MensXP has carved a niche for itself in the thriving Indian e-commerce market, catering specifically to the needs of the modern Indian man. They offer a comprehensive selection of men’s fashion and lifestyle products, all conveniently available on their online marketplace.
In the fast-paced world of e-commerce, accurate reconciliation is essential. It ensures you track every step of the order journey – from placement to final payment – and receive the correct earnings. But reconciling data between various platforms can be a tedious and error-prone chore. This is where Cointab steps in to simplify the process for MensXP sellers.
Cointab automates the reconciliation process by seamlessly integrating with your MensXP reports and your existing Enterprise Resource Planning (ERP) system. This eliminates the need for manual data entry and analysis, saving you valuable time and resources.
Reports needed for reconciliation
MensXP Order Report:
This comprehensive report serves as your central hub for all order details. It includes crucial information like individual order details, product information, pricing, and, most importantly for reconciliation, the specific commission fee charged for each order.
MensXP Advice Report:
This report offers a monthly snapshot of your overall sales activity on the platform, providing a concise overview for easy reconciliation.
MensXP Lost Cases Report:
This report identifies any orders lost during transit or due to other unforeseen circumstances, helping you track potential discrepancies.
MensXP Return Report:
This report maintains a record of all customer returns processed by MensXP, ensuring transparency and aiding in reconciliation.
MensXP UTR Details Report:
This report focuses on payments, providing the Unique Transaction Reference (UTR) ID for each order. This allows for easy identification and tracking of payments during reconciliation.
From Your ERP System:
- ERP Reports (e.g., SAP, Tally): Your Enterprise Resource Planning (ERP) system likely houses reports relevant to your MensXP sales activity. These reports may include order details, inventory data, and financial transactions. Specifying common ERP systems like SAP and Tally helps with SEO.
From MensXP to ERP:
- Reconciled Orders: These represent orders where the sales amount in both MensXP reports and your ERP perfectly match
- Less Settlement in ERP: Cointab highlights any orders where the amount recorded in your ERP system is lower than the corresponding amount in MensXP reports. This helps you identify potential under-recorded sales in your ERP.
- More Settlements in ERP: This section identifies orders where the amount recorded in your ERP system is higher than the corresponding amount in MensXP reports. This allows you to investigate potential over-recorded sales in your ERP.
- Missing in MensXP: Cointab flags any orders present in your ERP system but missing from MensXP reports. This helps you identify potential discrepancies in data reporting between the platforms.
From ERP to MensXP:
Identify discrepancies from your ERP system compared to MensXP reports:
- Reconciled with MensXP: These represent orders where the sales amount in both your ERP system and MensXP reports perfectly match.
- Less Settlement recorded in MensXP: Cointab highlights any orders where the amount recorded in MensXP reports is lower than the corresponding amount in your ERP system. This helps you investigate potential discrepancies.
- More settlements recorded in MensXP: This section identifies orders where the amount recorded in MensXP reports is higher than the corresponding amount in your ERP system. This allows you to investigate potential discrepancies.
- Missing in MensXP: Cointab flags any orders present in your ERP system but missing from MensXP reports. This helps you identify potential discrepancies in data reporting between the platforms.
Guaranteed efficiency with Cointab
Managing sales data across your MensXP marketplace and your Enterprise Resource Planning (ERP) system can be a breeze with Cointab’s automated reconciliation solution. Gone are the days of manually extracting data from various MensXP reports (Order Report, Advice Report, etc.) and matching them with corresponding entries in your ERP system (e.g., SAP, Tally). Cointab automates this entire process, eliminating the risk of errors and freeing up valuable resources for you to focus on growing your business.
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