Pepperfry bridges the gap between furniture retailers and a massive online audience in India. Boasting over 4.5 million registered users, this online furniture marketplace acts as a digital showroom for 10,000 sellers. Pepperfry fosters a unique blend of online and offline business models, constantly innovating in delivery services, payment options, and the overall customer experience to create a seamless experience for both sellers and buyers. For furniture businesses, selling on Pepperfry unlocks significant growth potential and expands their reach to a nationwide customer base.
For Pepperfry sellers, getting paid after product delivery requires tedious record-keeping. This involves tracking shipped items, pricing details, and corresponding customer payments. Pepperfry’s extensive reports, coupled with high transaction volumes, can make reconciliation a time-consuming nightmare.
Cointab steps in as a game-changer
It’s automated reconciliation technology tackles this challenge head-on. It eliminates manual data entry with automatic uploads, simplifying the entire process. Additionally, Cointab presents the results in a clear and user-friendly format, allowing sellers to effortlessly review and manage their finances.
Required Reports
- Order Detail Report: This report provides a comprehensive overview of all Pepperfry sales, including product specifications, customer information, and order status.
- Shipping Detail Report: This report tracks the shipment status of orders from dispatch to delivery, offering detailed shipping information for easy reference.
- Canceled Order Report: This report summarizes all canceled or returned orders, providing essential details to understand reasons for cancellations and facilitate refunds.
- UTR Detail Report: This report serves as a payment confirmation, listing all payments received from Pepperfry. Each transaction includes a unique transaction reference (UTR) ID for accurate record-keeping.
The Reconciliation Process is as follows
In the Pepperfry marketplace, financial reconciliation involves two key processes: payment verification and bank reconciliation. Payment verification ensures that the transactions recorded in Pepperfry’s system accurately reflect the payments received from customers. Bank reconciliation, on the other hand, compares the bank statements with Pepperfry’s internal records to identify any discrepancies and ensure financial accuracy.
Read below for a detailed explanation of both processes.
Payment Reconciliation
Pepperfry sellers face a waiting game for payments, receiving them only after successful deliveries. With frequent daily transactions, manually tracking these payments becomes a near-impossible feat. This lack of visibility can leave sellers blind to potential financial losses, hindering corrective actions.
Cointab tackles this challenge head-on, streamlining the payment reconciliation process. It acts as a bridge, seamlessly connecting various Pepperfry reports to generate a clear and concise summary. This comprehensive report details every order, including item prices, associated fees, and the final payment amount. After crunching the numbers, Cointab presents the results in an easily understandable and well-organized format. This user-friendly approach empowers sellers to effortlessly analyze their finances and identify any discrepancies.
The result are displayed below
- Reconciled Orders: These transactions exhibit perfect concordance between the total amount reflected in your Pepperfry order and the corresponding Unique Transaction Reference (UTR) amount, signifying an unimpeded payment process.
- Potential Shortfall: This category highlights situations where a discrepancy exists between the order amount documented in the Pepperfry report and the UTR amount. This could indicate a missing payment or an inconsistency that necessitates further investigation.
- Unexpected Surplus: This section identifies instances where the order total in the Pepperfry report is lower than the UTR amount. It is prudent to verify these transactions to ensure the complete receipt of payment.
Bank Reconciliation
Total Transactions:
- This section provides a comprehensive overview of all transactions processed through your bank account during the designated reconciliation period.
Reconciliation with Pepperfry Settlement Report:
- This section identifies transactions where the funds deposited into your bank account precisely match the corresponding settlement amount promised by Pepperfry(as detailed in the Payout Report). These reconciled transactions signify accurate financial alignment between your bank records and Pepperfry’s settlement data.
Discrepancy Identification and Analysis:
- Shortfall in Received Payment: This section flags any discrepancies where the amount deposited into your bank account falls short of the promised settlement amount from Pepperfry. These shortfalls may warrant further investigation to pinpoint potential causes.
- Excess Payment Received: This section highlights instances where the bank deposit surpasses the promised settlement amount from Pepperfry. These situations could indicate potential overpayments by Pepperfry and may necessitate communication to ensure future settlements are accurate.
Unidentified Transactions:
- This section identifies any transactions reflected in your bank statement that are absent from thePepperfry settlement report. These “unidentified” transactions could represent payments received for orders not yet processed by Pepperfry or potentially external deposits unrelated to Pepperfry sales.