A leading global IT products company wanted Fynamics to establish an End to End vendor reconciliation activity. However, they had 2 problem statements. One was to ensure that their purchase register reconciled with the Vendor data (GSTR 2A on the GSTN) in near real-time and accordingly trigger payout to the vendor if it was an exact match, send an auto mail notice & hold payment in case of partial match and send auto mail of possible future holds but trigger payment in case of no match. The 2nd problem statement was to reconcile this same purchase register with the GSTR 2B data (the filed returns data on the GSTN available only after 12th of the subsequent month) to ensure max ITC claim. This entire process had to be end to end automated with no manual intervention and user logging in only for reports and dashboards.
How Fynamics achieved this:
Fynamics created the first ever 2A and 2B reconciliation module that could compare data with a single purchase register. The entire 2A across all GSTINs would be automatically pulled from GSTN at periodic intervals, duplicates based on a set of parameters would be auto identified and not considered for recon, amendments for B2B, CDN etc would de-link the earlier reconciled data and mark the earlier data as Old record thereby removing it from active recon and take the new record to recon activity. Once 2A is completely pulled for last 4 return periods across 25+ GSTINs in just 2 minutes, the entire 2B for pervious return period for all 25+ GSTINs would get auto pulled. Once this activity is over, the reconciliation will get triggered automatically and data gets bucketed into Exact, Partial and No Match. On the ERP connector side, Fynamics provided 2 unique connectors, 1 via SFTP and 1 via API since the client had purchase transactions maintained in 2 different ERP systems. As soon as the recon gets over, the response flows back to the ERP systems for the client to consume and update their tables. Moreover, clients data would be stored for a long duration so client specified users with relevant access rights could login to Fynamics at anytime and review the dashboards, query builder reports and audit trails.
What value did it provide:
This was the first & only reconciliation module that could compare a single purchase register with both 2A and 2B data simultaneously. Other GSPs either offer only a 2B recon module or a separate 2A and 2B module that requires separate uploads of the purchase register multiple times leading to inefficiencies in the process and difficulty in tracking the recon status. Having both 2A and 2B combined allows clients to continue paying vendors on time and ensure proper claim of Input Tax Credit always. This ensured high level of compliance while maintaining clean vendor relationship.