Pepperfry is an Indian online marketplace for furniture and home décor. It partners with furniture merchants and connects them with customers by listing products on its website. Pepperfry has 10,000 sellers on its platform and has more than 4.5 million registered users. This idea would involve the seamless fusion of online and offline business models, as well as innovation in the areas of delivery services, payment ecosystem, and enhanced customer experience. For a seller, selling via Pepperfry’s marketplace is a great opportunity. This will help a seller grow exponentially.
Pepperfry will pay the seller after collecting payments from clients for delivered goods as a marketplace. A seller must record all of the products that have been sent, their item pricing, and the payments that have been made for them. The reports provided by Pepperfry contain a lot of information, and the vast number of transactions make this an extremely challenging task. Cointab has produced a solution for this issue. The laborious task of reconciliation and verification is made simple by Cointab’s automated reconciliation technology. In addition, the system contains a tool for automatically uploading data, and the output is very simple to comprehend and evaluate.
The reconciliation process is as follows:
Reports needed for reconciliation
Pepperfry Order Detail Report
The Order Detail Report consists of all the details related to each order sold via Pepperfry.
Pepperfry Shipping Details Report
When an Order is shipped all its details are recorded in the Shipping details report.
Pepperfry Canceled Order Report
After an Order is shipped or in the process of it and the order gets canceled or returned, the details of such orders are recorded in the Canceled order report.
Pepperfry UTR Detail Report
For every Order that Pepperfry has paid the amount to the seller, the details of these orders including the UTR ids are recorded in this report.
Payment Reconciliation
Sellers don’t get paid until a few days after an order is delivered to the customer. Keeping track of these transactions is extremely difficult because they happen so frequently every day. Without this process, a seller would not even be aware of when and how he is losing money, much less be able to take action to make up for it. This important and difficult duty is made easier with the Cointab system. The system links the reports and generates a summary based on this report. Every order detail, including the item price, fees that were assessed, and the total amount of payment received, is included in this report. The findings are then presented in a way that is very readable after the result is summed up. This makes analysis easy for the seller.
The result is displayed as follows:
The Result Displays:
Reconciled with Order summary:
Transactions where the order total and the UTR total are equal.
Less Payment received:
The Order report’s recorded amount is higher than the UTR Report stated amount.
More Payment Received:
The total amount recorded in the Order report for these transactions is lower than the total amount recorded in the UTR report.
Bank Reconciliation
After payment reconciliation, bank reconciliation is an important phase in the reconciliation process. Bank reconciliation is done to make sure that each payment that Pepperfry submits is appropriately accepted in the bank. Sometimes payments are made wrongly or not at all as a result of technical or human errors. The vendor can sustain sizable losses if this happens on a few transactions per day. This essential process is also accurately completed by the technology. The technology matches the amounts on the bank statement and each transaction to determine whether or not payments were received correctly.
The result displays the following:
Reconciled with Pepperfry
Transaction amounts in the bank that correspond to the settlement amount that Pepperfry has guaranteed.
Less Payment Received
The credited amount in the bank is less than the stated settlement amount.
More Payment Received
The amount deposited in the bank exceeds the settlement sum that Pepperfry had stated in their reports.
Not Found in Settlement report
These are bank transactions where the Pepperfry payment amount was received but was not recorded in the settlement report.
Businesses won’t be able to compete and stay relevant if reconciliation isn’t done properly. The business world of today is becoming increasingly complex. Accurate verification is necessary for making quick, informed decisions. The most efficient way to do this is using Cointab’s reconciliation system. It is easy to discern between the results, spot any underpayments, and verify the accuracy of the transaction data, as shown by the findings presented above.
