Nykaa Fashion is a popular shopping site where a variety of products are available ranging from clothes and accessories to footwear. Initially, Nykaa was mainly associated with beauty products but over time, it has transitioned to include clothing and apparel, which is now known as Nykaa fashion. Due to Nykaa’s popularity, many brands want to make their products available on the Nykaa fashion marketplace as it has become one of the most used sites for shopping. By making your product available on the Nykaa fashion marketplace, you get a lot of exposure as compared to just selling through your own site. Checking all the transactions made through the Nykaa fashion marketplace gets difficult as the number of transactions increases. In case payments are made incorrectly or a lesser amount is paid on multiple orders, it might accumulate and lead to a huge loss. That’s where our automated reconciliation software would be useful. Our software verifies every payment and also shows the orders on which the amount is paid incorrectly. So then in case of overpayments, you can claim the extra amount paid from Nykaa Fashion by raising a dispute. Hence you can conduct the Nykaa Fashion Marketplace Reconciliation efficiently and without any manual effort.
Reports used for Nykaa Fashion Marketplace Reconciliation
Nykaa Fashion Order Detail Report (vinreport)
All the details and the fees regarding each order placed through the Nykaa Fashion report are available in this report.
Nykaa Fashion Payout Report
In this report, all the payments processed through Nykaa Fashion and all the necessary details are presented here.
All the payments that reach your bank account are verified by checking the bank statement.
For the purpose of performing the reconciliation process, the software extracts the data from the required reports and links them to one another. The data is then extracted, and the payment amount expected to be received from Nykaa Fashion is calculated. The amount actually received from Nykaa Fashion is then compared to the amount anticipated to be received. The software then indicates whether any improper payments have been made to you and if so, it tells exactly how much has been overpaid or underpaid, as seen below.
On these transactions, the expected sale amount and the actual sale amount received from Nykaa Fashion are equal and hence said to be reconciled.
Less Amount Received
These are the transactions on which the expected sale amount calculated exceeds the sale amount received from Nykaa Fashion.
More Amount Received
Shown here are the transactions on which the expected sale amount calculated is lesser than the amount received from Nykaa Fashion.
Not Found in Payment Report
The transactions that are not recorded in the payment report are shown here. It means that these payments are pending to be received from Nykaa Fashion.
The data from the settlement report and the bank statement are linked for reconciliation. whereby the software conducts a comparison between the settlement amount and the amount shown on your bank statement. The software then demonstrates to you if Nykaa Fashion transferred the appropriate amount into your bank account. Additionally, it displays the precise amount that is overpaid or underpaid so you can conveniently manage order payments and prevent needless losses.
Reconciled with Nykaa Fashion Report
On these transactions, the amounts match the settlement report and the bank statement. Hence, they are reconciled.
Missing in Nykaa Fashion
These transactions are not present in the Nykaa Fashion Settlement Report. It means that these transactions are pending to be received.
The Nykaa Fashion Marketplace Reconciliation process is simplified with the help of our software as shown above. The precise overpaid or underpaid amounts are displayed when the software verifies the payments from Nykaa Fashion. Which is helpful for you to conveniently keep track of the payments made for each transaction. Additionally, the software compares the bank statement and settlement report, this in turn enables you to determine whether Nykaa Fashion successfully transferred funds into your bank account.