Dear All,
Presently i am doing a project for an e commerce startup company who would be selling products similar to flipkart, difference being instead of B2C this company looks to cater B2B (retailers) segment.
Beauty of E commerce is sheer volume of transactions, this company is also expecting huge number of transactions and hence bank reconciliation is very important given the fact there are various payment modes and gateways are available.
I am looking for a best practice for the bank reconciliation process in terms of
1 ) what is the apt frequency for the reco to be prepared, daily, once in 2 days .......
2) How to do the recon quickly as we have different settlement cycle for credit card, for net banking, COD etc
3 ) What accounts in tally should be created to ensure control over the whole process.
Appreciate if anyone could throw a detailed insight on the aforesaid matter
Pls feel free to add your suggestions when reverting.
Regards
Vishal
.
CAclubindia
