UPS is a globally recognized courier service that helps people deliver what matters. UPS aims to reach new markets around the world with its Global network and smart technology. UPS is known for its efficiency and trusted employees that help reach the deliveries on time.
As a growing company or even if you are a seasoned entrepreneur, managing accuracy in your finances is a key element for long term success.This is where Cointab comes in and helps you look over those details with ease and reconciles the complex data for you.
Cointab is a software designed to assist you in tracking your steps and reconciling your data. It integrates with your existing data software allowing you to reconcile your ERP, Invoice, Pin Zone report, SKU report and the Rate card.
Required reports for UPS invoice verification process
Pin code
Pin Zone report consists of the pincode and the zone of the respective delivery location. This helps in tracking and locating the location with accuracy.
SKU Report
SKU Report consists of the numbers of the product, the weight of the product and the dimension of each product.
Rate Card
Rate Card consists of the beginning and ending date from when the product is applicable.
INVOICE VERIFICATION
There is a specific fee that is charged by UPS which depends upon the weight of the product and zone of the delivery. This verification process checks if the calculations in these aspects are accurate or not. The rate card is used to check if the rate used for the particular zone and weight is correct or not.
SKU Report
As a growing company or even if you are a seasoned entrepreneur, managing accuracy in your finances is a key element for long term success.This is where Cointab comes in and helps you look over those details with ease and reconciles the complex data for you.
Cointab is a software designed to assist you in tracking your steps and reconciling your data. It integrates with your existing data software allowing you to reconcile your ERP, Invoice, Pin Zone report, SKU report and the Rate card.
Required reports for UPS invoice verification process
Pin code Pin Zone report consists of the pincode and the zone of the respective delivery location. This helps in tracking and locating the location with accuracy.
SKU Report
SKU Report consists of the numbers of the product, the weight of the product and the dimension of each product.
Rate Card
Rate Card consists of the beginning and ending date from when the product is applicable.
INVOICE VERIFICATION
There is a specific fee that is charged by UPS which depends upon the weight of the product and zone of the delivery. This verification process checks if the calculations in these aspects are accurate or not. The rate card is used to check if the rate used for the particular zone and weight is correct or not.
SKU Report
- The ERP report is taken into consideration from where we get the SKU item which denotes the gross weight and the dimensions of the product. This process is done by our software.
- If the dimensions of the product are not given then we can check the gross weight that is displayed directly under the expected weight column in the invoice.
- If the dimensions of the product are given then the volumetric weight is calculated with the help of this formula “Length x Width x Height”. It is important for the dimensions of the volumetric weight to be in centimeters in order for the calculation to work. The final value that arrives will be divided with the divisor given in the rate card, if the rate card does not contain any diviser, then it is to be divided by 5000.
- After this all the values are moved to the ERP report and then to the USP invoice.
- Lastly the final weight is rounded off to get the final result.
Zone
- The zone means the location of the delivery that has been done. Each delivery has its own Pin code that helps in locating the location of the delivery and it is put under the expected zone in the invoice to get the correct zone.
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The location of the delivery is dependent upon various geographical zones like, regional, national, local etc, these zones are further classified with their respective identifiers like a,b,c, etc.
- As given above, the rates that are to be charged according to the weight and the zone of the delivery are given in the rate card. The charges of the product are given according to the allowed limit and any weight beyond the allowed limit has additional charges, this applies to forward deliveries as well as RTO.
- The columns “courier”, “zone”, “fwd_wt_fixed” (weight limit on which fixed charge is levied), and “divisor” are then checked with respective columns present in the UPS invoice to verify if the right base items are put in the invoice.
- The delivery dates should fall under certain dates as the rates are applicable only for a certain amount of period.
Charges
Expected forward change
If the final slab calculated is lower or equal to the weight limit (“fwd_wt_fixed”) given in the rate card, that means that it is equal to the “fwd_wt_fixed” then the fees charged on it is fixed “fwd_fixed”. If it is not equal to the “fwd_wt_fixed” column then it means that the product has more weight. The fee charged for the extra weight is “fwd_a_add”. So the formula for the expected charge is:
Expected_fwd_chg = fwd_fixed + (extra_weight) x fwd_a_add
Expected RTO charge
If the final slab calculated is lesser or equal to the weight limit (rto_wt_fixed”) given in the rate card, that means that it is equal to the “rto_wt_fixed” and the fee charged on it is “rto_fixed”. If it is not equal to the “rto_wt_fixed” column then that means that the product has extra weight. The fee charged for the access weight is “rto_wt_add”. The formula for the expected charge is given as:
Expected_rto_chg = rto_fixed + (extra_weight) x rto_add
Expected COD charges
The “cod_fixed” or “cod_rate” % of item_price, whichever is higher, is used as the expected COD charge.
Expected final amount
The final calculation of expected forward charges, expected RTO charges, expected COD charges and expected GST gives us a final amount.
RESULT
Cointab shows the necessary information after all the calculation and verification of the fee is done, the information is shown once we get the final amount after the calculation of the zone and the weight of the order.
ERP
If the final slab calculated is lower or equal to the weight limit (“fwd_wt_fixed”) given in the rate card, that means that it is equal to the “fwd_wt_fixed” then the fees charged on it is fixed “fwd_fixed”. If it is not equal to the “fwd_wt_fixed” column then it means that the product has more weight. The fee charged for the extra weight is “fwd_a_add”. So the formula for the expected charge is:
Expected_fwd_chg = fwd_fixed + (extra_weight) x fwd_a_add
Expected RTO charge
If the final slab calculated is lesser or equal to the weight limit (rto_wt_fixed”) given in the rate card, that means that it is equal to the “rto_wt_fixed” and the fee charged on it is “rto_fixed”. If it is not equal to the “rto_wt_fixed” column then that means that the product has extra weight. The fee charged for the access weight is “rto_wt_add”. The formula for the expected charge is given as:
Expected_rto_chg = rto_fixed + (extra_weight) x rto_add
Expected COD charges
The “cod_fixed” or “cod_rate” % of item_price, whichever is higher, is used as the expected COD charge.
Expected final amount
The final calculation of expected forward charges, expected RTO charges, expected COD charges and expected GST gives us a final amount.
RESULT
Cointab shows the necessary information after all the calculation and verification of the fee is done, the information is shown once we get the final amount after the calculation of the zone and the weight of the order.
ERP
Found in ERP
This denotes that the products displayed in the UPS invoice are also present in the ERP report. The data in the ERP reports show us the number of the products delivered for a particular order. In this case the weight of the product can be calculated since it is present in both the reports.
Not found in ERP
This denotes that the products displayed in the UPS invoice are not present in the ERP report. The data in the ERP reports show us the number of the products delivered for a particular order. In this case the weight of the product can not be calculated since it is not present in both the reports.
Pin code
This denotes that the products displayed in the UPS invoice are also present in the ERP report. The data in the ERP reports show us the number of the products delivered for a particular order. In this case the weight of the product can be calculated since it is present in both the reports.
Not found in ERP
This denotes that the products displayed in the UPS invoice are not present in the ERP report. The data in the ERP reports show us the number of the products delivered for a particular order. In this case the weight of the product can not be calculated since it is not present in both the reports.
Pin code
Found in Pin code master
This denotes that the product displayed in the UPS Invoice is also present in the Pin code report. These reports are important because the deliveries are made region wise i.e, nationally, locally etc. In this case, the report can be verified since the pin code is present in the Pin code master.
Not Found in Pin code master
This denotes that the product displayed in the UPS invoice is not present in the Pin Code report. In this case, the final report can not be verified as the UPS invoice and Pin code do not match and hence the deliveries can not be tracked as they are done zone-wise and pincode plays an important role.
Rate Card
This denotes that the product displayed in the UPS Invoice is also present in the Pin code report. These reports are important because the deliveries are made region wise i.e, nationally, locally etc. In this case, the report can be verified since the pin code is present in the Pin code master.
Not Found in Pin code master
This denotes that the product displayed in the UPS invoice is not present in the Pin Code report. In this case, the final report can not be verified as the UPS invoice and Pin code do not match and hence the deliveries can not be tracked as they are done zone-wise and pincode plays an important role.
Rate Card
Found in Rate card
This means that the order entries that were provided by UPS are present in the Rate Card. This means that the order rates can be verified since both the reports match.
Not Found in Rate card
This means that the order entries that were provided by UPS are not present in the Rate card. This denotes that the order rates can not be verified since both the reports do not match.
Fee Verification using ERP- UPS
This means that the order entries that were provided by UPS are present in the Rate Card. This means that the order rates can be verified since both the reports match.
Not Found in Rate card
This means that the order entries that were provided by UPS are not present in the Rate card. This denotes that the order rates can not be verified since both the reports do not match.
Fee Verification using ERP- UPS
Correctly charged
The fee charged is denoted correctly as the software compares the zone and the weight of the product on the basis of ERP report and the UPS invoice that shows the order deliveries on which the zone and weight were rightly given. The fee calculated with the help of the rate card matches the fee present in the FedEx invoice.
Zone Match, Weight Match – Overcharged
The software here compares the zone of the product and weight of the product according to the ERP report and UPS report and finds that both are accurate but the fee of the product is charged more. Since the rate is not matching, the amount is overcharged here.
Zone Match, Weight Match – Undercharged
The software here compares the zone of the product and weight of the product according to the ERP report and UPS report and finds that both are accurate but the fee of the product is charged lesser. Since the rate is not matching, the calculated amount is undercharged here.
Zone Mismatch, Weight Match – Overcharged
The software here compares the ERP report and the USP report and shows that the zone of the product and rate do not match the report whereas the weight of the product matches, since the zone of the product and fee do not match, the calculated amount is over charged in this case compared to the calculated amount.
Zone Mismatch, Weight Match – Undercharged.
The software here compares the ERP report and the USP report and shows that the zone of the product and fee do not match the report whereas the weight of the product matches, since the zone of the product does not match, the amount calculated is under charged in this case compared to the calculated amount.
Zone Match, Weight Mismatch – Overcharged
The software here compares the ERP report and the USP report and shows that the weight of the product and fee do not match the report whereas the zone of the product matches, since the weight of the product does not match, the amount is over charged in this case compared to the calculated amount.
Zone Match, Weight Mismatch – Undercharged.
The software here compares the ERP report and the UPS report and shows that the weight of the product and fee do not match the report whereas the zone of the product matches, since the weight of the product and rate do not match, the amount is under charged in this case compared to the calculated amount.
Zone Mismatch, Weight Mismatch – Overcharged
The software here compares the ERP report and the UPS report and shows that the zone,fee and the weight of the product do not match, hence the amount of the product is higher than the calculated amount in this case and so it is overcharged.
Zone Mismatch, Weight Mismatch – Undercharged
The software here compares the ERP report and the UPS report and shows that the zone,fee and the weight of the product do not match, hence the amount charged is lesser than the calculated amount in this case and so it is undercharged.
To sum it up, Cointab reconciliation helps finance professionals to work efficiently and effectively ensuring accurate and reliable data and ultimately leading to better informative business decisions. Its advanced features make it an invaluable tool for businesses seeking to elevate the reconciliation process.
Click on the links below to view other Invoice reconciliation processes
The fee charged is denoted correctly as the software compares the zone and the weight of the product on the basis of ERP report and the UPS invoice that shows the order deliveries on which the zone and weight were rightly given. The fee calculated with the help of the rate card matches the fee present in the FedEx invoice.
Zone Match, Weight Match – Overcharged
The software here compares the zone of the product and weight of the product according to the ERP report and UPS report and finds that both are accurate but the fee of the product is charged more. Since the rate is not matching, the amount is overcharged here.
Zone Match, Weight Match – Undercharged
The software here compares the zone of the product and weight of the product according to the ERP report and UPS report and finds that both are accurate but the fee of the product is charged lesser. Since the rate is not matching, the calculated amount is undercharged here.
Zone Mismatch, Weight Match – Overcharged
The software here compares the ERP report and the USP report and shows that the zone of the product and rate do not match the report whereas the weight of the product matches, since the zone of the product and fee do not match, the calculated amount is over charged in this case compared to the calculated amount.
Zone Mismatch, Weight Match – Undercharged.
The software here compares the ERP report and the USP report and shows that the zone of the product and fee do not match the report whereas the weight of the product matches, since the zone of the product does not match, the amount calculated is under charged in this case compared to the calculated amount.
Zone Match, Weight Mismatch – Overcharged
The software here compares the ERP report and the USP report and shows that the weight of the product and fee do not match the report whereas the zone of the product matches, since the weight of the product does not match, the amount is over charged in this case compared to the calculated amount.
Zone Match, Weight Mismatch – Undercharged.
The software here compares the ERP report and the UPS report and shows that the weight of the product and fee do not match the report whereas the zone of the product matches, since the weight of the product and rate do not match, the amount is under charged in this case compared to the calculated amount.
Zone Mismatch, Weight Mismatch – Overcharged
The software here compares the ERP report and the UPS report and shows that the zone,fee and the weight of the product do not match, hence the amount of the product is higher than the calculated amount in this case and so it is overcharged.
Zone Mismatch, Weight Mismatch – Undercharged
The software here compares the ERP report and the UPS report and shows that the zone,fee and the weight of the product do not match, hence the amount charged is lesser than the calculated amount in this case and so it is undercharged.
To sum it up, Cointab reconciliation helps finance professionals to work efficiently and effectively ensuring accurate and reliable data and ultimately leading to better informative business decisions. Its advanced features make it an invaluable tool for businesses seeking to elevate the reconciliation process.
Click on the links below to view other Invoice reconciliation processes
