Glossary: Finance Terms
Modified on: Fri, 6 Apr, 2018 at 4:39 PM
- Items Delivered: These are the items we successfully delivered to customers during the current month, include items picked this current month and previous month. These are the items we consider sold and on which we will calculate the RedMart commission.
- Items Carried Over: Items we have successfully picked up the previous month and that have been delivered this month. These items participate to the payout of the the current month.
- Items Picked Up: Items RedMart successfully picked from you during this month
- Items In Transit: These are the items that we picked up this month but are to be delivered to customers the following month. Example: If we pick up items in the last day of the 31st January and delivery is the next day, which is 1st of February, these items will show as in transit for January summary of movements
- Items Undelivered: These are the items we picked up from you and should have been delivered to customers but weren't (wrong product, expired, customer rejected at delivery, broken in transit and many other reasons possible). Undelivered items will undergo a Quality Check (QC) session and if suitable to be re-sold, they will be returned to you. If the items don't pass our QC, they will be bought by "RedMart" that will act as your customer in this case. We are going to pay for the items at the retail price "discounted" of the RM commission
- Total Amount for Successfully Delivered Items of (Current Month): This is the amount for Items Carried Over plus Items Picked Up, less Items In Transit and Items Undelivered.
- Commission: Also known as RedMart Commission, is the amount charged by RedMart on each items sold. The commission applies even when the item is on promo. Our Invoice is issued on the amount of the commission, on the performance fee and on the GST applied to both the commission and the fees
- Other Fees: This is the fee charged for Pickups, Marketing and Other Services
- Payable for Successfully Delivered Items of (Current Month) after Commission and Fees: This is the amount payable for successfully delivered items less Commission and Failed Pick Up Fees (if any).
- Discount on Items Undelivered: This discount is equivalent to the commission on the the items undelivered.
- Items Returned: From all the items undelivered for current and previous month, RedMart will filter those that are either RedMart responsibility or customer return due to convenience, the items left will be returned to sellers
- Refund of the discount for Items Returned: Refund of the discount applied to the items undelivered which are returned to sellers after the QC session
- Adjustments: These are lump sum paid to you or deducted from your payout. They can be used to settle discrepancies in previous invoices (e.g. items to be returned but never received) or for quality issue (e.g. item to be refund to the customer as it is infested). The debit notes issued by us will have a positive sign (RedMart will add then specified amount of money to your payout) while credit notes will have a negative sign (RedMart will deduct the amount of money specified from your payout)
- Total Amount for Undelivered/Returns and Adjustments of (Current Month): This is the total amount for Items Undelivered less Discount on Items Undelivered and Items Returned, plus Refund of the discount for Items Returned, and plus/minus of any adjustments. For this amount RedMart will invoice itself on your behalf and this invoice is called Seller Invoice.
- Final Payout: This is the amount for successfully delivered items of the current month after adjustments (if any) and deductions which RedMart will pay to you each month.
- RedMart Invoice shows the commission amount to be deducted from your payout based on successfully delivered items.
- Seller Invoice shows the total amount to be added or deducted to your payout based on undelivered items, items returned to you and any adjustments.
- Document History: In cases when we have to regenerate any of your invoice (e.g. for discrepancy found after the month is closed, or for any bug), you will have access to the original invoice and payout details, as well as to the updated version under Document History.
- RedMart Credit Note is issued to void the corresponding RedMart Invoice therefore its content is identical to the RedMart Invoice. (e.g. RedMart Credit Note CN-2 is issued to void RedMart Invoice 0123)
- Seller Credit Note is issued to void the corresponding Seller Invoice therefore its content is identical to the Seller Invoice. (e.g. Seller Credit Note CN-MP00098-7-XXXX-6 is issued to void Seller Invoice MP00098-7-XXXX-6)
- Payment Terms: Based on our contract, credit term is 35 days after the sale month, so for March sales, seller will be compensated on 5th May
- GST: As RedMart is a GST Registered company, and we issue commission invoices monthly, we need to charge 7% GST on the commission amount. If sellers are GST registered company, they can claim back the 7% amount from IRAS, if not GST registered they can’t claim back GST amount
- Total payout inconsistent with seller record: RedMart only issues a commission invoice based on SUCCESSFULLY Delivered items, items picked up at the end of the month show under "Item in Transit" and is compensated in the next month sales if successfully delivered to customers
- Discrepancy in Invoice: A driver may pick up 3 items, but monthly invoice detail shows pick up quantity "0". This maybe due to a human error to enter the incorrect quantity picked up in their device and the device might run out of battery before they can correct the error the system will not capture the items correctly, in this case please inform our Marketplace team as soon as possible, we will manually edit the pick up jobs. We highly recommend seller keep Deliver Orders for proof in necessary
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