Lone Star Overnight is a regional leading parcel delivery company, headquartered in Austin, Texas. They provide overnight, time-definite express package delivery services. It is a regional shipping carrier that focuses on express next-day delivery for both air and ground transportation.
Lone Star Overnight is a well-established delivery service. Being a huge courier service means there is a large number of orders taking place daily, which can sometimes be copious. It’s essential to keep track of all the deliveries and the locations where the product is to be delivered in order to make sure no damage is taking place. Since manual reconciliation does not assure accuracy for a large volume of verification, adapting to automated software will be the optimal choice.
Cointab reconciliation software can easily verify various charges and reports without substantial use of manual effort. Compare reports like ERP reports, Shipping invoices, Pincode master, SKU reports and Rate cards with the invoice provided by Lone Star Overnight. Reconcile all the reports without any chaos and easily check if any discrepancies or miscalculations are present.
Pincode zone reports consist of the zone according to the source location and destination location.
This report consists of a unique number assigned to each product which helps in determining the weight and dimensions of the product.
The rate card includes different shipping charges, that are charged based on the weight and zone of the order.
Important columns like order ID, billing zone, product type, weight, RTO, billing pincode, applied weight slab and the amount charges are present in the Lone Star Overnight delivery invoice, in order to make further calculations.
Invoice verification showcases the weight obtained from the SKU report, the zone obtained from the Pincode master and the rates calculated from the rate card. These values are reconciled with the courier invoice in order to make sure your business has not been overcharged.
After the final slab is calculated if it is seen to be lower or equal to the weight limit (“fwd_wt_fixed”) given in the rate card, that means it is equal to “fwd_wt_fixed”. Then the fees charged on it are “fwd_fixed” according to the zone. If the product is not equal to “fwd_wt_fixed” then it means that the product has more weight. The fee charged for extra weight is “fwd_add” according to the zone.
The formula for the expected rate is:
Expected_fwd_chg = fwd_fixed + (extra_weight) x fwd_add
After the final slab is calculated if it is seen to be lesser or equal to the weight limit (rto_wt_fixed”) given in the rate card, that means that it is equal to the “rto_fixed” and the fee charged on it is “rto_fixed” according to the zone. If it is not equal to the “rto_wt_fixed” column then that means that the product has extra weight. The fee charged for the excess weight is “rto_add” as per the zone.
The formula for the expected charge is as seen below
Expected_rto_chg = rto_fixed + (extra_weight) x rto_add
The expected final amount is calculated using Forward charge, RTO charge and tax %.
Cointab Reconciliation software uses the expected value which is obtained from the ERP report, Pincode master and rate card. The expected value is later calculated in order to get the expected fee, which is reconciled with the Lone Star Overnight invoice, in order to make sure you have not been overcharged.
The number of products delivered for a particular order is present in the ERP report. In the above case, the orders present in the Lone Star Overnight delivery invoice are also found in the ERP report, which helps to denote the weight of the product which can be later verified.
In the above case, the orders present in the Lone Star Overnight delivery invoice are not present in the ERP report and hence the orders cannot be verified further.
The data entries are present in the Lone Star Overnight delivery invoice as well as in the rate card and hence the order can be verified further.
The data entries are present in the Lone Star Overnight delivery invoice but are not present in the rate card and hence they cannot be verified further.
The order entries are found in the invoice of Lone Star Overnight as well on the rate card, so the records can be further verified.
The order entries are found in the invoice of Lone Star Overnight but are not present in the rate card and hence cannot be verified further.
The fee calculated with the help of the rate card matches the fee present in the Lone Star Overnight delivery invoice. The software compares the ERP report and the Lone Star Overnight delivery invoice report and shows the order deliveries where the zone and the weight of the product are correct.
Here, the software compares the ERP report and Lone Star Overnight delivery report, which shows that the zone and weight of the product match but the fee charged is wrong. In this situation, the invoice charges are seen to be more compared to the calculated amount, hence it is seen to be overcharged.
The software compares the ERP report and Lone Star Overnight delivery report, which shows that the zone and weight of the product match but the fee charged is wrong. In comparison to the calculated amount the invoice charges are seen to be less, hence it is said to be undercharged.
When the software compares the ERP report and Lone Star Overnight delivery report it’s seen that the zone of the product and fees are not match except for the weight. Since the zone of the product does not match, the amount is seen to be overcharged compared to the calculated amount.
The software compares the ERP report and the Lone Star Overnight delivery report and it’s seen that the zone and fees of the product do not match, but the weight matches. Since the fees and zone do not match it is seen to be undercharged compared to the calculated amount.
Here, the software compares the ERP report and the Lone Star Overnight delivery report and it is observed that the weight and the fees of the product do not match in both reports, only the zone matches. Hence the amount is overcharged in this case.
The software compares the ERP report and the Lone Star Overnight delivery report and it’s seen that the zone and fees of the product match, but the weight of the product does not match. Since the weight is seen to be mismatched it is seen to be undercharged compared to the calculated amount.
The software compares the ERP report and the Lone Star Overnight delivery report showing that the zone, fee and weight do not match. The amount is seen to be more than the calculated amount.
The software compares the ERP report and the Lone Star Overnight delivery report it shows that the zone, fee and weight of the product do not match. Hence the amount is seen to be less than the calculated amount.
Cointab reconciliation software offers seamless integration, where you can easily import your data and create a tailored workflow that aligns with your specific business needs. Get comprehensive 360-degree insights on the disparities that are present and identify them with ease. What are you waiting for, free yourself from laborious manual reconciliation and start using Cointab Reconciliation software, for a better tomorrow in your reconciliation journey.