Paytm, a leading Indian fintech giant, has revolutionized the way people make payments and access financial services in the country. From mobile recharges and bill payments to online shopping and investments, Paytm offers a comprehensive digital ecosystem for millions of users. However, managing transactions, especially those involving deals and discounts, can become complex for businesses.
Paytm plays a vital role in connecting merchants with customers through attractive deals and coupons. While this strategy increases traffic to stores, it also necessitates accurate record-keeping for merchants. This is where Paytm Deals reconciliation becomes crucial.
Paytm Deals reconciliation simplifies tracking payments and discounts associated with Deals offered by merchants.
Cointab’s automated reconciliation software streamlines the entire Paytm Deals reconciliation process, eliminating manual data loading and cleaning. With Cointab, you can benefit from effortless data management (automated data loading saves valuable time), clean and extracted data (ensuring accuracy for reconciliation), easy analysis and reporting (clear and user-friendly format), and the ability to export data in any format for dispute resolution with Paytm if discrepancies arise.
Reports required for reconciliation
Paytm Deals Reports:
These reports provide a comprehensive overview of all transactions completed using Paytm Deals. This includes vital details for each transaction, such as the specific deal or coupon used, the items purchased, and the total amount paid by the customer. Most importantly, these reports also include a unique identifier (UTR ID) for each order, enabling efficient tracking and reconciliation.Bank Statement:
This reflects all financial activity within your bank account, including both incoming credits (deposits) and outgoing debits (withdrawals). For Paytm Deals reconciliation, the bank statement serves as the reference point for verifying the actual payments received by your business.Paytm deals – Bank Reconciliation
The software acts as a bridge between your Paytm Deals reports and your bank statement. It utilizes the UTR ID (Unique Transaction Reference ID) as a common identifier to link corresponding transactions across both reports. This innovative approach helps verify payments for each order completed using Paytm Deals.
Cointab provides a comprehensive overview of all Paytm Deals transactions, categorized as follows:
- Total Transactions: This bucket details the total number of transactions processed using Paytm Deals.
- Found in Bank: This category shows transactions where the Paytm Deals payment has been successfully reflected in your bank statement, signifying a complete and accurate record.
- Not Found in Bank: Here, Cointab flags transactions present in your Paytm Deals reports but missing from your bank statement. These discrepancies require further investigation to ensure you receive the full payment for these orders.
Bank – Paytm Deals Reconciliation
Reconciling Paytm Deals with your bank statements ensures financial clarity. Here’s a breakdown of the key categories involved:
- Total Transactions: This represents the total number of transactions reflected in your bank statement, regardless of whether they involve Paytm Deals.
- Paytm Deals Amount Reconciled with Bank: This category highlights transactions where the amount recorded in your bank statement perfectly matches the corresponding amount in the Paytm Deals report. These transactions signify complete financial alignment and accurate record-keeping.
- Less Payment Received in Bank: Here, discrepancies arise. The amount recorded in your bank statement is lower than the amount listed in the Paytm Deals report. These discrepancies warrant further investigation to ensure you receive the full payment for these transactions.
- More Payment Received in Bank: This category flags situations where the bank statement reflects a higher amount than the Paytm Deals report. While less common, it’s still advisable to investigate these discrepancies to identify potential errors or duplicate payments.
Streamline your finances with Cointab
Reconciling Paytm Deals transactions can be a tedious and error-prone task, especially when dealing with manual data manipulation and complex spreadsheets. Cointab’s automated reconciliation software eliminates these challenges, allowing you to focus on growing your business. Get a demo today!Step into the future of reconciliation. Fill out the form to request your demo now!
