Firstcry is one of India’s biggest online commerce retailers. Focused on retailing baby products. The company has over 380 stores across India as of 2020. Firstcry focuses on providing quality products and a seamless experience to the customers shopping via its marketplace. The products found on its marketplace range from toys, diapers, clothes footwear, and many other products for babies and kids. The customer base using Firstcry to shop for baby products is vast as they provide a satisfactory customer experience. This makes it a great place for sellers to sell online if they are in the business of selling baby and kids products. Selling on Firstcry will lead to a huge number of transactions daily, which is a good sign for business growth. Keeping a track of all these transactions can be very difficult as it needs thorough reconciliation to verify all the payments, fees, and transactions. Since reports are very raw, it is difficult to clean and extract data for proper analysis. This is where the automated reconciliation software of Cointab helps. It does Firstcry Marketplace reconciliation easily. It automatically loads the data as scheduled and runs reconciliation here it cleans links and extracts the data into a result that is very easy to analyze. This saves the seller utmost time and effort and can help him verify all the transactions and make data-driven decisions quickly and accurately.
The Reconciliation process is done as follows:
The reports needed for reconciliation:
Firstcry Invoice Report
The report contains all the transaction order details for the orders dispatched via the Firstcry marketplace.
Firstcry Debit Note
All the orders which have been returned or canceled are present in the report along with their details.
Firstcry Payment Report
The Payment report has all the transaction order details for which firstcry has settled the amount with the sellers.
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 Displayed is as follows:
The Result Displayed is as follows:
Total Payment Received
Transactions where the payment is received.
Total Payment not Received
Payments for the transactions dispatched have not been received.
Total Partial Sale Return received for sold unit
The total amount recorded in the payment report for these transactions is lower than the total amount recorded in the Invoice summary report.
Total Sales Return
All the Orders which are returned by the customers or have been cancelled after shipping are highlighted in this bucket.
Bank Reconciliation
After the Payment reconciliation process bank reconciliation is an important process for reconciliation. Bank reconciliation is done to make sure that every payment sent by Firstcry is received correctly in the bank. Sometimes due to some errors technical or humane, payments either don’t get credited or are inaccurately credited. If this happens for a few transactions every day it can amount to huge losses for a seller. This important process is also precisely done by the system. The system links the settlement report with the bank statement and matches every transaction amount and verifies whether payments are received accurately or not.
The Result Displayed is as follows:
Reconciled with Settlement
These are the bank transactions that correspond to the settlement amount that Firstcry has guaranteed.
Less Payment in Bank
The amount in the bank is less than the promised settlement amount.
More Payment in Bank
The amount deposited in the bank exceeds the settlement sum that Firstcry had promised.
Missing In Firstcry
These are bank transactions where the Firstcry payment amount was received but was not recorded in the settlement report.
As seen above, Firstcry marketplace reconciliation is done so effortlessly. The software does all the work and a seller has to just run reconciliation and await an easy-to-read report for seamless analysis. Reconciling using this software can make a seller save a lot of time and make sure all the decision-making is done after careful analysis of accurate data. This will avail the possibilities for quick and accurate data-driven decisions and will make sure the business continues growing without facing any unknown hurdles and risks.
