In the thriving world of online marketplaces, Amazon reigns supreme, attracting businesses eager for growth. While Amazon establishes itself as the go-to platform for e-commerce ventures, complexities arise around payment confirmation and account settlement. The intricate reconciliation process, involving numerous per-order charges and diverse reports from Amazon, creates a data management burden. Introducing Cointab Reconciliation Software: Streamlining the Amazon Payment Reconciliation Process
Revolutionizing Reconciliation: Essential Data and the Three-Step Verification Process
Data Required for Flawless Reconciliation:
- All Orders: A comprehensive record of all your Amazon orders. MTR Reports (B2B & B2C): Merchant Transaction Reports detailing order information and invoicing specifics.
- Disbursement Report: A report outlining Amazon’s payments to your account.
- All Returns: Data encompassing all returns processed through Amazon.
- FBA Return: Details pertaining to returns fulfilled by Amazon. Order Level Reimbursement Report: Reports on reimbursements issued by Amazon for specific orders.
- SKU Master: A master list of your Stock Keeping Units (products).
- Bank Statement: A record of your bank transactions, including disbursements from Amazon.
1. Payment Verification:
The Cointab Result Dashboard empowers you with a clear and comprehensive view of the payment verification process. Here’s a look at the key insights provided:
Net Sales Comparison: The dashboard displays a breakdown of your expected and received sales, including Net Sales from MTR reports and Net Sales from Disbursement reports. It also highlights any Total Discrepancies for further investigation. This section essentially reveals any differences between the amount you anticipated receiving (based on your invoices) and the amount Amazon actually disbursed.
Reconciled vs. Unreconciled Orders: Orders are categorized based on their reconciliation status, providing a clear overview. Reconciled orders represent a perfect match between expected and received amounts, while unreconciled orders highlight potential discrepancies.
Unreconciled Orders: Flagging Potential Discrepancies
Unreconciled orders highlight potential mismatches between your MTR reports and Amazon’s disbursements. These discrepancies require further investigation to ensure accurate reconciliation. Cointab categorizes unreconciled orders based on the nature of the discrepancy:
Underpayment from Amazon: These orders indicate that the amount received from Amazon falls short of the expected amount outlined in your MTR report. This could be due to missing fees applied by Amazon, errors in their calculations, or promotional discounts not reflected in your invoice.
Overpayment from Amazon: In these instances, the amount received from Amazon exceeds the expected amount in your MTR report. This might be due to Amazon promotions or refunds they haven’t reflected in your reports yet.
Pending Payment from Amazon: This category showcases outstanding payments that Amazon still owes you. These could be orders where Amazon hasn’t yet disbursed the funds, or there might be delays in processing.
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2. Precise Verification of Each Fee Category
Amazon levies various fees on each order, including shipping fees, closing fees, referral fees, and more. Cointab tackles this challenge with a robust, multi-layered approach:
Automated Rate Card Analysis: Cointab utilizes a comprehensive, automated rate card system for each fee category. These rate cards are meticulously crafted by factoring in critical elements specific to each fee.
Shipping Fee Verification: The Shipping Fee rate card considers crucial elements like shipping zone, SKU weights (derived from your product descriptions), fulfillment type (FBA or Seller Fulfilled), and step level (fulfillment network tiers). This ensures precise verification of Amazon’s Shipping Fees for each order.
Closing Fee Verification: Cointab employs a specialized rate card for Closing Fee verification. This rate card is structured around the price range of an item, ensuring accurate verification based on the specific cost of each product.
Referral Fee Verification: Verification of Referral fees is conducted through a detailed examination of the referral fee percentage, a metric derived from the specific product category and details provided by Amazon. This meticulous process guarantees the accurate assessment of Referral Fees associated with each order.
By leveraging automated rate card analysis, Cointab streamlines the fees verification process, eliminates manual calculations, and minimizes the risk of errors. This ensures transparency and empowers you to identify any discrepancies in the fees applied by Amazon.
3. Bank Settlement Reconciliation
Linking Disbursement File and Bank Statement: A Crucial Step
Cointab meticulously links the disbursement file from Amazon with your bank statement. This vital step allows for a direct comparison of the settled amount promised by Amazon with the actual funds deposited into your bank account. This cross-verification ensures the accuracy of the settlement process and eliminates any potential discrepancies.Join successful businesses like our customers in optimizing your Amazon transactions with Cointab!
Cointab Result Dashboard: Unveiling Bank Settlement Insights
The Cointab Result Dashboard empowers you with a clear and comprehensive view of the bank settlement reconciliation process. Here’s a look at the key insights provided:
Total Amazon Settlements: This section showcases the total sum of all Amazon transactions reflected in your bank statement, providing a complete overview of your Amazon deposits.
Reconciled with Amazon Settlement Report: These transactions represent a perfect match between the settlement amount promised by Amazon in their reports and the actual funds deposited into your bank account. Cointab highlights these orders as “Reconciled Orders,” signifying a seamless settlement process.
Settlement Discrepancies: Cointab identifies and categorizes any discrepancies between Amazon’s settlement report and your bank statement:
Less Settlement Received from Amazon: This category highlights instances where the amount deposited into your bank account falls short of the settlement amount promised by Amazon. This could indicate errors or delays in processing.
More Settlement Received from Amazon: Here, the software flags situations where the amount deposited into your bank account exceeds the settlement amount promised by Amazon. This might be due to refunds or corrections made by Amazon that haven’t been reflected in their reports yet.
Amazon Settlement Received but Missing from Settlement Report: This category ensures transparency by showcasing any instances where you received funds from Amazon that aren’t reflected in their settlement reports. This might require further communication with Amazon.
By leveraging Cointab’s bank settlement reconciliation process, you can achieve accurate reconciliation, identify and address discrepancies promptly, and gain a comprehensive understanding of your Amazon finances.
Managing Amazon transactions can be a complex task, often leading to time-consuming manual reconciliation processes that strain your finance team’s resources. Cointab’s software streamlines the entire process, offering a robust two-tiered system for meticulous payment verification, a multi-layered approach for accurate fees verification, and a comprehensive bank settlement reconciliation solution.
By utilizing Cointab’s automated features and insightful reporting, you can empower your finance team and CFO with the tools they need to:
- Ensure accurate reconciliation of your Amazon transactions, saving valuable time and resources.
- Identify and address discrepancies in payments, fees, and settlements promptly, improving financial control.
- Gain valuable insights into your Amazon finances for better decision-making, allowing for strategic planning and optimization.
- Achieve complete transparency and peace of mind with your Amazon reconciliation process.
Cointab empowers you to not only streamline your Amazon reconciliation but also unlock the full potential of your finance team. They can focus on strategic initiatives and growth opportunities instead of being bogged down by manual tasks.
Ready to streamline your Amazon reconciliation and empower your finance team? Try Cointab today!
