All marketplaces charge a fee from sellers for selling products on their platform.
There are 2 separate documents through which a seller gets to know what fees / charges / commissions are being deducted by the marketplace:
MP Invoice Entry in eVanik
Once the invoice has been created in eVanik OWS browse to "Tally Integration" and click on "Import Journals" after selecting the date range.
2. PAYMENT FILE CONTAINING ORDER LEVEL COMMISSIONS / FEE / DEDUCTIONS
Accounting Entries in Tally. ERP9 after importing Journal from eVanik OneWorld Suite
The following entries will get created in your Tally. ERP9
- Purchase voucher to record the monthly invoice (Purchase of Services from Marketplace). Screenshot below:
This voucher records the expense heads at monthly levels and the GST applied for claiming input GST credit in your monthly returns
B. "Current Liability" ledger by the name "<<Marketplace>> Deductions>> gets created to set-off the overall outstanding amount from sales ledger (Sundry Debtors). This voucher will also have the reference of each and every order and knock the amount off from each sale or return (Credit Note) voucher. The voucher looks like this:
C. Parallel Ledgers get created against each expense ledger. Example: For "Shipping Fee", a ledger "Shipping Fee Payable" gets created. This is done for setting off Order ID wise outstanding amount in Tally. The data coming through the Payment File is used for this. Please note that in most cases, the amount showing in the Monthly Commission Invoice does not match with the amount coming from the Payment File. The reason for the same is that the "Commission Invoice" is made basis the sales from the 1st to 30th/31st of the month and the amount coming in the Payment File comes basis the payment cycle of the marketplace.
D. Finally, the last entry will knock off the outstanding amount from every sales invoice and balance the outstanding. Moreover, the difference between the commission invoice and the payment file amount gets recorded separately in Tally. ERP9.
Finally this is how the P&L and Balance Sheets will look like, making your accounting entries 100% accurate.
PROFIT AND LOSS STATEMENT IN TALLY. ERP9 AFTER SYNCING COMMISSIONS
BALANCE SHEET IN TALLY.ERP9 AFTER SYNCING COMMISSIONS
SUMMARY OF ACCOUNTING ENTRIES IN YOUR TALLY. ERP9