Hopscotch marketplace is one of the largest e-commerce marketplaces for kid’s fashion products. It is a wonderful choice for anyone looking to buy clothes, accessories, or gifts for children. The goods sold on Hopscotch assure customers of quality products and return facilities if products are damaged. The customer experience is made seamless by Hopscotch, from placing an order, to making payments and receiving the delivery everything is excellent and top-tier. Having such excellent services attracts a huge customer base. This becomes a benefit to the seller selling on Hopscotch. As it means a growing reach, and growth is the best scenario for any business. Since the customer reach is large the number of transactions a seller has to deal with is also very vast. This means the seller is obviously selling more products but has to also keep a record and track the details of each product at a high rate. This is a very difficult task and if not done properly can lead to unnecessary losses for the business. For such a scenario, Cointab has developed a solution through its automated reconciliation software. The software after initial configuration can automate the loading of data via email, API, and SFTP. This saves a lot of time for a business. After this step, the software cleans the data no matter what format it is stored and compares each detail, and gives a result of the comparison which makes it easy for a business to analyze each detail. The automated reconciliation software does Hopscotch marketplace reconciliation seamlessly and helps a seller know everything about their transactions with Hopscotch and keep a track of all the transaction amounts, which helps a seller know where he can save or recover any losses.

Reports needed for reconciliation:

Hopscotch Invoice Report

All the transaction order details between the seller and the marketplace are recorded in this report.

Hopscotch Payment Report

This report records all the transactions where the payments are done via the Hopscotch marketplace to the seller.

Hopscotch Debit Note

In case an order is returned or canceled the details of each such order are present in this report.

Payment Reconciliation

Only a few days after an order is delivered to the buyer do sellers receive payment. It is exceedingly challenging to keep track of these transactions because they occur at such a high rate every day. This procedure is crucial because, without it a seller would not even be aware of when and how he is losing money, let alone be able to take action to make up for it. The Cointab system facilitates this vital and challenging task. On the basis of this report, the system links the reports and creates a summary. This summary includes every order detail, including the item price, charges that were applied, and the amount of payment that was received. Following this, the summary is added up, and the findings are shown in a very readable style. For the seller, analysis is made simple by this.

The Result Displayed is as follows:

For reconciliation, the invoice amount is matched against the sum of the paid amount, the return to vendor amount, and the short shipment amount (which is when goods of a certain amount have not been delivered to the customer). These amounts are present in the payment report.

Invoice Amount = Payment Amount (Paid Amount + Return to Vendor Amount + Short Shipment Amount.)

The following results are calculated based on this:

Total Invoice amount

Total Transactions in the Invoice Report are recorded here.

Received proper amount against invoice

Using the above Formula the payment amount is equal to the invoice amount they are recorded here.

More Amount received against the invoice

The payment amount is more than the amount recorded in the invoice report.

Less Amount received against the invoice

When the payment amount is less than the invoice report amount it is recorded here.

For return orders the reconciliation is done using the debit notes. The return order amount is recorded in the payment report as return to vendor for which a vendor issues a debit note. This return to vendor amount is verified against the debit note amount to check if the proper amount is received for returns.

Bank Reconciliation

After the Payment reconciliation process bank reconciliation is an important process for reconciliation. Bank reconciliation is done to make sure that every payment sent by Hopscotch is received correctly in the bank. Sometimes due to some errors technical or humane, payments either don’t get credited or are inaccurately credited. If this happens for a few transactions every day it can amount to huge losses for a seller. This important process is also precisely done by the system. The system links the settlement report with the bank statement and matches every transaction amount and verifies whether payments are received accurately or not.

The Result Displayed is as follows:

Total Transactions

The total number of transactions in the bank statement is indicated here.

Reconciled with Hopscotch Settlement Report

These are the bank transactions that correspond to the settlement amount that Hopscotch has guaranteed.

Less Payment Received from Hopscotch

The amount in the bank is less than the promised settlement amount.

More Payment Received from Hopscotch

The amount deposited in the bank exceeds the settlement sum that Hopscotch had promised.

As shown in the above results, we can see how Hopscotch marketplace reconciliation is done. The software does all the work and a seller has to just run reconciliation and await an easy-to-read report for seamless analysis. Reconciling using this software can make a seller save a lot of time and make sure all the decision-making is done after careful analysis of accurate data. This will avail the possibilities for quick and accurate data-driven decisions and will make sure the business continues growing without facing any unknown hurdles and risks. 

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