Paytm is an Indian digital payments and financial services company. The company offers mobile payment services to consumers and enables merchants to receive payments through its QR code, point of sale, and online payment gateway offerings. Since the cashless India movement was initiated by the government of India, consumers as well as merchants have shifted more and more towards cashless means of transactions. Paytm is one such popular medium of cashless transactions. For Paytm transactions in a store, the most popular and easy way is using QR codes. The vendor’s or merchant’s bank account is connected to the QR code. When a user scans a QR code to make a purchase, money is promptly withdrawn from his or her account or wallet and sent to the retailer’s or vendor’s bank account. This makes the transaction process so much easier as vendors do not have to deal with cash or change. Although when the number of transactions take place at a high rate and quantity. It can be difficult to verify every transaction with the bank. Verifying these transactions with the bank is very important as sometimes due to errors like; network problems or technical errors or some kind of fraud money doesn’t get credited to the vendor’s account. Although verifying these transactions with the bank is no easy task. As it takes time to extract and compare data immediately. Cointab has made an automated reconciliation system to complete Paytm Instore Reconciliation easily and accurately. The system automatically takes in data and verifies it between reports and produces an easy-to-read output. This makes it easier for the seller to analyze and keep a track of all the payments received via Paytm.  

The Reconciliation process is done as follows:

Reports required for Reconciliation

Paytm Offline Reports

This report contains all the transactions that have been done via the Paytm QR code.

Bank Statement

The bank statement contains all the transactions done in the bank.

Paytm Instore – Bank Reconciliation

The Paytm offline report is linked to the bank statement. The system checks each transaction and compares them. It shows which transactions are found in the bank statement and which aren’t, which is then summarized and shown in a very simple manner. This makes analysis easy for the seller.

The Results displayed are as follows:

Total Transactions:

The total number of transactions in the Paytm offline report are recorded here

Found in Bank Statement:

Transactions from the Paytm offline report which are equal and found in the bank statement are recorded here.

Not Found in Bank Statement:

If transactions from the Paytm offline report are not found in the bank statement, these transactions are recorded here.

Bank – Paytm Instore Reconciliation

The system links the Bank Statement to the Paytm Offline Report and checks each and every transaction. It then compares every transaction and shows the similarities and differences between the reports. The result is shown in a very easy manner which makes analysis easy for the seller.

The Result is shown as follows:

Total Paytm Transactions

The total Paytm transactions in the bank statement are recorded here.

Reconciled with Paytm

When the transaction amount in the bank statement equals the Paytm offline report they are recorded here.

Less Settlement Received from Paytm

For any transaction when the transaction amount in the Bank statement is less than what is reported in the Paytm Offline report they are highlighted in this bucket.

More Settlement Received from Paytm

This bucket contains all transactions that are highlighted when the transaction amount in the bank statement exceeds the amount reported in the Paytm Offline report.

Found in Bank, Missing in Paytm Reports

When transactions are found and highlighted in the Bank statement as Paytm transactions but not found in the Paytm offline reports they are recorded in this line item.

As shown in the above results, we can see how easy it is to analyze the amounts received from Paytm and whether they have been received accurately or not. Using our software made by Cointab Paytm Instore Reconciliation is much made more efficient and easier. 

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Reconciliation