Meesho, a popular shopping app known for its vast selection of clothing, jewelry, and more, is a thriving marketplace for both buyers and sellers. As a Meesho reseller, you connect with a massive customer base, leading to a potential surge in orders. However, manually verifying each order and corresponding payment can become a time-consuming and tedious task.
Cointab: Your Solution for Automated Meesho Reconciliation
Cointab’s automated reconciliation software streamlines your Meesho experience, saving you valuable time and effort. Our software eliminates the need for manual data entry, ensuring accurate results and freeing you to focus on growing your business.
Meesho Order Detail Report: This comprehensive report provides a detailed breakdown of every order placed through Meesho on your platform. It serves as a record of customer purchases, including item details, quantities, and pricing.
Essential reports for reconciliation
- Meesho Order Detail Report: This comprehensive report provides a detailed breakdown of every order placed through Meesho on your platform. It serves as a record of customer purchases, including item details, quantities, and pricing.
- Meesho Payment Report: This report encompasses all processed payments from Meesho. It offers vital information regarding each transaction, such as the order reference, amount received, and any associated fees.
- Meesho Sales TCS Report (Tax Collected at Source): This report focuses specifically on Tax Collected at Source (TCS) applied to your Meesho sales. It details any exchanges or order cancellations that occurred during shipment, potentially impacting the final TCS amount.
- Bank Statement: This official record from your bank provides a complete picture of all incoming and outgoing transactions within your account. You can use it to verify payments received from Meesho and ensure they align with your sales activity.
Meesho Marketplace Reconciliation Result
Payment Reconciliation
For the purpose of performing the reconciliation process, the system extracts the data from the required reports and connects them to one another. The data essential for this task is then extracted, and the estimated payment amount from Meesho is calculated. The amount actually received from Meesho is then compared to the amount estimated to be received. It then indicates whether any inaccurate payments have been made to you, in which case it tells you exactly how much has been overpaid or underpaid, as seen below.
- Reconciled Payments: These transactions represent a perfect match! The expected sales amount you calculated aligns exactly with the actual amount received from Meesho.
- Discrepancies: Cointab identifies any mismatched payments for further investigation-:
- Underpaid by Meesho: These transactions show a shortfall, where the amount you received from Meesho is lower than the expected sales amount.
- Overpaid by Meesho: Here, you received a higher amount from Meesho than anticipated for these orders.
- Pending Payments: This section flags any missing payments. These transactions are recorded in your sales reports but not reflected in the Meesho payment report, indicating they might be awaiting settlement from Meesho.
Bank Reconciliation
The software seamlessly connects information from your Meesho Settlement Report and your bank statement. This vital step, called bank reconciliation, involves comparing the settlement amount Meesho claims to have paid you with the actual amount reflected in your bank account. By performing this comparison, the software can determine:
Automated Data & Verification:
Cointab automatically handles data linking and settlement verification, saving you time and ensuring accuracy.
Discrepancy Identification:
Cointab promptly highlights underpaid and overpaid orders.
Total Meesho Settlements:
This section displays the total amount Meesho has paid you for all transactions during the reconciliation period. This figure should be found in both your Meesho Settlement Report and your bank statement.
Reconciliation Status:
Here, Cointab categorizes your transactions based on their alignment with both reports:
- Found in Payment Report: These transactions appear in both the Meesho Payment Report and your bank statement, confirming successful settlement.
- Meesho Reconciled Transactions: This category highlights transactions where the settlement amount in both reports matches perfectly, indicating accurate processing by Meesho.
- Discrepancies: Cointab identifies and flags any mismatched amounts for further investigation:
- Less Payment Received – Meesho: These transactions show potential underpayments from Meesho. The amount received in your bank is lower than the expected settlement amount.
- More Payment Received – Meesho: These transactions represent instances where you received a higher amount from Meesho than anticipated.
- Missing in Meesho: This section highlights transactions present in your bank statement but missing from the Meesho Settlement Report. These transactions might be pending settlements from Meesho.
Streamline your reconciliation with Cointab
Cointab’s automated solution streamlines the entire Meesho reconciliation process, saving you valuable time and resources. Our software provides clear payment insights with a comprehensive breakdown of your reconciliation results, including perfectly matched payments, underpayments, and overpayments. Cointab also performs accurate bank reconciliation by meticulously comparing your bank statement with the settlement report, highlighting any discrepancies and ensuring accurate transfers from Meesho.Unlock the benefits and get a demo with Cointab today!