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E-commerce 17 min read

Myntra and Ajio Payment Reconciliation: Settlement Reports and Return Adjustments

By Vikashini
Myntra and Ajio payment reconciliation

Myntra settlement reconciliation means matching your settlement report with the orders behind it, including returns, fees, taxes and other adjustments, and then checking that the final amount reached your bank account. Ajio follows the same basic idea, but its report structure and terminology can differ. The goal is simple: every rupee in the settlement should be explainable.

This guide walks through the process for both marketplaces, shows a worked payment reconciliation example, explains return adjustments and covers where automation can help.

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?

Matching marketplace orders, settlements and bank payments

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.

CauseHow it can show in settlement dataHow to check
Customer returnSale is reversed or adjusted in a later settlementTrace the return to the original order
ExchangeOriginal transaction and replacement item can affect different recordsMatch the exchange to the original order/item
Marketplace feesFees reduce the amount payableCompare fee lines with your agreed commercial terms
Reverse logisticsA return-related charge may reduce the settlementCheck the applicable charge and order
TaxesTDS, TCS or other tax-related deductions affect the net amountMatch deductions with your tax records
Other adjustmentsA claim, penalty or correction may appear separatelyFind the settlement reference and supporting record
Timing differencesAn order may be settled in a different cycleCompare 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 sectionWhat it meansHow to treat it
Settlement reference and dateIdentifies the settlement cycle or paymentUse it to match the bank credit
Order or item IDConnects the settlement to the saleUse it as the main order-level reference
Sale amountAmount associated with the saleCompare with your order records
Return or exchange adjustmentReverses or changes the original transactionTrace it back to the original order
Commission and feesMarketplace deductionsCompare with your applicable commercial terms
Reverse logistics chargeCost associated with a return movement where applicableCheck the relevant return
Other adjustmentsClaims, penalties, corrections or other entriesInvestigate individually
Tax deductionsTax-related amounts deducted from the settlementMatch them to your tax records
Net settlementAmount payable after applicable adjustmentsMatch 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

Eight steps of Myntra settlement reconciliation

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.

PointMyntraAjio
Report sourceSeller/partner portalSeller/partner portal
Order matchingUse the order/item reference in the reportUse the order/item reference in the report
ReturnsTrace the adjustment back to the original orderTrace the adjustment back to the original order
FeesUse current commercial terms and report fieldsUse current commercial terms and report fields
Tax linesCheck the current reportCheck the current report
Other adjustmentsInvestigate separatelyInvestigate separately
Bank matchingMatch net settlement to bank creditMatch 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

Myntra settlement payout calculation

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

OrderSale 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:

LineAmountNote
Gross sales₹8,000Five orders
Return adjustments-₹2,700Two returned orders
Commission and fees-₹690Illustrative
Reverse logistics-₹1802 × ₹90, illustrative
Tax collected at source-₹26.50Illustrative
Expected settlement₹4,403.50Final 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

Myntra and Ajio return adjustment charges

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.

AdjustmentWhy it appearsWhat to check
Customer return reversalOriginal sale is reversed after returnOriginal order and return status
ExchangeOriginal transaction changes because of replacementOriginal and replacement item
Reverse logistics chargeReturn movement creates a chargeReturn reference and applicable terms
Damaged or missing return claimMarketplace or seller may record a claimReturn evidence and claim details
PenaltyA marketplace adjustment affects the payoutReason and supporting reference
Other adjustmentCorrection or non-order transactionSettlement reference
Tax deductionTax amount reduces the payoutTax 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.

SymptomLikely causeWhat to do
Settlement is lower than expectedFee, return or adjustmentRebuild the settlement by category
Settlement is higher than expectedReversal or additional creditFind the matching adjustment
Order is missingTiming or report issueSearch another settlement cycle
Return deducted twiceDuplicate adjustmentMatch both deductions to the return
Return not deductedTiming differenceCheck later settlements
Unknown chargeNon-order adjustmentTrace the settlement reference
Settlement is delayedPayment-cycle or processing issueCheck 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

Multichannel marketplace payment reconciliation

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.

ChannelPayout sourceMain difference to watch
MyntraMyntra settlement/payment reportMarketplace-specific returns, fees and adjustments
AjioAjio payment/settlement reportDifferent report mapping and fee structure
MeeshoMarketplace settlementMatch order and return data to payout
AmazonSeller payment reportsMatch marketplace deductions and settlements
FlipkartSeller settlement reportsCheck fees, returns and adjustments
Own storePayment gateway/bankGateway fees, refunds and chargebacks
CODCourier remittanceBatch 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.

QuestionSpreadsheetSoftware
SetupManualConfigured once, then maintained
Speed at volumeSlows as files growHandles larger datasets more consistently
Error riskDepends heavily on manual workMatching rules reduce repetitive errors
Multi-channel coverageSeparate sheets or tabsCan centralize channels
Audit trailDepends on spreadsheet disciplineUsually built into workflow
CostLow direct costSubscription 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

Choosing ecommerce payment 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

MistakeWhy it hurtsFix
Matching only to the bankYou know what arrived but not whether it was correctReconcile at order and settlement level
Ignoring fee linesGross sales look higher than actual receiptsReconcile every deduction
Missing older returnsReturns can appear in later cyclesKeep a rolling return tracker
Wrong period cut-offSales and settlements get mixed between monthsUse settlement dates consistently
Treating adjustments as salesRevenue gets overstatedClassify adjustments separately
Mixing marketplacesDifferent reports become impossible to auditKeep marketplace-level tabs
Raising disputes lateEvidence can become harder to findReview exceptions regularly
No owner for mismatchesOpen items remain unresolvedAssign 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

Base OMS marketplace order management workflow

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.

Myntra and Ajio Payment Reconciliation: Settlement Reports and Return Adjustments: summary

Frequently Asked Questions

What is Myntra settlement reconciliation?

Myntra settlement reconciliation is the process of matching your Myntra settlement report with your order records and the amount deposited in your bank. You check sales, returns, fees, taxes and adjustments, then investigate any difference between the expected settlement and the actual bank credit.
The three records are your orders, settlement report and bank statement.

How do I do Myntra payment reconciliation?

To do Myntra payment reconciliation, download the settlement, orders and bank records, clean the data, group sales and deductions, calculate the expected payout, match it with the bank, investigate unmatched lines and post the final accounting entries. Keep returns from earlier settlement cycles in your review.

How is Ajio payment reconciliation different from Myntra?

Ajio payment reconciliation uses the same basic method as Myntra, but the report structure and transaction fields differ. Map Ajio’s current report into common categories such as sales, fees, returns, claims and taxes, then compare the final amount with your bank statement. Always confirm the current field names in your Ajio seller panel.

What does a Myntra settlement report include?

A Myntra settlement report can contain order-level payment information along with applicable fees, taxes, returns and other settlement adjustments. The exact fields depend on the seller model and current report format, so confirm the field names in the report you download.
Myntra’s current reconciliation guidance distinguishes PPMP and JIT payment reporting.

What are return adjustments and reverse logistics charges?

Return adjustments change the amount payable because an order was returned or otherwise reversed. A reverse logistics charge is a return-related logistics cost where applicable. You should connect both the adjustment and any charge to the original order or return reference before closing the settlement.
Do not assume a fixed rate. Marketplace agreements and charges can change.

What should I do if my settlement is lower than expected?

First, rebuild the expected settlement from the report. Check returns, fees, taxes, reverse logistics and other adjustments. Then compare the final amount with the bank credit and identify the exact difference.
If the difference remains unexplained, collect the order ID, settlement reference, calculation and supporting evidence before raising a dispute through the current seller-panel process.

How do I do marketplace payment reconciliation across several channels?

Marketplace payment reconciliation across several channels follows the same three-record model: orders, settlement reports and bank receipts. The main difference is that every marketplace uses its own report format, fee structure and adjustment logic.
Keep a common reconciliation framework while maintaining separate marketplace mappings.

Do I need ecommerce reconciliation software or an order management system?

You need neither simply because you sell on a marketplace. A spreadsheet can work at lower volumes. Ecommerce reconciliation software becomes more useful when settlement files, returns and marketplaces grow. An order management system helps by keeping order, SKU and return data organized across channels.
The two systems solve related but different problems.

How can Base OMS help with Myntra and Ajio reconciliation?

Base OMS can give your team a centralized order record for marketplace operations, while the settlement report remains the source for the marketplace payout. Base currently supports Myntra integration for order synchronization and order management. Its broader platform also connects order data with financial workflows.