Myntra is one of India’s primary e-commerce marketplaces, an online fashion and lifestyle store. It is a huge platform for online sales and is growing rapidly and shipping more than 10k products a day all over the country. Myntra aims to provide a hassle-free and comfortable shopping experience to customers across the nation. Ranging from various brands and products on its portal.
Myntra is a user-friendly interface with huge traffic growth annually and is the most popular online store across India. It allows sellers to manage their stores with cataloguing support, and a well-organized customer supply chain management. Thus, sellers can focus on their brand, in online shopping at Myntra. Since Myntra offers such benefits to sellers, it has a wide range of sellers who sell many products daily. To also be able to manage all these daily transactions and make pay-outs to so many sellers accurately can be very difficult. A company has to keep a tab on each order and verify the details with the reports and pay-outs Myntra provides. This task is not easy and is very time-consuming. Even So, it’s an important task.
A system developed by Cointab can help a seller find the very Assurance. All that needs to be done is upload the required data and the system automatically records all data and calculates whether costs are charged right and whether remuneration is received correctly. It shows all the necessary data and verifies it and also shows the differences and if any errors are found. All the seller has to do is ask its Finance team to analyze this result and fix the issues with Myntra.
The first stage of verification is based on the item level of invoice verification, whether the client received the invoice for expected orders or not. Aging is also possible depending upon the client’s requirements.
Aging means the time lap between the delivered date of orders and the settlement date (Payment receiving date). For a successful sale, expecting an invoice promptly is meaningless according to the payment policies of the marketplace, the client may wish to classify pending orders of aging between 0 to 15, 15 to 30, 30 to 45, and likewise.
Pending payments, less amount received, and the More amount received are highlighted based on the invoice amount of each order.
According to the settlement reports the system checks whether the client has received the money in their bank correctly or not. According to the UTR given in the settlement reports and bank statement, the settlement amount is verified.
The settlement amount from the Forward Settlement report, the Reversal Settlement report, and the Non-Order Settlement reports are compared against the transaction amount given in the bank statement. Based on the difference of settlement amount to transaction amount orders are then categorized as reconciled and less payment and more payment received.
In the bank statement, the Promised amount from Myntra is calculated from the Forward, Reversal Settlement Reports, and Non-Order Settlement Reports. This promised amount is compared against the transaction amount of the bank statement report and according to the difference between the promised amount and transaction amount, these transactions are classified as Reconciled and more payment or less payment received.