse the data and track the payments collected. So, if you want to conduct your business more efficiently, Cointab would be a great fit for your team!