An Indian provider of financial services and digital payments is BharatPe. Customers can use the BharatPe mobile payment services, its point of sale, internet payment gateway, and QR code solutions to make it possible for businesses to accept payments when the Indian government started the cashless India project. Both customers and businesses are moving more and more toward cashless methods of payment. One such well-liked method of cashless transactions in BharatPe. The most well-liked and convenient method for BharatPe transactions at a store is to use QR codes. The bank account of the vendor or merchant is linked to the QR code. Money is immediately taken out of a user’s account or wallet and delivered to the merchant or vendor’s bank account when they scan a QR code to make a purchase. The lack of dealing with currency or change on the part of the suppliers makes the transaction procedure a whole lot simpler. Nevertheless, when a large number of transactions happen quickly. Verifying every transaction with the bank might be challenging. Verifying these transactions with the bank is crucial since sometimes money is not credited to the vendor’s account owing to faults including network issues, technical difficulties, or fraud. However, it is not simple to have the bank confirm these transactions as it takes time to update and compare the data. Cointab created an automated system for BharatPe Instore Reconciliation. The system automatically gathers data, checks it against the set reports, and generates an output that is simple to understand. This makes it simpler for the sellers to evaluate and maintain a record of all payments made via BharatPe.

The Reconciliation process is done as follows:

Reports required for Reconciliation

BharatPe Offline Reports

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

Settlement Report

The settlement report contains all the settlement amounts of the client, For reconciliation, we use only the BharatPe settlement amount.

BharatPe Instore – Settlement Reconciliation

The BharatPe offline report summary and the bank statement summary are compared. The system compares these sums on a regular basis. It shows which summary is found in the bank statement and which aren’t and if there are any amount variances, 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 BharatPe offline report is recorded here

Found in Settlement:

Transactions from the BharatPe offline report which are equal and found in the settlement report are recorded here.

Not Found in Settlement:

If transactions from the BharatPe offline report are not found in the settlement report, these transactions are recorded here.

Settlement – BharatPe Instore Reconciliation

The system links the settlement report to the BharatPe 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.

Total BharatPe Transactions

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

BharatPe Amount Settled (Current Month)

The Amount that BharatPe settles in the Bank statement in the current month.

BharatPe Amount Settled (Previous Month)

BharatPe Amount that is settled in the bank for the previous month.

Reconciled with BharatPe

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

Less Settlement Received from BharatPe 

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

More Settlement Received from BharatPe

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

Amount Missing in BharatPe Reports

When transactions are found and highlighted in the Bank statement as BharatPe transactions but not found in the BharatPe 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 BharatPe and whether they have been received accurately or not. Using the software made by Cointab makes BharatPe Instore reconciliation much more efficient and easier.  

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