“Improvement is logical form of change”
We are back with enhancements in our product; the changes will help you work on the product in a more efficient and effective manner. Also, knowledge about the product and related features will be just a click away!
If we go exactly by how Investopedia defines it, payment reconciliation is nothing but an accounting process used to compare two sets of payment records to ensure the figures are in agreement and are accurate. Reconciliation is the key process used to determine whether the money leaving an account matches the amount spent, ensuring the two values are balanced at the end of the recording period.
The reconciliation of issued invoices with payments received can be complex and time consuming. This is particularly the case where customers make the payment to the market place and you as sellers receive payment from the market place, minus their charges per transaction.
Unicommerce reconciliation is designed in such a way that it will pre-empt the payment expected from a channel. Let us first understand that seller earning essentially is the Order item value and the shipping charge (all paid by the customer). The channel recovery on the other hand includes components like commission, shipping fees and fixed fees. As the name suggests, this is what channel earns for every product sold. Once you actually earn the payment, the system will highlight the difference, if any and you can easily identify the point of discrepancy to be sorted. Reconciliation can be switched on from the channel details page.
We are going to introduce Reconciliation in the first phase for the channel Flipkart.
As a seller, you would not require uploading any invoices; the system will fetch the invoices from the seller panels of this channel. Details of the uploaded invoices would be available within the Settlements tab of the Reconciliation page.
We have a Settlements tab where the payment invoices brought from the channel are listed in a table with their details and on clicking you can see all the orders which have been settled with this payment invoice.
2. The pending transactions tab contains all the orders for which we are doing the reconciliation; i.e. once the feature is switched on for a particular channel, reconciliation rows for all orders of that channel will get created on this page. Each row will have a unique identifier which we call as “Reconciliation Identifier”, which will differ according to the channel. For ex: for Flipkart, it is Order Item ID.
The page identifies each order item within a payment invoice and shows the overall debit/credit made to the seller for a particular suborder/order item ID.
The 2 columns to be explained in detail are:
- Expected Seller Earning
- Actual Earning
Expected Seller Earning:
This is the value that Uniware calculates; i.e. the net amount that the seller must expect for this particular Order Item ID. This is calculated based on logic that we have built in the system.
Points to note:
- If Payment Gateway as a field is not applicable for a certain channel, it would not show up in this box. However these fields would only be CHANNEL dependent and not SELLER dependent, e.g. even if Client A does not charge shipping charge currently, we will still give shipping charge as a field and mark it 0.
- Shipping Fee would only be levied if Channel is providing shipping. For self shipping this value would be 0.
This column would contain the actual amount that has been received from the channel, as per the invoices received.
On clicking the amount figure, we are again shown a lightbox with a table (similar to the above case) with the following columns:
So in the above example, we can see that Uniware calculated the earnings from this order to be Rs.474 whereas seller has got Rs.435 from the channel. Seller can then investigate the differences and reach out to the channels in case of issues.
In an attempt to make our product more comprehensive and easy to operate, we have introduced an enhanced in-product help which will be context-based. You will now see a new HELP icon on the left panel of our product. Search with simple keywords from the plethora of support articles we have for you. The icon will remain active across all pages and allow searching articles not specific to your current page.
You will also find guided tours, videos and articles on the respective pages by clicking on the help icon.
You will find guided tours for system set up pages like:
· Add facility
· Add channel
· Invoice template configuration
Our system is now capable of syncing the DISPATCHED status of orders from the Channel's panel, which means; no longer would you need to force dispatch the orders at Unicommerce for they were already marked dispatched at the Channel's panel.
Currently live for specific channels like Flipkart, Snapdeal, Paytm, Shopclues and Homeshop 18, the action needs to be triggered manually. The system will mark all such shipments as DISPTCHED at Unicommerce.
Simple steps to follow:
1. On the orders page, select the channel and the orders for which you want to sync the status from the channel.
2. This action will manually trigger the order status sync on the Channel's panel and update it at Unicommerce. All the orders marked DISPTCHED at the Channel will be marked DISPATCHED at Unicommerce.
- Professional product users will no longer be able to use Auto Picklist creation. However, they can still use the feature of Manual creation of picklists.
- All old pages for PO and GRN will be removed from the product. They were earlier maintained in the system along with the new designed pages. You will now function and process PO and GRNs on the respective new pages.
Price Master under the ORDERS menu will be taken off. You will be allowed to update transfer prices for your products on the LISTINGS page. Learn more
For all the channels providing shipping (the marketplaces) the parameter “Channel provides Shipping” will be marked “Yes” by default. No user can override this field.
Similarly, for the channels we fetch TAT at the order level will no longer allow defining TAT during channel set up or configuration.
We will now allocate inventory for the failed orders also! Yes, the system will block inventory for all the orders even if it goes in failed order due to the reason - invalid address (pincode or state code). Once the issue is resolved, the order will be processed further.
Please note: No inventory allocation mechanism is in place for all the orders which failed because of missing product mapping at channel.
The good news is that we have added a lot of comprehensive videos at our support portal at support.unicommerce.com These videos are both in English & Hindi and help you get the overview of the system, channel specific parameters setting and order processing lifecycle.
Explore, Learn and Understand!
We will also appreciate you check our new website, it looks very different, interesting and has a lot of information about your very own product. So next time you go online, don’t forget to visit www.unicommerce.com. Do send your feedback.