Complete Settlement Process
Follow these steps to process vendor settlements:
Step 1: Navigate to Analytics in the left sidebar menu
Step 2: Select Vendors Finance from the analytics options
Step 3: Select the specific month for the financial settlement
Step 4: Choose the vendor you want to process settlement for
Step 5: Click on Settlements tab to review and process payment
Processed Settlement
Shows completed settlements with similar financial details but marked as completed transactions.
Settlement Calculation Breakdown
Formula: Vendors Settlement = Total Amount - Admin Commission
Example from the dashboard:
Total Amount: $1862.70
Admin Commission: -$122.90
Vendors Settlement: $1096.10
Settlement Verification Checklist
Before processing a settlement:
Verify Order Count - Cross-check with actual orders delivered
Review All Charges - Ensure accuracy of delivery, packaging fees
Confirm Tax Calculations - Validate GSTIN and delivery tax amounts
Check Commission Rate - Verify admin commission percentage
Validate Final Amount - Ensure settlement calculation is correct
Processing Payment
Once all details are verified, you could made a payment for your payment company, Bank transfer, cheque and add note in the system.
Click the Pay button and add info on the settlement
System will move the payment to "Settlement info or views.
Best Practices for Vendor Settlements
Regular Schedule: Process settlements weekly or bi-weekly
Clear Communication: Notify vendors of settlement schedules
Detailed Breakdowns: Provide vendors with itemized statements
Prompt Processing: Minimize payment delays to maintain vendor relationships
Accurate Records: Maintain comprehensive financial logs
Benefits of Efficient Settlement Management
Vendor Trust: Timely payments improve vendor relationships
Financial Transparency: Detailed breakdowns prevent disputes
Business Intelligence: Track vendor performance and profitability
Operational Efficiency: Streamlined process reduces administrative overhead
Growth Support: Reliable settlements attract more quality vendors