Myntra and Ajio Payment Reconciliation: Settlement Reports and Return Adjustments

In this guide

• What payment reconciliation means for Myntra and Ajio
• Why settlement reports do not always match sales
• How to read a settlement report
• Myntra settlement reconciliation step by step
• Ajio payment reconciliation
• A worked payment reconciliation example
• Return adjustments and settlement mismatches
• Manual vs automated reconciliation
• Where an order management system fits
• Choosing ecommerce reconciliation software
• Common mistakes to avoid

What is Myntra payment reconciliation?

Reconciliation of payments means checking that the money you should have received agrees with the money you actually received. For a marketplace seller, that means matching your own order records with the marketplace settlement report and the credit shown in your bank account. Any difference needs an explanation before you close the books.

Think of the process as a triangle:

Orders to Settlement report to Bank

Your order data tells you what you sold. The settlement report tells you what the marketplace calculated after returns, fees, taxes and adjustments. The bank statement tells you what actually arrived.

You need all three. This matters even more for fashion sellers because returns can appear after the original sale. Industry data shows how significant the problem can be. A 2025 KPMG India report put average ecommerce returns at 18% to 20%, while fast fashion can reach 25% to 30%.

A separate 2024 Unicommerce analysis found customer-initiated returns at 7.8%, down from 10% in 2023, while RTO increased from 6.2% to 7.3%. COD orders also had much higher return rates than prepaid orders.

That is why a seller cannot simply compare total sales with one bank credit and call the books reconciled.

Why Myntra and Ajio settlements rarely match your sales

Your marketplace sales total is not the same thing as your settlement amount. Several things can happen between the customer placing an order and money reaching your bank account.

Cause	How it can show in settlement data	How to check
Customer return	Sale is reversed or adjusted in a later settlement	Trace the return to the original order
Exchange	Original transaction and replacement item can affect different records	Match the exchange to the original order/item
Marketplace fees	Fees reduce the amount payable	Compare fee lines with your agreed commercial terms
Reverse logistics	A return-related charge may reduce the settlement	Check the applicable charge and order
Taxes	TDS, TCS or other tax-related deductions affect the net amount	Match deductions with your tax records
Other adjustments	A claim, penalty or correction may appear separately	Find the settlement reference and supporting record
Timing differences	An order may be settled in a different cycle	Compare settlement dates with order and return dates

The exact charges, fields, rates and payment timing depend on your marketplace agreement and seller model. Do not use an old fee sheet to calculate a current settlement.

This is also why fashion sellers need to look beyond the bank statement. A 2025 EasyEcom report found overall returns falling from 24.8% to 16.2% across its data, while fashion and apparel remained an outlier at 26% in Q4 2025.

The practical lesson is straightforward. Settlement reconciliation is not just an accounting exercise. It is part of keeping your marketplace operations under control.

What is inside a Myntra settlement report?

Do not assume every Myntra seller sees exactly the same report structure. Your commercial model and current seller-panel version matter.

For example, current reconciliation guidance for Myntra PPMP describes each payment-report row as representing the amount settled against an order, while JIT reporting has a different payment-advice workflow.

For reconciliation, group the information into these categories:

Field or section	What it means	How to treat it
Settlement reference and date	Identifies the settlement cycle or payment	Use it to match the bank credit
Order or item ID	Connects the settlement to the sale	Use it as the main order-level reference
Sale amount	Amount associated with the sale	Compare with your order records
Return or exchange adjustment	Reverses or changes the original transaction	Trace it back to the original order
Commission and fees	Marketplace deductions	Compare with your applicable commercial terms
Reverse logistics charge	Cost associated with a return movement where applicable	Check the relevant return
Other adjustments	Claims, penalties, corrections or other entries	Investigate individually
Tax deductions	Tax-related amounts deducted from the settlement	Match them to your tax records
Net settlement	Amount payable after applicable adjustments	Match it with the bank

Use the current report downloaded from your Myntra seller panel as the final authority for field names. Your other useful records include:

• Orders report
• Returns report
• Settlement or payment report
• Bank statement
• Invoices and credit notes
• Your accounting records

The important part is not the spreadsheet itself. It is the link between these records.

Myntra settlement reconciliation, step by step

You can do Myntra settlement reconciliation in a spreadsheet, provided you keep the process consistent.

1. Download the reports

Start with the settlement report for the period you are checking. Also download your orders and returns data for the same period. Keep the bank statement ready. Do not start by looking only at the bank credit.

2. Clean your data

Make sure dates use the same format. Check order IDs, item IDs, SKUs and amounts. Remove obvious duplicates and make sure negative amounts remain negative. A small formatting mistake can create dozens of false mismatches.

3. Group the settlement lines

Group each line into a clear category:

• Sales
• Returns
• Exchanges
• Fees
• Charges
• Taxes
• Claims
• Other adjustments

This makes the final settlement easier to understand.

4. Calculate the expected settlement

Add the sales. Subtract returns and applicable deductions. Then account for fees, charges, taxes and other adjustments shown in the report. The result is your expected net settlement.

5. Match it with the bank

Now compare your calculated net amount with the actual bank credit. The two should agree after considering the correct settlement reference and timing. If they do not, do not force the numbers to match. Create an exception.

6. Match orders to your own records

Check whether the orders in the settlement report also exist in your internal order data.

Look for:

• Missing orders
• Duplicate orders
• Incorrect amounts
• Unexpected returns
• Unexplained deductions

7. Investigate unmatched lines

Every unmatched amount should have an owner and a reason.

For example:

₹50 difference —> adjustment from previous cycle —> settlement reference identified —> resolved

That is much better than leaving ₹50 sitting in an unexplained variance column.

8. Post and sign off

Once the settlement is explained, record the relevant accounting entries.

If you use a clearing account, the marketplace settlement can sit there until you match it to the bank receipt. Once both sides agree, clear the balance.

Ajio payment reconciliation: what is different?

The basic method for Ajio payment reconciliation is the same:

Orders —> settlement data —> bank

The difference is the report structure and the terminology used by Ajio.

Current reconciliation documentation for Ajio shows that the report needs to be mapped into categories such as customer payment, fees, claims and taxes. It also separates fees such as commission, payment gateway, fixed, collection, logistics and reverse logistics charges in its standard reconciliation template.

That does not mean you should copy those categories into every Ajio file without checking your own report. Instead, map Ajio’s current fields into your common reconciliation template.

Point	Myntra	Ajio
Report source	Seller/partner portal	Seller/partner portal
Order matching	Use the order/item reference in the report	Use the order/item reference in the report
Returns	Trace the adjustment back to the original order	Trace the adjustment back to the original order
Fees	Use current commercial terms and report fields	Use current commercial terms and report fields
Tax lines	Check the current report	Check the current report
Other adjustments	Investigate separately	Investigate separately
Bank matching	Match net settlement to bank credit	Match net settlement to bank credit

The best approach is to keep one reconciliation template with separate tabs for Myntra and Ajio. That way, your accounting team does not have to learn a completely different process for each marketplace.

Payment reconciliation example: a Myntra settlement, line by line

Here is a simplified payment reconciliation example. The numbers below are illustrative only. They are not Myntra rates. Suppose you have five orders:

Order	Sale amount
Order 1	₹1,800
Order 2	₹1,200
Order 3	₹2,000
Order 4	₹1,500
Order 5	₹1,500
Total sales	₹8,000

Two orders are returned:

• ₹1,200
• ₹1,500

Total returns:

₹1,200 + ₹1,500 = ₹2,700

So your net sales become:

₹8,000 − ₹2,700 = ₹5,300

Now assume the illustrative settlement also contains:

Line	Amount	Note
Gross sales	₹8,000	Five orders
Return adjustments	-₹2,700	Two returned orders
Commission and fees	-₹690	Illustrative
Reverse logistics	-₹180	2 × ₹90, illustrative
Tax collected at source	-₹26.50	Illustrative
Expected settlement	₹4,403.50	Final expected amount

The calculation is:

₹8,000 − ₹2,700 − ₹690 − ₹180 − ₹26.50 = ₹4,403.50

Now look at the bank.

Your bank statement shows:

₹4,353.50

So you have a:

₹4,403.50 − ₹4,353.50 = ₹50 difference

Do not change your spreadsheet to ₹4,353.50 just because that is what the bank shows.

Investigate the ₹50.

It could be another adjustment, a charge belonging to an earlier cycle, or another item that was not included in your first calculation. The settlement report and bank reference should tell you where to look.

The accounting side

At a simplified level, you would record:

Sales

Debit marketplace receivable/clearing account
Credit sales

Returns

Debit sales returns/credit note account
Credit marketplace receivable/clearing account

Fees and charges

Debit applicable expense account
Credit marketplace receivable/clearing account

Tax deduction

Record the applicable tax deduction against the relevant tax account.

Bank receipt

Debit bank
Credit marketplace receivable/clearing account

The exact journal entries depend on your accounting setup and tax treatment.

The point of the clearing account is simple. It gives you one place to hold the expected marketplace money until you can prove that the settlement and bank receipt agree.

Return adjustments and charges explained

Returns are where marketplace reconciliation gets messy. A customer may place an order in one settlement cycle and return it in another. If you only reconcile each cycle against the orders created during that same period, you can miss the adjustment completely.

Adjustment	Why it appears	What to check
Customer return reversal	Original sale is reversed after return	Original order and return status
Exchange	Original transaction changes because of replacement	Original and replacement item
Reverse logistics charge	Return movement creates a charge	Return reference and applicable terms
Damaged or missing return claim	Marketplace or seller may record a claim	Return evidence and claim details
Penalty	A marketplace adjustment affects the payout	Reason and supporting reference
Other adjustment	Correction or non-order transaction	Settlement reference
Tax deduction	Tax amount reduces the payout	Tax records and applicable statement

Current marketplace reconciliation guidance also shows why non-order settlements deserve attention. These can include charges that do not directly belong to a customer order, such as advertising, cancellation, storage or other miscellaneous fees.

Keep a separate list of open adjustments. Do not let an unexplained return or charge disappear when you close the month.

How to investigate a settlement mismatch and raise a dispute

Start with the symptom.

Symptom	Likely cause	What to do
Settlement is lower than expected	Fee, return or adjustment	Rebuild the settlement by category
Settlement is higher than expected	Reversal or additional credit	Find the matching adjustment
Order is missing	Timing or report issue	Search another settlement cycle
Return deducted twice	Duplicate adjustment	Match both deductions to the return
Return not deducted	Timing difference	Check later settlements
Unknown charge	Non-order adjustment	Trace the settlement reference
Settlement is delayed	Payment-cycle or processing issue	Check the seller panel and payment records

When you raise a dispute, include enough information for someone else to reproduce your calculation.

Include:

• Order or item ID
• Settlement reference
• Settlement date
• Amount shown in the report
• Amount you expected
• Difference
• Delivery or return evidence
• Relevant screenshots
• Your calculation

Check the current seller-panel process and applicable dispute window before submitting anything. Do not rely on an old help article for a current deadline. And if the same mismatch appears every month, fix the process instead of treating each case as a one-off.

Marketplace payment reconciliation across Myntra, Ajio and your other channels

Once you sell on several marketplaces, the problem becomes less about one platform and more about keeping one financial process across all channels. The same three records still matter:

Orders —> Settlement report —> Bank

The report format changes. Your reconciliation logic should not.

Channel	Payout source	Main difference to watch
Myntra	Myntra settlement/payment report	Marketplace-specific returns, fees and adjustments
Ajio	Ajio payment/settlement report	Different report mapping and fee structure
Meesho	Marketplace settlement	Match order and return data to payout
Amazon	Seller payment reports	Match marketplace deductions and settlements
Flipkart	Seller settlement reports	Check fees, returns and adjustments
Own store	Payment gateway/bank	Gateway fees, refunds and chargebacks
COD	Courier remittance	Batch payment versus individual orders

The practical problem is the number of files involved. Base’s current payment reconciliation guide describes a manual process that includes downloading reports from several marketplaces, exporting internal order data, building a master Excel sheet and matching expected payments against actual settlements.

Manual versus automated settlement matching

A spreadsheet works when your volume is manageable and one person can still trace an order without spending half a day searching through files. The problem starts when the number of orders, marketplaces and returns grows.

A payment reconciliation system can read settlement data, group transactions by order, separate fees and taxes, compare expected payouts with actual receipts and send exceptions to a person for review.

What automated payment reconciliation does

A well-designed workflow should:

• Import settlement data.
• Match marketplace orders.
• Connect returns to the original sale.
• Separate fees, charges and tax deductions.
• Compare expected and actual payouts.
• Match the payout to the bank.
• Flag unmatched transactions.
• Keep an audit trail.

Humans still need to review exceptions.

Automation does not mean blindly accepting whatever the marketplace reports. It means spending your time on the transactions that actually need attention.

Question	Spreadsheet	Software
Setup	Manual	Configured once, then maintained
Speed at volume	Slows as files grow	Handles larger datasets more consistently
Error risk	Depends heavily on manual work	Matching rules reduce repetitive errors
Multi-channel coverage	Separate sheets or tabs	Can centralize channels
Audit trail	Depends on spreadsheet discipline	Usually built into workflow
Cost	Low direct cost	Subscription or implementation cost

The right choice depends on your volume, team size and number of sales channels.

Where an order management system fits in marketplace reconciliation

An order management system is software that collects orders from your sales channels, keeps a central order record and passes order, return and fulfilment data to the systems that need it. OMS software does not replace the marketplace settlement report.

It gives you a cleaner order record to reconcile against that report. The workflow looks like this:

Marketplace order to Shipment to Settlement line to Bank match

That makes order-level reconciliation much easier.

For example, if a return appears in the settlement report, your internal system should already know which order and SKU it belongs to. You should not have to search through multiple spreadsheets to work that out.

A good OMS can also keep marketplace orders, returns and inventory information in one operational view. Base currently supports Myntra order synchronization and order management through its Myntra integration.

The important distinction is this:

The marketplace report tells you what the marketplace settled. The OMS helps you understand the order behind that transaction.

How to choose ecommerce reconciliation software

Before choosing ecommerce reconciliation software, ask the vendor to show you your actual workflow. Do not settle for a generic demo.

Check whether the system can:

• Import current Myntra and Ajio report formats.
• Handle marketplace fees, charges and tax deductions.
• Link returns to original orders across settlement cycles.
• Match many orders to one bank settlement.
• Match one order to multiple settlement lines.
• Maintain an exception queue.
• Support a clearing account.
• Export or post the required data to Tally or Zoho Books.
• Maintain an audit trail.
• Control access by user or role.

Also ask:

• What happens when a report format changes?
• Can I see the original settlement line?
• Can I trace a bank credit back to individual orders?
• How are returns from an older cycle handled?
• Can I separate order-related and non-order adjustments?
• How are disputes tracked?
• Can I export the reconciliation for my accountant?

Do not choose a payment reconciliation system only because it says “automated.” Ask to see an unmatched settlement. That is where the real difference becomes obvious.

Common Myntra and Ajio reconciliation mistakes and how to avoid them

Mistake	Why it hurts	Fix
Matching only to the bank	You know what arrived but not whether it was correct	Reconcile at order and settlement level
Ignoring fee lines	Gross sales look higher than actual receipts	Reconcile every deduction
Missing older returns	Returns can appear in later cycles	Keep a rolling return tracker
Wrong period cut-off	Sales and settlements get mixed between months	Use settlement dates consistently
Treating adjustments as sales	Revenue gets overstated	Classify adjustments separately
Mixing marketplaces	Different reports become impossible to audit	Keep marketplace-level tabs
Raising disputes late	Evidence can become harder to find	Review exceptions regularly
No owner for mismatches	Open items remain unresolved	Assign an owner and due date

One of the easiest mistakes to make is assuming that a lower payout automatically means the marketplace made an error.

Sometimes the difference is correct.

Your job is to prove which one it is.

How Base OMS helps with Myntra and Ajio reconciliation

Orders

Base OMS brings marketplace order data into a centralized order workflow. For Myntra, its current integration supports order synchronization and order management through Base.

Settlements

The order record gives your finance team the context needed to connect a marketplace transaction with the sale behind it. The settlement report remains the source for the actual marketplace payout.

Exceptions

Your reconciliation process should surface transactions that do not match instead of burying them inside a spreadsheet. That gives the finance team a shorter list to review.

Base’s broader finance workflow connects order information with accounting and payment reconciliation, while its OMS handles marketplace order data. If your team already manages multiple marketplaces, an OMS platform can also reduce the operational gap between order data and finance data.

Conclusion

Myntra settlement reconciliation becomes much easier when you stop treating the settlement as one bank payment and start breaking it down to the order level. Start with three records: your orders, the marketplace settlement report and the bank statement. Group sales, returns, fees, taxes and adjustments. Match the expected amount to the bank, investigate every difference and keep unresolved items open until someone explains them.

The same process works for Ajio. The reports differ, but the principle does not. If you are handling several marketplaces, moving from spreadsheets to a structured payment reconciliation system can make the process faster and easier to audit.

Frequently Asked Questions