Myntra Seller Monthly Accounting Checklist for Finance Teams

Set up the month before you reconcile

Most reconciliation delays come from missing inputs, not difficult maths. Before the first working day of close, agree one cut-off rule (order date, delivery date or settlement date) and use it every month. Mixing them is the commonest reason sales and payouts never agree.

Collect these for the month:

• Sales, returns and settlement reports downloaded from your Myntra seller portal (report names and formats can change, so check what your account currently offers)
• Your signed seller agreement, rate card and any commercial amendments
• Bank statements showing Myntra credits
• Your sales ledger, credit notes and GST filing workings
• Last month's open-items list

Step 1: Reconcile sales and returns to orders

Start with the order-level view. Total the gross sales for the period, then subtract returns and cancellations to reach net sales. Compare this with what your ERP or accounting software has booked.

• Check that every delivered order appears once, with no duplicates from re-downloaded files.
• Match each return to its original order, even when the return falls in the next month.
• Separate customer returns from courier returns (RTO), because they are often treated differently in settlement.
• Flag orders that are delivered but not yet settled, and orders settled but missing from your sales ledger.

Carry timing differences forward on a list instead of forcing them to match.

Step 2: Match settlements to bank credits

Take each settlement in the month and match it to the actual bank credit. One credit may cover several orders, and one settlement may be paid in parts, so match at settlement level first and order level second.

• Confirm the settlement amount equals the bank credit, with the UTR or reference recorded.
• Identify settlements that show as payable but have not been credited.
• Record the opening and closing receivable from Myntra: opening balance + net sales booked − settlements received = closing balance.

If the closing balance cannot be explained line by line, do not post a plug entry. Keep the difference visible until it is traced.

Step 3: Check commissions, fees and deductions against your terms

This is where money is most often lost quietly. For each order or category, recompute what should have been charged using your agreement and rate card, then compare it with what the settlement report shows. Do not rely on rates from memory or from a blog; confirm current terms in your seller agreement and the latest rate card shared by Myntra.

• Commission: right rate for the category, price band and period
• Fixed, shipping or fulfilment fees: charged only where applicable
• Return-related charges: consistent with the return reason and your terms
• Other deductions: promotions, penalties or adjustments that you can trace to a notice or clause

Tools such as MarketplaceMetrics by Fundle can run this comparison on Myntra Excel reports instead of by manual VLOOKUP, but the principle holds for any method: every deduction needs a reason you can point to.

Step 4: Tie out TCS, TDS and GST

Marketplace payouts usually carry tax deductions or collections. Do not assume the percentages; check the current rules with your tax adviser and the figures shown in your settlement reports.

• Compare TCS and TDS shown in settlements with what appears in your tax credit records and certificates.
• Check that GST on fees matches the invoices or statements Myntra issues for the month.
• Confirm that credit notes for returns align with the returns you matched in Step 1.

Differences here affect your tax filings, so raise them before the return deadline rather than after.

Step 5: Log recovery cases and sign off

Anything unexplained should become a tracked case, not a note in a spreadsheet margin. Each case needs the order or settlement reference, amount, reason, evidence, owner and next follow-up date.

1. List all variances from Steps 1 to 4 and categorise them: timing, overcharge, missing credit, return dispute, tax mismatch.
2. Raise claims for eligible items within the window your agreement allows. Check that window in the contract.
3. Age open cases monthly and escalate older ones.
4. Prepare a one-page summary: net sales, settlements received, closing receivable, total variances, open recoveries.
5. Get sign-off from the finance head and share the open-items list with the ecommerce team.

If you also sell on other marketplaces, the same checklist applies. MarketplaceMetrics coverage beyond Myntra is a scope discussion, so ask Fundle what is currently supported.