E-commerce has changed the shopping dynamics of consumers and is here to stay. Every business that aims to grow and increase their reach must find a way to make use of e-commerce. Businesses making purchases and sales on online marketplaces is the new trend. As these online marketplaces provide an opportunity to reach a global audience. A well-known online retailer of fashion apparel and cosmetics in India is called Limeroad. The web offers a wide range of goods for both men and women, such as cosmetics, skincare, hair care, and fragrances. Limeroad is renowned for its inexpensive prices and high-quality products. There, one can purchase all of their preferred high-end apparel and cosmetics.

Like any marketplace, Limeroad compensates the seller once the client receives the order that was paid for. For this reason, a seller needs to regularly review all reports and cross-check client reports with Limeroad reports. Because it takes so much time and effort to clean, extract, and summarize data for analysis, this task is exceedingly challenging. The system designed by Cointab makes this crucial activity of reconciliation easier and by switching to automated reconciliation your accuracy is ensured. Once the seller has integrated processes, the data automatically will be fetched and reconciliation will start 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 Limeroad.

Reconciliation process:

Reports Needed for reconciliation:

  • Limeroad All Order Report
  • Limeroad Sales Report
  • Limeroad Payout Report
  • Bank Statement 
Payment Verification

At first, we build a two-level summary of the order report, the second of which is based on a unique order id (Limeroad order summary).

The initial level of Limeroad’s verification will be carried out in this sequence summary. Based on a certain order id, this order summary is linked 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 Transactions:
    • Transactions where the expected sale amount and the actual sale amount are equal.
  • Less Payment Received from Limeroad:
    • The amount of the calculated sale exceeds the amount of the actual sale.
  • More Payment Received from Limeroad:
    • Transactions where the calculated sale amount is less than the received sale amount.
  • Pending Payment from Limeroad
    • This line item lists all of the orders for which Limeroad has not yet received payment.
Bank Statement Reconciliation

After completing the payment reconciliation process, we check to see if the amounts that have reached the bank match the settlement amount or not. The bank statement and the Limeroad Payout Report are linked by the system to accomplish that. The results will then be displayed after the system has verified the quantities.

  • Total Transactions
    • The total number of transactions in the bank statement is indicated here.
  • Reconciled with Limeroad Settlement Report
    • These are the bank transactions that correspond to the settlement amount that Limeroad has guaranteed.
  • Less Payment Received from Limeroad
    • The amount in the bank is less than the promised settlement amount.
  • More Payment Received from Limeroad
    • The amount deposited in the bank exceeds the settlement sum that Limeroad had promised.
  • Missing In Limeroad
    • These are bank transactions where the Limeroad payment amount was received but was not recorded in the settlement report.

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

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Reconciliation