Amazon is one of the biggest marketplaces online in the world. Today numerous businesses are selling online and most businesses chose Amazon as their number one e-commerce marketplace. Selling on Amazon brings great growth and profit to a company. But this happens only when a company does everything right from its side when it comes to confirming payments and settling accounts. This process of Reconciliation is very complicated. With all the different charges amazon charges for each order and different reports being provided by Amazon. It becomes very difficult to manage all the data. Also, When it comes to confirming the payments or invoices by amazon and confirming the same with the bank to verify if the amounts are as promised by amazon. The task is very lengthy and painstaking.
This is where Cointab comes into play. Cointab has made an amazing system that does all the painstaking and lengthy tasks of data handling extremely easily. All a seller has to do is upload the data to the software and the results required will be generated in no time, in an easy-to-read format. The system also adapts to any type of data with a little bit of configuration. So, companies don’t have to adapt to any changes in their data management. All a Company needs to do is to get its finance team to analyze the output and resolve any issues with Amazon.
We first create a two-level summary of the order report. The first is based on order id and SKU. The second is based on unique order id (Amazon order summary).
In this order summary, amazon’s first level of verification will be done. Then this will be linked to the Disbursement report (payment report) and MTR report (invoice report) based on a unique order id. Then the expected amount from the MTR report will be verified against the Disbursement report.
The above Image is from Cointab Result Dashboard where we have summarized the payment verification between the Invoice Amount as per the MTR report (using Sale Invoice & Credit Notes) and the Disbursement amount as per the Disbursement report. All the unique order ids will be verified and any discrepancy between the MTR amount and Disbursement amount will be highlighted as Total Unreconciled Amount.
Amazon Charges Various Fees on a single order. These fees are Shipping Fee, Closing Fee, Referral Fee, Pick and Pack Fee, Tech Fee, etc.
Amazon Shipping will be verified using the Rate Card, which is created by considering the Shipping zone, SKU weights (which Is the item description given by the client), fulfilment type, and step level.
Similarly, we verify the Closing Fee using the Closing Fee rate card. Which based on the price range of an item.
The Referral fee verification is done via referral fee percentage, which is based on the details provided by amazon.
The amount to be settled by Amazon is verified by linking the disbursement file to the bank statement. Then the amount is verified at the bank.
If you want to Automate your Amazon Payment verification process, contact us now.