Fee Correctly Charged:
Rest assured, the fees levied by Shopify Pay align precisely with the rates outlined in the Rate Card, ensuring transparency and accuracy in your financial dealings.
Fee Overcharged:
In some instances, discrepancies may arise where the fees charged exceed the expected amount based on the Rate Card, prompting a closer examination of transaction details.
Fee Undercharged:
Conversely, there are cases where the fees applied by Shopify Pay fall below the anticipated amount per the Rate Card, warranting attention to ensure fair and accurate charges.
Tax Correctly Charged:
Harmonizing with GST guidelines, the tax recorded in the Payment Report corresponds accurately to the calculated amount, fostering compliance and financial integrity.
Tax Overcharged:
Occasionally, the tax recorded in the Payment Report surpasses the expected amount as per GST guidelines, necessitating a thorough review to rectify any discrepancies.
Tax Undercharged:
Conversely, discrepancies may occur where the tax recorded in the Payment Report falls short of the calculated amount based on GST guidelines, necessitating corrective measures.
Settlement UTR Not Present:
In instances where the Settlement report lacks UTR references for transactions, further investigation is warranted to ensure comprehensive record-keeping and reconciliation.
Settlement Amount Match:
Alignment between the calculated settlement amount and the actual amount received from Shopify Pay signifies accurate financial transactions, facilitating smoother reconciliation processes.
Settlement Amount Mismatch:
Instances where the calculated settlement amount differs from the actual amount received highlight potential discrepancies requiring immediate attention to maintain financial accuracy and transparency.
Settled in Bank Account:
Verification of UTR references in the Settlement Report against corresponding entries in the bank statement confirms successful settlement transactions, bolstering financial oversight and control.
Not Settled in Bank Account:
However, if discrepancies arise where UTR references in the settlement report fail to align with entries in the bank statement, further investigation is imperative to ensure seamless fund transfers.
Cointab Reconciliation Software streamlines the verification process for fees and taxes charged by payment gateways, empowering businesses to scrutinize transactions and identify potential overcharges or undercharges. With detailed insights provided by our software, businesses can confidently initiate claims, ensuring financial accuracy and compliance. By automating this process, your team can redirect valuable time towards strategic business initiatives, enhancing productivity and profitability. Experience the efficiency of automated reconciliation and propel your business towards greater financial integrity and success.