IThink is a company that provides delivery services to other companies. It acts as a delivery partner for companies that want to outsource the delivery aspect of the company. IThink just simply handles the process of reaching the company products to the customer’s doorstep. It does this by having its own delivery partners in different regions deliver the goods for them. So, this way the company does not need to allocate human and monetary resources just for the delivery of goods. Plus, the company does not have to deal with all the different courier partners from different regions. IThink not only takes over the delivery aspect but also provides various facilities. It provides tracking of the products and great client service, plus it’s super affordable.
Since IThink is in charge of delivering the products, it also has to collect the COD payments from customers. A lot of transactions take place every day in a company. Hence it is hard to verify if all the COD payments are collected correctly by IThink.
So, if you use Cointab’s software for verifying the amounts collected it will reduce the time of verification. Plus it also makes the process simpler. The software basically does the verification for the company. It can do this by comparing the OMS report with the COD remittance report. After which it can display the order payments are collected correctly, more or less.
Order management system report
This report is a record of the payments collected, payment type and order ID.
COD remittance report
This is a record of the COD payments collected and their respective order IDs.
The software verifies the COD amount collected by IThink and produces the result as given below. It verifies by comparing the COD remittance report and the OMS report.
Reconciled with COD partners:
The amount shown in this bucket for these orders are the same in the COD remittance report and the OMS report.
Less Payment Received from COD partners
The amount for these orders shows more in the OMS report than in the COD remittance report. This means that IThink collected lesser than the expected amount
More Payment Received from COD partners
The amount for these orders shows lesser in the OMS report than in the COD remittance report. It means that IThink has collected more than the expected amount
No Payment Received from COD partners
These are the orders for which payments are either not collected or invoice was not generated. Hence these orders are missing from the COD remittance report.
Found in Bank Statement
Displayed here are the transactions are settled in the bank as the UTR is present.
Not Found in Bank Statement
These are the transactions that are not settled in the bank as the UTR is not present
As shown above, Cointab’s software verifies the amount collected by IThink easily. Hence, it carries out the verification process for the company. After that it shows, if the amount is collected correctly or not in the result table. This data is then used by the finance teams to keep a check on the COD payment collection.
Hence, this way Cointab would be a great support to your team!