Swiggy is an online platform for ordering food and delivering the food to the customer’s doorstep from different restaurants. It operates in hundreds of cities nationwide. It also has thousands of restaurants available to customers on its platform. Due to this, it has been able to garner a lot of users. Hence restaurants that sign up to make themselves available through Swiggy have to deal with a lot of transactions that happen through the platform.
Due to this, it becomes extremely necessary to verify all the order payments are done correctly. Plus, all the various taxes charged by Swiggy need to be checked too. For a restaurant to do this themselves might be very time-consuming since it is very difficult to analyze the various reports. Here, Cointab’s software could be helpful. It reconciles the Swiggy report, Urbanpiper report and the POS report with each other. From this, the software can find out if the payments made are correct.
Reports used for Reconciliations
Swiggy Annexure
It contains a record of all the orders placed on the Swiggy site, the Swiggy payout and coupon information.
POS orders
This is a record of the order details collected from the POS end.
Store master
This contains the commission rate to be charged on orders placed on Swiggy.
Swiggy Reconciliation Process
Cointab’s software reconciles POS with Swiggy so that company can find out how much of the amount is actually paid by Swiggy. The various charges like TCS, TDS, Commission, Packing and cancellation are also calculated by the software and then checked if they are rightly paid. Lastly, it checks how much of the settlement amount paid by Swiggy actually reaches the bank account.
POS – Swiggy
Total Swiggy Transaction
These are the total transactions that take place through Swiggy during a given period of time.
Found and reconciled with Swiggy
These transactions are found in both the POS report and the Swiggy report. It means that these transactions are reconciled as the restaurant will receive payment for the orders fulfilled.
Found in Swiggy but amount paid by Swiggy is less
These transactions recorded in the POS report are also found in the Swiggy report. But Swiggy has paid the restaurant lesser than the bill amount.
Found in Swiggy but amount paid by Swiggy is more
These transactions recorded in the POS report are also found in the Swiggy report. But Swiggy has paid the restaurant more than the bill amount.
Swiggy Charges
Swiggy charges the restaurant a couple of fees on every order placed and delivered on their platform. Since thousands of orders are placed every day, it is very hard for restaurants to keep track of whether the charges levied by Swiggy are correct or not. Hence Cointab can reconcile these charges and display the amounts charged; extra or less in the resultant report. Let’s take a look at every charge in detail.
Commission
For commission verification, Cointab reconciles the report given by Swiggy and the store master report. The Swiggy report consists of orders placed in the restaurant and the total Swiggy Service Fee. Since the merchant ID is not given in the Swiggy report it is taken from the file name. The store master report provides the commission rate on each order. Using these reports the calculation for the expected commission is found, using the formula given below.
Expected Commission = (Swiggy Platform Service Fee Chargeable On x Commission Rate) + Call Center Service Fees + Merchant Cancellation Charges.
Cointab’s software does the necessary calculations, reconciles the reports and presents the result as given below.
Commission Correctly Charged
Here the orders for which the right amount of commission is charged are shown. It means that the actual commission charged is the same as the expected commission value that we arrived at.
Commission Overcharged
Here the orders on which the commission charged show more than the expected commission value that we calculated are displayed. It means that extra commission is charged. This gets highlighted so that company can keep a track of these orders and get the amount reimbursed
Commission Undercharged
Here the orders on which the commission charged show less than the expected commission value that we calculated are displayed. It means that a lesser commission is charged. This is shown here so that company can keep a track of the amount underpaid and so that they can make the payment quickly.
TCS and TDS Verification
Here, we verify is the TCS and TDS amounts charged on the orders are correctly charged or not. Swiggy charges TCS and TDS based on the platform service fee. It charges x % of the service platform fee. The same formula is used to calculate the expected TCS and TDS. The differences are calculated between the expected amount and the actual charges using the formula given below.
Difference(s) = Swiggy Platform Service Fee Chargeable On x 0.01 – TCS/TDS
After the calculations are made, Cointab’s software verifies the TCS and TDS amount. It displays in its result table the is the amounts charged are correct or not along with the overcharged and undercharged amounts.
TCS Correctly Charged
Here the software displays the orders for which the expected amount and the actual amount charged. Hence the restaurants were charged the right amount of TCS for these orders.
TCS Overcharged
Here the software displays the orders for which the expected amount is lesser than the actual amount charged. Hence the restaurants were charged an extra amount for these orders.
TCS Undercharged
Here the software displays the orders for which the expected amount is more than the actual amount charged. Hence the restaurants were charged a lesser amount for these orders.
TDS Correctly Charged
Here the software displays the orders for which the expected amount and the actual amount charged show the same. Hence the restaurants were charged the right amount of TDS for these orders.
TDS Overcharged
Here the software displays the orders for which the expected amount is lesser than the actual amount charged. Hence the restaurants were charged an extra amount for these orders.
TDS Undercharged
Here the software displays the orders for which the expected amount is more than the actual amount charged. Hence the restaurants were charged a lesser amount for these orders.
Coupon Verification
Discount Coupon Used By Customer
These are the transactions for which the customers have used the discount coupon available. So Cointab verifies the code used and its constraints for these transactions.
Discount Coupon Not Used By Customer
These are the transactions for which the customers have not used the discount coupon available. So no need to verify these transactions here as customers pay the normal amount.
Discount Details Not Provided
These are the transactions for which Swiggy did not give the discount code constraints to the company. As the constraints are not available for these discounts used, these orders cannot be verified.
Correctly charged Discount
These are the transactions on which after verifying the discount code along with the constraints the amount charged to the company to give the discount is found correct.
More Discount Given
These are transactions on which the discount code and its constraints are verified by the software and it is found that the company was charged more than the agreed-upon amount in order to give the discount. This column is highlighted so that company can check these orders.
Less Discount Given
These are transactions on which the discount code and its constraints are verified by the software and it is found that the company was charged lesser than the agreed-upon amount in order to give the discount.
Packing Charges
Correct Packing Charge Collected from the Customer:
On these orders, the restaurant charges a packing fee from the customer. So, when Swiggy collects the correct amount of packing charge from customers, those orders are shown here.
More Packing Charge Collected from the Customer
These are the orders on which the restaurant charges a packing fee from the customer. When Swiggy collects more amount of packing charge from customers than the amount to be collected, those orders are shown here.
Less Packing Charge Collected from the Customer
These are the orders on which the restaurant charges a packing fee from the customer. When Swiggy collects less amount of packing charge from customers than the amount to be collected, those orders are shown here.
Cancellation Charge
Cancellation Charges Correctly Given
These are the transactions on which cancellation charges are applied by the restaurant on orders and it is seen that Swiggy has correctly paid these charges.
Cancellation Charges Less Given
These are the cancelled orders on which the restaurant levies a cancellation charge. When the cancellation charge amount collected by Swiggy is lesser than the actual amount to be collected it is displayed here.
Cancellation Charges More Given
These are the cancelled orders on which the restaurant levies a cancellation charge. When the cancellation charge amount collected by Swiggy is more than the actual amount to be collected it is displayed here.
Settlement
Settlement Correctly Calculated
Here the software calculates the total settlement amount to be received from Swiggy. It includes all the charges levied by the restaurants and arrives at the value.
Less Settlement Given
After the calculations, it checks the calculated amount with the amount settled by Swiggy. When the amount settled is lesser than the calculated amount, then it is displayed here.
More Settlement Given
After the calculations, it checks the calculated amount with the amount settled by Swiggy. When the amount settled is lesser than the calculated amount, then it is displayed here.
Bank
Total Swiggy Transactions
Here the total transactions that are completed through Swiggy are shown.
Reconciled Swiggy Settlements
These are the transactions which are present in the restaurant bank statement and in the settlement report. These transactions are said to be reconciled as the amount in both reports are the same. It means that the correct amount was deposited by Swiggy in the bank account.
Less Settlements Received by Swiggy
For these transactions after verification, it is found that Swiggy has deposited a lesser amount than the actual amount to be deposited in the restaurant’s bank account.
More Settlements Received by Swiggy
For these transactions after verification, it is found that Swiggy has deposited more amount than the actual amount to be deposited in the restaurant’s bank account.
Found in Bank, Missing in Settlement
These are the transactions that are recorded in the restaurant’s bank statement but not present in the settlement report.
As seen above, Cointab verifies the amount with the necessary reports and produces the resultant output with the necessary details. The report helps the finance teams know which charges are underpaid or overpaid. This helps them keep track of those transactions and avoid getting underpaid by any of their vendors
If you are interested in running your business more efficiently then Cointab’s software might be a great help for you!
Click on the link below to view more from Swiggy
Swiggy, Urbanpiper and POS Reconciliation
