GlowRoad empowers small businesses to embrace social selling by connecting them directly with wholesalers and manufacturers. This eliminates the need for upfront investment, allowing them to leverage platforms like Instagram, Twitter, and Facebook to reach a wider audience. With GlowRoad, simply download the app, share your unique referral code on social media, and earn a commission on every purchase made through your link. This creates a seamless sales channel for small businesses, enabling them to tap into a vast network of suppliers without any initial financial burden. The app’s user-friendly interface allows you to manage multiple orders placed through GlowRoad, simplifying your social selling experience.
GlowRoad empowers social sellers with a direct connection to wholesalers and manufacturers, but managing numerous orders and payments across various social media platforms can be a nightmare.
That’s where Cointab’s automated GlowRoad reconciliation comes in
Cointab’s innovative software automates the entire reconciliation process, eliminating the need for manual data entry and analysis. The software seamlessly integrates with your GlowRoad account and retrieves all relevant transaction data. It then compares this data with your internal records, ensuring every order and payment is accounted for. This comprehensive automation frees you from the burden of manual reconciliation, allowing you to focus on growing your business and engaging your social media audience.
Reports used for GlowRoad marketplace reconciliation
- GlowRoad Order Detail Report: This report serves as your single source of truth for all order details placed through GlowRoad. It provides a granular view of each order, including product information, customer details, and order value.
- GlowRoad Payout Report: This report acts as a financial ledger for your GlowRoad transactions. It details every payment processed through the platform, ensuring transparency and clarity in your earnings.
- GlowRoad Sales TCS Report: This report focuses on Tax Collected at Source (TCS) specifically applicable to exchanged and canceled orders. It provides crucial information for tax compliance purposes, particularly when orders are canceled after shipment has commenced (reflected in the RTO sheet).
- Bank Statement: This external document serves as a verification tool. By cross-referencing your bank statement with GlowRoad payout reports, you can confirm that all received payments from GlowRoad are accurately reflected in your bank account.
GlowRoad Marketplace reconciliation result
Payment reconciliation
Our system leverages a streamlined data extraction process, seamlessly integrating with your GlowRoad reports to pull together all essential financial details. This consolidated data set empowers the system to calculate the exact payment amount you should expect from GlowRoad. Next, the system performs a reconciliation process, comparing the calculated expected payment with the actual amount received by GlowRoad. Any discrepancies, such as overpayments or underpayments, are promptly identified and presented in a clear and concise format, enabling you to make informed financial decisions and ensure accurate settlements.
- Reconciled: These transactions represent a perfect reconciliation, where the expected sales amount calculated internally matches the exact amount received from GlowRoad.
- Potential Underpayment: Discrepancies were identified for these transactions. The calculated sales amount suggests a potential underpayment by GlowRoad. Further investigation may be required to recover any outstanding dues.
- Potential Overpayment: These transactions indicate a possible overpayment by GlowRoad. A review is recommended to ensure the accuracy of the received amount.
- Unrecorded Transactions: These transactions are currently not reflected in the GlowRoad payout report. This may signify pending payments that are yet to be processed by GlowRoad.
- Canceled Orders : As expected, canceled orders are not included in the payout report and no payment is anticipated for them.
Bank Reconciliation
Seamless bank statement integration enables our system to directly reconcile GlowRoad settlement reports with your bank deposits, ensuring pinpoint accuracy.
GlowRoad Bank Reconciliation Summary:
- Matched: These transactions represent a complete reconciliation, where the settlement amount reflected in GlowRoad’s report perfectly aligns with the deposited amount in your bank statement.
- Potential Discrepancy (Underpayment): Discrepancies were identified. The deposited funds in your bank account for these transactions are lower than the settlement amount expected from GlowRoad based on their report. Further investigation may be necessary to recover any potential shortfalls.
- Potential Discrepancy (Overpayment): These transactions indicate a possible discrepancy due to a higher deposit in your bank compared to the settlement amount reported by GlowRoad. A review is recommended to ensure the accuracy of the received funds.
- Awaiting Settlement: These transactions are currently not reflected in the GlowRoad settlement report. This may signify outstanding payments that are yet to be processed by GlowRoad.
- Canceled Orders: As anticipated, canceled orders are not included in the settlement report and no corresponding deposit is expected in your bank account.
.
Leverage automated reconciliation with Cointab
As you see the GlowRoad Marketplace Reconciliation process is easily automated by our software and the results are displayed as given above. The payments received from GlowRoad are verified by software and the exact overpaid or underpaid amounts are shown. So that you can easily track the payments received on every order. Plus, the software reconciles the settlement report with the bank statement. This in turn helps you find out if payments are correctly deposited in your bank account by GlowRoad.
Get a demo and experience the difference!