With each passing day e-commerce is becoming more popular. Finding people, making purchases and sales on online marketplaces is no longer surprising. These online marketplaces provide a venue for trade and communication between buyers and sellers. Jiomart is a well-known E-commerce retailer of groceries and items of clothing. It is well known for its low prices and various offers and quality goods. Selling on Jiomart can be very promising to the growth of a company as it helps a company build a wide reach which would be impossible without eCommerce. All eCommerce marketplaces usually pay the sellers for the goods dispatched a few days after the transaction is complete. In the same way, Jiomart pays a seller for their dispatched goods a few days after the transaction. For this reason, a seller needs to regularly review all reports and reconcile client reports with Jiomart reports. This task takes so much time and effort to clean, extract, and summarize data for analysis. Cointab makes it simpler to complete this crucial activity. You can switch to automated reconciliation using the Cointab system, where you can submit the data automatically and start reconciliation with the touch of a button. All that is left for a seller to do is wait for the results, examine them, look for any internal mistakes, and then file disputes with Jiomart.

Reconciliation process:

Reports Needed for reconciliation

  • Jiomart invoice report
  • Jiomart Service invoice report
  • Jiomart Disbursement report
  • Jiomart Return report
  • Bank statement

Jiomart invoice report

The item-wise details of all orders are found in this report. Whenever an order gets placed in Jiomart, an entry of the order gets recorded into this file.

Jiomart Service invoice report

It contains all the payment and the fee charge details of each order dispatched via Jiomart by the seller.

Jiomart Disbursement report

The sale value amount and total charge amount of the orders sold via Jiomart are found in this report

Jiomart Return report

This report contains all the data of orders whose status is as returned in the inventory. 

Payment Reconciliation

The first step is to build a two-level summary of the order report, the second of which is based on a unique order id (Jiomart order summary).

Jiomart’s initial level of verification on this order summary. Based on a certain order id, this order summary is connected to the Payout report and the Sales report, and the predicted amount from the Sales report will be checked against the Payout report.

Following reconciliation, the output is structured and summarized in a way that makes it simple to evaluate.

The Output is displayed as follows:

The Result Displays:

  • Reconciled with disbursement report:
    • Transactions where the sale amount calculated by the system is equal to the sale amount recorded in the disbursement report.
  • Less amount recorded in Jiomart disbursement report:
    • The sale amount is recorded greater than the amount recorded in the disbursement report.
  • More amount recorded in Jiomart disbursement report:  
    • When the sale amount recorded is less than the amount recorded in the disbursement report.
  • Missing in Jiomart disbursement report:
    • This line item records all the orders for which payment from Jiomart is not recorded in the Jiomart disbursement report

Bank Statement Reconciliation

Following the payment reconciliation procedure, we confirm if the sums that have reached the bank match the settlement amount or not. The Jiomart disbursement report and bank statement are linked by the system to accomplish that. The system will then check the figures and show the outcome as follows.

The Output is displayed as follows:

The Result Displays:

  • Total Transactions
    • The total number of transactions in the bank statement.
  • Reconciled with Jiomart Settlement Report
    • The transactions in the bank which are matching with the settlement amount promised by Jiomart.
  • Missing In Jiomart
    • The transactions in the bank where the Jiomart settlement amount has been received but the same has not been found in the settlement report.

The data above demonstrate how much simpler and easier it is for a seller on Jiomart to complete the reconciliation procedure using Cointab. The outcomes are precise and simple to interpret. Start reconciling with Cointab right away to start saving time and money.

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Reconciliation