C O I N T A B

Shopify Website Reconciliation with Unicommerce, Payment Gateways and COD Partners

Amidst the digital commerce boom, establishing an online presence, especially for small businesses, can seem overwhelming. Crafting a digital storefront poses numerous challenges, prompting many to turn to platforms like Shopify for assistance. Shopify offers to build online stores for companies navigating the complexities of web-based operations, saving them from the technical intricacies and financial commitments of starting from scratch. Moreover, Shopify provides robust security features, a boon compared to independent efforts. Through Shopify, businesses can seamlessly handle sales, distribution, and marketing. Its popularity owes to its user-friendly interface, minimal upfront costs, and ongoing technical support. Curious businesses can test Shopify’s capabilities through a 14-day trial, followed by subscription options tailored to their needs.

Once an e-commerce company establishes its Shopify store, effectively managing daily orders becomes paramount to prevent potential losses. Juggling various payment gateways and cash on delivery (COD) vendors adds another layer of complexity. Ensuring precise payments, fee evaluations, and managing returns becomes challenging, especially when faced with diverse reporting formats and the need to share data across teams.

Tackling the Challenges of Website Reconciliation:

Handling Diverse Settlement Reports

Integrating Website with Multiple Software Systems

Retrieving Data Manually from Different Platforms

Managing Multiple Spreadsheets

Analyzing Complex Reports

Efficiently Sharing Reports

Dealing with Repetitive Lengthy Procedures

Cointab’s Website Reconciliation software simplifies this process for e-commerce entities by seamlessly integrating Shopify, order management systems, payment gateways, COD vendors, and banking transactions. By consolidating data from these disparate sources, Cointab generates comprehensive reconciliation reports. Its flexible nature allows for customization according to different payment gateways, COD partners, and internal systems, thereby simplifying information processing and enhancing clarity in reporting.

Benefits of Cointab Software for Website Reconciliation:

Integration of Website, Order Management, Payment Gateway, and COD Partner Reports
Clear, Understandable Reports
Order Verification
Comparison between Payment Gateway Settlements and Shopify’s Internal Records
Effortless Report Sharing and Analysis
Elimination of Manual Data Transfer
Time-saving Automation

RECONCILIATION PROCESS

Scope / Entities

  • Shopify

Customers purchase the things they need on the Shopify website. After adding to the cart, the customer gets redirected to the payment page where they can choose between two options i.e., Payment Gateway or COD. The Shopify website’s basic function is to facilitate purchases. It also produces its own report for all the orders made on its website.

  • Unicommerce Uniware order management system

Cointab reconciliation system can reconcile Shopify with any Order Management System. If you are using the Unicommerce Uniware order management system then our system can integrate with it too and help you reconcile it against Shopify as well as Payment Gateways and COD partners

  • Payment gateway

Payment Gateway is a service provider that authorizes debit card or credit card payments for online stores or e-businesses. Examples: Razorpay, Payu, Paytm, etc.

When the payment gateway option is selected for making a payment, an order ID and payment ID are generated to keep a track of payments. Cointab’s software checks and compares the payment gateway report against the Unicommerce report and the bank statement to make sure the amounts paid for each orders are right and we are getting the due settlement in the bank account.

  • COD remittance

Cash on Delivery (COD) is a popular payment option where customers pay upon delivery. Companies partner with vendors for COD transactions, receiving remittances on a regular basis. Cointab’s Software links COD remittance files with Unicommerce reports and bank statements to verify the receipt of due amounts in the bank account.

  • Bank Statement

Given the volume of daily transactions, it’s essential to verify the settlement amounts in the bank account. For instance, payment gateway and COD partners commit certain amounts based on settlement reports, necessitating confirmation of actual receipt in the bank. Cointab’s software meticulously reconciles Unicommerce reports, internal company reports, Payment Gateway reports, COD remittance reports, and bank statements, flagging any discrepancies for resolution. This empowers companies to track payments accurately and ensure correct settlements from all partners. Any discrepancies or outstanding settlements are promptly highlighted for attention.

 Cointab’s software reconciles this and it checks the Unicommerce report, the company’s internal report, Payment gateway reports, COD remittance reports and the bank statement and lets the company knows if any amount is left unsettled. This way the company can track the payments and know if all partners have settled correct amount. If any partner has settled incorrect amount or not settled yet then it easily gets highlighted.

Reports Used For Reconciling:

  • Shopify order report
    • This report compiles all orders received within a specified period on the Shopify website. Its purpose is to reconcile orders with the Unicommerce order report.

  • Unicommerce order report
    • Containing all customer orders recorded by Unicommerce within its order management system, this report is essential for reconciling orders against both the Shopify Order Report and partner reports.

  • Unicommerce sales tax report
    • Generated during order dispatch, this report details the applicable sales taxes for each transaction.

  • Unicommerce return tax report
    • Filled upon receiving returned products, including customer returns or RTO (Return to Origin) items, this report documents the associated tax details.

  • Unicommerce cancellation tax report
    • This report outlines the tax implications for orders that were placed and subsequently cancelled.

  • Unicommerce SKU master
    • A comprehensive list containing master SKUs along with the weight and volumetric dimensions of each product.

  • Payment gateway settlement report
    • Utilized for reconciliation with both bank statements and the Unicommerce report, this report details settlements processed through the payment gateway.

  • Payment gateway rate card
    • This document outlines the fees applicable to every customer purchase made through the payment gateway.

  • COD remittance reports from courier partner
    • These reports serve as records of all payments made by customers using the Cash on Delivery method, with corresponding amounts that the COD partner must reimburse to the company.

  • Bank statements
    • Essential for verifying whether payment gateway or COD partners have fulfilled their financial commitments by depositing the promised amounts into the company’s bank account.

RECONCILIATION RESULT:

 Shopify vs Unicommerce Reconciliation

  • Forward Reconciliation

 

Found in Unicommerce Order Summary:

Within the Unicommerce Order Summary, Cointab’s software identifies and displays orders that are present in both the Unicommerce report and the Shopify report. This section showcases orders that match across both platforms.

Not Found in Unicommerce Order Summary:

Cointab’s software scrutinizes both the Unicommerce report and the Shopify report, highlighting orders that are absent in the Unicommerce report. These orders, although received in Shopify, are not recorded in Unicommerce, potentially leading to unfulfilled orders despite customer payment. Consequently, manual verification of these orders by the company becomes necessary.

Not Found in Unicommerce Order Summary (Cancelled):

This section of Cointab’s software compares the Unicommerce report with the Shopify report, identifying orders that do not appear in Unicommerce but were subsequently cancelled. While these orders were initially not recorded by Unicommerce, their cancellation mitigates any potential issues, allowing them to be disregarded without impact.

  • Backward Reconciliation

 

Total Shopify Transactions:

This section displays the overall count of transactions recorded in the Unicommerce report.

Found in Shopify Order Summary:

In the Shopify Order Summary, Cointab’s software identifies and presents orders that match and are present in both the Shopify report and the Unicommerce report.

Not Found in Shopify Order Summary (PG):

Cointab’s software compares the Shopify report with the Unicommerce report, highlighting orders that are absent in the Shopify report but were recorded as prepaid in Unicommerce. These orders, originating outside the Shopify system, have been fulfilled without payment received from the payment gateway. By listing these orders, the company is alerted to the need for further examination.

Not Found in Shopify Order Summary (COD):

This section of Cointab’s software compares the Shopify report with the Unicommerce report, revealing orders not found in the Shopify report but recorded as Cash on Delivery (COD) in Unicommerce. These post-paid orders have been fulfilled without payment from the COD partner, originating outside the Shopify system. The company is prompted to review these orders accordingly.

Not Found in Shopify Order Summary (Cancelled):

Cointab’s software analyzes both the Shopify report and the Unicommerce report, highlighting orders absent in the Shopify report that were subsequently cancelled. While these orders did not originate from Shopify and thus wouldn’t yield payment, their cancellation prevents any issues. Displaying these orders ensures transparency and ease of management.

 

Unicommerce vs Payment Gateway (example: Razorpay)

  • Forward Reconciliation

Reconciled with Payment Gateway:

Within this section, Cointab’s Software conducts a comparison between the Unicommerce report and the Payment Gateway report, confirming that the amounts recorded by both sources match. This feature is vital for ensuring that all purchase payments processed via the payment gateway have indeed been received.

Example: Order amount Rs. 100, payment gateway collected Rs. 100 from customer

Less Payment Received from Payment Gateway:

Cointab’s Software scrutinizes the Unicommerce report and the Payment Gateway report, flagging orders where the payment received from the payment gateway is less than expected.

Example: Order amount Rs. 100, payment gateway collected Rs. 90 from customer

More Payment Received from Payment Gateway:

In this section, Cointab’s Software compares the Unicommerce report with the Payment Gateway report, identifying orders where the payment received from the payment gateway exceeds the expected amount.

Example: Order amount Rs. 100, payment gateway collected Rs. 110 from customer

Missing from Payment Gateway:

Displayed in this box are orders that have been fulfilled but for which payment is absent from the payment gateway records.

  • Backward Reconciliation

 Reconciled with Unicommerce Order Summary

In this section, Cointab’s Software compares the payment gateway report with the Unicommerce report, showcasing orders that align with the Unicommerce report. This feature highlights orders that have been appropriately paid for.

Less Amount Recorded in Payment Gateway

Displayed in this category are orders where the amount recorded in the payment gateway is lower than the corresponding amount in the Unicommerce report.

More Amount Recorded in Payment Gateway

Here, Cointab’s Software compares the payment gateway report with the Unicommerce report, revealing orders for which the payment gateway records a higher amount than that in the Unicommerce report. This feature alerts the company to instances where they have received an excess amount from the payment gateway, enabling them to maintain accurate accounts or initiate refunds accordingly.

Not found in Unicommerce Order Summary

This section presents orders that are absent in the Unicommerce report after comparing with the payment gateway report. It is crucial information for the company, as it signifies orders that will not be fulfilled despite payment received. Neglecting to fulfill orders for which customers have already paid could lead to significant customer dissatisfaction and loss.

Not found in Unicommerce Order Summary (Netoff)

Cointab’s software identifies orders that are not included in the Unicommerce report and have been cancelled. These orders, while not initially recorded by Unicommerce, were automatically refunded by the payment gateway, alleviating any potential issues. As such, they can be disregarded without causing any problems.

 Payment Gateway Fee Verification

 

Fee Overcharged: 

Within this category, Cointab’s software examines the payment gateway report, flagging transactions where the fees levied by the Payment Gateway partner exceed the agreed-upon amount stipulated in the business agreement. This feature serves as a safeguard, alerting the company to potential overcharges and enabling them to avoid unnecessary expenditure.

 Fee Undercharged:

Cointab’s software reviews the payment gateway report, highlighting transactions where the fees charged by the Payment Gateway fall below the agreed-upon amount outlined in the business agreement. This feature is beneficial as it notifies the company of any undercharged amounts, ensuring compliance with contractual terms. Additionally, it allows the company to communicate with the payment gateway partner to maintain a trustworthy relationship.

 Tax Overcharged:

This section of Cointab’s software analyzes the payment gateway report, identifying transactions where the tax imposed by the Payment Gateway exceeds the agreed-upon rate specified in the business agreement. The software calculates GST at 18% of the fee for this comparison.

 Tax Undercharged:

Similarly, Cointab’s software inspects the payment gateway report, revealing transactions where the tax applied by the Payment Gateway falls below the agreed-upon rate stipulated in the business agreement. GST is calculated at 18% of the fee for this comparison.

 Settlement Amount Match:

It is crucial to ensure that the settlement amount in the payment gateway settlement report aligns with the calculated amount derived from the customer payment, fee charges, and taxes. Cointab’s software performs this calculation and highlights instances where the calculated settlement amount corresponds with the amount provided directly by the payment gateway.

 Settlement Amount Mismatch: 

In cases where the calculated settlement amount differs from the directly provided settlement amount, Cointab’s software identifies a Settlement Amount Mismatch, indicating a discrepancy that requires investigation.

 Rate Card Unknown

This section displays transactions conducted using a payment mode for which the software does not possess a rate card for verification.

 Payment Gateway vs Bank Statement

  • Forward Reconciliation

 

Found in Bank Account: 

Displayed in this section are transactions where the settlement amount has been successfully received in the bank. This enables companies to monitor the number of payments processed and the corresponding amounts received from the payment gateway partner.

Not Found in Bank Account: 

This section presents transactions for which the settlement amount has not been received in the bank. It assists the company in identifying the number of outstanding transactions that are yet to be deposited into the company’s bank account by the payment gateway partner.

 

  • Backward reconciliation

 

Total Payment Gateway Transactions:

Cointab’s software reviews the bank statement to determine the total number of transactions processed by the Payment Gateway.

 Reconciled Payment Gateway Settlements:

Cointab’s software compares the bank statement with the payment gateway report and when bank credit amount matches with the promised settlement amount by the partner, the system calls them Reconciled

 Less Payment Received Payment Gateway

After comparing the bank statement and the payment gateway report if it is seen that the amount of settlement made is less in the bank statement than that recorded in the Payment Gateway report, then that amount is displayed in this row. This feature helps company know by how much they are being underpaid by the payment gateway partner.

More Payment Received Payment Gateway

Cointab’s Software compares the bank statement and the payment gateway report and when the amount of settlement made is more in the bank statement than the payment gateway report then that amount is displayed in this row.

Unicommerce vs COD Remittance (Example: ShipRocket)

  • Forward Reconciliation

 

 

Reconciled COD Transactions:

This bucket shows the transactions where sale amount recorded in Unicommerce matches with COD remittance given by the partner.

Less Payment Received from COD Partner

This bucket shows the transactions where sale amount recorded in Unicommerce is more than the one recorded in COD remittance given by the partner. This says that partner collected less amount from the customer than required.

More Payment Received from COD Partner

This bucket shows the transactions where sale amount recorded in Unicommerce is less than the one recorded in COD remittance given by the partner. This says that partner collected more amount from the customer than required.

Missing COD Payment:

This bucket shows the transactions which have been fulfilled but for which the payment from COD partner is yet to be received.

  • Backward Reconciliation

 

 

Found in Unicommerce Order Summary:

Cointab compares the COD Remittance report against the Unicommerce Software and the orders that match are displayed in this row. This feature shows the postpaid orders that were fulfilled for which the company has received the payment from the COD partner.

Not found in Unicommerce Order Summary:

Cointab compares the COD Remittance report against the Unicommerce Software and the orders that are not found in the Unicommerce software after comparison are displayed in this row.

 COD Remittance vs Bank Statement

  • Forward Reconciliation

 

Found in Bank Statement:

Cointab’s software compares the COD remittance Report with the Bank statement and the orders paid for found in the Bank statement are displayed in this bucket. This value shows the post-paid orders that the company has fulfilled and they have received payment for these orders by the COD partner. This analysis is important as it informs company for which orders payments have been done right.

 Not Found in Bank Statement:

Cointab’s software compares the COD remittance Report with the Bank statement and the orders not found in bank statement are shown in this bucket. This value shows the post paid orders that the company has fulfilled but has not received payment for by the COD partner as yet. By highlighting this value company knows exactly which order payments they need to check.

 

  • Backward Reconciliation

 Total COD Transactions:

Cointab’s software compares the Bank statement with the COD remittance Report and the value of the total amount of remittance received via courier partners are shown in this box.

Total Reconciled COD Payments:

Cointab’s software compares the Bank statement with the COD remittance Report and when the amount of transactions matches in both the reports then that value is shown in this bucket. These are orders fulfilled for which the company has received payment by the COD partner.

Less Payment Received from COD Partner:

Cointab’s software compares the Bank statement with the COD remittance Report and when the amount received in the bank statement is less than the one recorded in the COD remittance report then those settlements are shown in this bucket. This feature shows the amount still pending to be paid by the COD partner.

 More Payment Received from COD Partner:

Cointab’s software compares the Bank statement with the COD remittance Report and when the amount received in the bank statement is more than the one recorded in the COD remittance report then those settlements are shown in this bucket. This analysis shows the excess amount received from the COD partner.

RECONCILIATION RESULT:

Given in the above tables is the output after the information is run through Cointab’s Software. The whole reconciliation process beginning from the Shopify report – Unicommerce Report – Payment gateway – COD Remittance – Bank Statement are all displayed under their respective headers. The Cointab report is produced in a simple, easy to understand format. By using this software your business can be assured that all your internal data is reconciled with the data received by your partners. The output is given with suitable highlights and then the finance team can analyse issues if any and take actions on them. Otherwise, these errors go unnoticed and they pile up and lead to huge losses.

So, if you are interested in conducting your business operations more efficiently and accurately then Cointab’s software would be a great asset to your business.

 

Click on any other Shopify Reconciliation processes to view them.

Shopify – EasyEcom

Shopify – PG , COD

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