Every day, more and more people engage in e-commerce. Finding people buying and selling products on online marketplaces is no longer surprising. These online marketplaces provide a venue for trading and communication between buyers and sellers. In India, Mens XP is a well-known online supplier of Products for Men. Mens XP offers a wide range of products for men including Garments, Fashion products, skincare, hair care, perfumes, and so much more. Mens XP is well known for its affordable rates and high-quality products. One may shop here for all of their preferred designer clothing and cosmetics.
Like any marketplace, Mens XP compensates the vendor after the customer receives the purchased order. For this reason, a seller must regularly review all reports and cross-check customer reports with Mens XP reports. This process is particularly challenging since it takes a lot of time and effort to clean, extract, and summarize data for analysis. Cointab makes this significant chore simpler. When using the Cointab system, you may switch to automated reconciliation, where data is automatically uploaded and reconciliation is started with the touch of a button. All that is left for a seller to do is wait for the findings, examine them, look for any internal flaws, and then file disputes with Mens XP.
Reconciliation process:
Reports Needed for reconciliation:
- Mens XP Order Report
- Mens XP Advice Report
- Mens XP Lost Cases Report
- Mens XP Return Report
- Mens XP UTR Details Report
- Bank Statement
Mens XP Order Report
This report consists of all the Orders and their details.
Mens XP Advice Report
This report contains the monthly summary of all orders.
Mens XP Lost Cases Report
In case of Orders getting lost in transit or due to any error, the details are recorded here.
Mens XP Return Report
This report contains the details of all the orders that have been returned by the customer.
Mens XP UTR Details Report
This report contains the UTR Id for each order whose payment is made to the seller
Reconciliation Results:
Payment Reconciliation
The System cleans all the data from the reports and links the reports with each other. It then extracts all the data and calculates it and compares the data with the recorded data in the reports. The system displays this in a systematic and organized result that is easy to analyze.
The result displayed is as follows:
- Total Mens XP Transactions:
- This line item displays all the Mens XP Transactions
- Found and Reconciled Mens XP Transactions:
- Transactions where the expected sale amount is equal to the received sale amount.
- Less Payment Received from Mens XP:
- The calculated sale amount is greater than the received sale amount.
- More Payment Received from Mens XP:
- The calculated sale amount is less than the received sale amount.
- Pending Payment from Mens XP:
- This line item records all the orders for which payment from Mens XP is not yet received.
- Cancelled Mens XP Transactions:
- This line item records all the canceled transactions.
Bank Statement Reconciliation
After the payment reconciliation process, we then Verify if the amounts hitting the bank are the same as the settlement amount or not. To do that the system links the bank statement with the Mens XP UTR Detail Report. Then the system will verify the amounts and display the result as follows.
- Total Transactions
- These are the total number of transactions in the bank statement.
- Total Mens XP settlements
- These are the total Mens XP transaction in the bank.
- Reconciled with Mens XP Settlement Report
- These are the transactions in the bank which is matching with the settlement amount promised by Mens XP.
- Less Payment Received from Mens XP
- The amount received in the bank is less than the settlement amount promised by the bank.
- More Payment Received from Mens XP
- The amount received in the bank is more than the settlement amount promised by Mens XP.
- Missing In Mens XP
- These are the transactions in the bank where the Mens XP settlement amount has been received but the same has not been found in the settlement report.
As shown in the above results, the reconciliation process becomes so much simpler and easier for a seller on Mens XP. The results are easy to analyze and accurate. Start Reconciling with Cointab now and save time and money immediately.
