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Streamline Jiomart Marketplace Reconciliation with Cointab

Streamline Jiomart Marketplace Reconciliation with Cointab

 

The e-commerce revolution has made online marketplaces commonplace for both buyers and sellers. These platforms facilitate seamless transactions and communication. Jiomart, a leading e-commerce retailer known for its affordable prices, extensive deals, and high-quality products across apparel and groceries, exemplifies this trend.

Selling on JioMart holds immense potential for businesses to expand their reach beyond geographical limitations, a feat impossible without e-commerce. However, Jiomart, like other marketplaces, charges fees to sellers for each item sold to cover the services provided.

Reconciling Jiomart reports involves a crucial yet tedious task: manually reviewing reports, cleaning data, and performing analyses to ensure accurate fee assessments. This process can be a significant challenge for sellers.

Cointab: Effortless Reconciliation

Cointab offers a game-changer for Jiomart sellers by automating the entire reconciliation process. With Cointab, you simply upload your data, and with a single click, the reconciliation process begins. Cointab handles everything, presenting clear and concise reports highlighting any discrepancies between your records and JioMart’s. This allows you to easily review the findings, identify any internal errors, and address any discrepancies with Jiomart.

The Reconciliation Process:

Essential Reports:
  1. JioMart Invoice Report: This report provides a detailed breakdown of each order, including individual item details. It essentially serves as a record of every order placed on JioMart.
  2. Jiomart Service Invoice Report: This report focuses on the financial aspects of your sales. It details the payment amount and all the fees charged by Jiomart for each order you’ve dispatched.
  3. JioMart Disbursement Report: This report summarizes the total sales value and total fees charged for all your JioMart orders. It essentially shows the final payout you receive from JioMart.
  4. JioMart Return Report: This report tracks all orders with a “returned” status in your inventory. It helps you reconcile returns and ensure accurate payouts.
  5. Bank Statement: This is your official record of all financial transactions occurring in your bank account. It’s crucial for verifying payments received from Jiomart.

Join successful businesses like our customers in optimizing your Amazon transactions with Cointab!

Join successful businesses like our customers in optimizing your Jiomart transactions with Cointab!

Payment Reconciliation

Constructing a Two-Tiered Order Summary
  1. Initial Summary: This initial compilation encompasses all your Jiomart order data, providing a comprehensive overview for reference.
  2. JioMart Order Summary: This critical second tier focuses on unique order identifiers (IDs). By associating each order with its corresponding unique ID, it establishes a detailed record for streamlined reconciliation.
Jiomart’s Initial Verification Process
  1. JioMart utilizes the order summary with unique IDs to conduct an initial verification process.
  2. Each order ID functions as a bridge, connecting your payout report (earnings) and sales report (total sales).
  3. JioMart then compares the predicted payout amount calculated from your sales data with the actual payout reflected in your payout report.
Presentation of Clear and Concise Results

Following reconciliation, the output is presented in a structured and summarized format. This user-friendly presentation allows for efficient evaluation of any discrepancies between expected and actual payouts.

The Output is displayed below

JioMart Disbursement Report Breakdown:
  1. Reconciled with disbursement report: These transactions represent a perfect match! The sale amount calculated by your system aligns perfectly with the amount recorded in the Jiomart disbursement report.
  2. Underpaid: This signifies a potential discrepancy in your favor. The sale amount you calculated is higher than the amount recorded in the disbursement report, suggesting a possible underpayment from Jiomart. 
  3. Overpaid: This highlights a potential overcharge. The sale amount you calculated is lower than the amount recorded in the disbursement report.
  4. Missing in JioMart disbursement report: These are orders where you haven’t received any payment record in the report. It’s essential to investigate these missing payments to ensure you receive what’s due. 
Bank Statement Reconciliation: Verifying Deposited Funds
  • The system establishes a link between your Jiomart disbursement report and your bank statement.
  • It then performs a cross-check by comparing the figures in both reports to identify any discrepancies. 
  • The final outcome will clearly indicate if the deposited amount aligns with the expected settlement amount from JioMart.
The Result is displayed below
  1. Total Transactions: Gain a complete picture of your bank statement activity with the total number of transactions displayed.
  2. Reconciled with JioMart Settlement Report: This section highlights transactions that perfectly match the settlement amount promised by Jiomart, ensuring smooth financial alignment.
  3. Missing in JioMart: Identify cases where the bank statement reflects funds received but the corresponding information is missing from the settlement report. This helps you stay on top of potential discrepancies for swift resolution.

Streamline your finances with Cointab

Reconciling Jiomart fees can be a time-consuming and error-prone process. Manually analyzing reports and identifying discrepancies can be a significant obstacle for sellers.  Cointab offers a powerful solution that automates the entire reconciliation process, saving you valuable time and ensuring accurate financial records.  With Cointab’s clear and concise results, you can effortlessly identify potential underpayments, overcharges, and missing payments from JioMart.  

Get started with Cointab today and experience the benefits!

Optimize your financial operations with Cointab's powerful reconciliation software. Join now!

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Optimize your financial operations with Cointab's powerful reconciliation software. Join now!

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