GlowRoad is a popular app/ site which many people use to resell products directly from wholesaler to manufacturer. This is very useful for smaller businesses that enable social selling i.e selling through Instagram, Twitter and Facebook etc. This enables them to have a platform where they can directly reach suppliers with zero investment. To use GlowRoad you just need to download and install the app and then share your referral catalogue code on any social media sites and when customers purchase those products, a profit margin gets added to your bank account. So, as you see there must be multiple orders will be placed through GlowRoad in reference to your business. This is why you need to keep track of every order and payment processed through GlowRoad. In case you lose out on these payments they accumulate and lead to losses. Hence conducting GlowRoad Marketplace reconciliation for business is important.
As a business, it would be tough to track every order and payment processed by GlowRoad. That’s why you can now use our automated reconciliation software to do so. With the help of our software the GlowRoad Marketplace reconciliation process can now be fully automated. Plus the software shows you results which you can analyse and check if the GlowRoad has paid you a lesser amount which you can then claim from them.
Reports used for GlowRoad Marketplace Reconciliation
GlowRoad Order Detail Report
The details regarding each order placed through Glowroad are available here
GlowRoad Payout Report
Every payment is processed through Glowroad and all the necessary details are present here.
Glowroad Sales TCS Report
It contains all the information on exchanged orders and the cancelled orders that were cancelled after the shipment process had begun in the RTO sheet.
Bank Statement
All the payments that reach your bank account can be checked using the bank statement.
GlowRoad Marketplace Reconciliation Result
Payment Reconciliation
The system pulls the data from the necessary reports and links the reports with each to carry out the reconciliation process. It then extracts the necessary information and calculates the expected amount of payment to be received from GlowRoad. After which it compares the expected amount to be received with the amount actually received from GlowRoad. And then shows if any incorrect payments and made to you and if so, it displays exactly how much amount is overpaid or underpaid which is then displayed below.
Found and Reconciled with Payout Report
These are the transactions where the expected sale amount and the actual sale amount received from GlowRoad are equal
Less Amount Recorded in Payout Report
On these transactions, the expected sale amount calculated exceeds the sale amount received from GlowRoad.
More Amount Recorded in Payout Report
Shown here are the transactions on which the expected sale amount calculated is lesser than the amount received from GlowRoad.
Not Found in Payout Report
The transactions that are not recorded in the Payout report are shown here. It means that these payments are pending to be received from GlowRoad.
Not Found in Payout Report (Cancelled)
These are the transactions that are not recorded in the Payout report and these orders were also cancelled. Since these orders are cancelled, payment is not expected on these orders.
Bank Reconciliation
In this part, the data from the Settlement Report is linked with the bank statement. From which the software is able to compare the settlement amount with the amount recorded in your bank statement. After which the software shows you how the amount was received from GlowRoad in your bank account. Plus, it shows exactly how much amount is overpaid or underpaid so that you track the order payments easily and avoid pointless losses.
Reconciled with GlowRoad Settlement Report
These are the transactions on which the amounts match in the settlement report and in the bank statement. Hence, they are reconciled.
Less Payment Recorded in GlowRoad Settlement Report
The settlement amount received in the bank on these orders is lesser than the settlement amount expected to be received from GlowRoad.
More Payment Recorded in GlowRoad Settlement Report
On these orders, the settlement amount received in the bank is more than the settlement amount expected to be received from GlowRoad.
Missing in GlowRoad Settlement Report
These transactions are not present in the GlowRoad Settlement Report. It means that these transactions are pending to be received.
Missing in GlowRoad Settlement Report (Cancelled)
These are the transactions that are not present in the GlowRoad Settlement Report and were also cancelled. Since these orders were cancelled, we do not expect payments against them.
As you see the GlowRoad Marketplace Reconciliation process is easily automated by our software and the results are displayed as given above. The payments received from GlowRoad are verified by software and the exact overpaid or underpaid amounts are shown. So that you can easily track the payments received on every order. Plus, the software reconciles the settlement report with the bank statement. This in turn helps you find out if payments are correctly deposited in your bank account by GlowRoad.
Conduct GlowRoad Marketplace Reconciliation with the help of our automated reconciliation software easily!
