MensXP: Your Go-To for Men’s Style and Essential, is the ultimate destination for the modern Indian man, offering a wide range of fashion, grooming, and lifestyle products. From the latest trends in apparel and accessories to top-notch skincare, haircare, and fragrances, MensXP has it all at competitive prices.
However, managing finances on MensXP can be a challenge for sellers. Reconciling sales data with MensXP reports is a time-consuming process that often involves manual data entry and analysis, leading to potential errors and inefficiencies.
Cointab: The Automated Reconciliation Solution
Cointab’s automated reconciliation empowers MensXP sellers to streamline their workflows by automating data upload and reconciliation, ensuring accurate fee calculations to maximize profits, and freeing up valuable time to focus on business growth.Documents Required
- MensXP Order Report: This report provides a detailed breakdown of all your orders.
- MensXP Advice Report: This report offers a monthly summary of your overall sales activity on the platform.
- MensXP Lost Cases Report: This report identifies any orders lost during transit or due to other unforeseen circumstances.
- MensXP Return Report: This report details all customer returns processed by MensXP.
- MensXP UTR Details Report: This report provides the Unique Transaction Reference (UTR) number for each order, aiding in easy identification and tracking of payments.
- Bank Statement: This showcases your actual financial transactions, allowing for a comparison with MensXP’s reported figures.
MenXP Order report
- Order Report: This comprehensive report keeps track of all your individual orders. It provides a detailed view, including product information, pricing, and customer details.
- Advice Report: Think of this report as a monthly snapshot of your sales activity. It offers a concise overview of your overall performance on the MensXP platform.
- Lost Cases Report: This report acts as a safety net, identifying any orders lost during delivery or due to other mishaps.
- Return Report: This report maintains a record of all customer returns processed by MensXP, ensuring transparency in the returns process.
- UTR Details Report: This report focuses on payments. It provides the Unique Transaction Reference (UTR) ID for each order, allowing you to easily track and reconcile your payments.
Reconciliation Results
Data Cleansing and Matching:
The system meticulously cleans and organizes data from all your MensXP reports (Order Report, Advice Report, etc.) and establishes connections between them.
Extracting and Comparing:
Next, it extracts sales data and calculates your expected earnings based on those figures. These calculated amounts are then compared to the actual payment information received from MensXP.
Clear and Organized Results:
The results are presented in a user-friendly format, making it easy for you to analyze any discrepancies:
- Total MensXP Transactions: A comprehensive count of all transactions processed through the
- MensXP Reconciled Transactions: A clear indication of the number of transactions where the calculated sales amount aligns perfectly with the funds received from MensXP, signifying accurate financial reconciliation.
Payment Discrepancies:
- Underpayments: Instances where the calculated sales amount surpasses the payments received from MensXP, highlighting potential discrepancies in payment.
- Overpayments: Situations where the calculated sales amount falls short of the payments received from MensXP, suggesting potential overpayments.
- Pending Payments: A comprehensive list of all orders awaiting payment from MensXP.
- Canceled Transactions: A record of all transactions that have been canceled.
This in-depth analysis empowers you to confidently identify and address any financial irregularities with precision and efficiency.
Bank Statement Reconciliation
After identifying discrepancies within MensXP reports, Cointab takes the next step: verifying your actual bank deposits against the promised settlements.
The system seamlessly links your bank statement with the MensXP UTR Details Report. This allows for a precise comparison of transaction amounts.
Clear-Cut Results:
Just like the payment reconciliation, the results are presented in a user-friendly format:
- Total Transactions: This displays the overall number of transactions reflected in your bank statement.
- Total MensXP Settlements: This shows the total number of MensXP transactions present in your bank account.
- Reconciled Transactions: This indicates transactions where the amount deposited in your bank matches the settlement amount promised by MensXP – a sign of perfect alignment!
- Payment Discrepancies:
- Less Payment Received: This highlights instances where the amount deposited in your bank is lower than the promised settlement amount, potentially indicating a shortfall.
- More Payment Received: This identifies situations where the deposited amount is higher than the promised settlement, suggesting a possible excess payment.
Missing in MensXP: This section flags any transactions in your bank statement where you received the settlement amount, but it’s absent from the MensXP report. This helps identify potential reporting errors.