If marketplace sales exceed the amount received in the bank, build a reconciliation rather than recording the payout as the whole sales total. Fees, refunds, withheld amounts and settlement timing can explain different parts of the gap.
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First establish the platform’s actual role and contract. Do not assume every marketplace acts in the same capacity.
Export the transaction-level reports
Collect orders, customer refunds, fee invoices, tax information and settlement statements for the same period. Keep the raw exports so an accountant can trace the totals.
A dashboard screenshot is useful context but may omit adjustments or show a different date basis from the bank settlement.
Example: the payout covers two reporting periods
The bank receipt combines late-month orders with next-month refunds and charges. Separate the underlying transactions and closing settlement balance instead of assigning everything to the receipt date.
Build the settlement bridge
- Opening amount due from the platform.
- Relevant sales and customer adjustments.
- Platform fees and other deductions.
- Withheld or reserved funds.
- Cash settlements and closing balance.
Ask the accountant how revenue and expenses should be presented under the actual arrangement. A net cash transfer does not by itself establish a net revenue accounting policy.
Review GST independently
Check who makes the supply and what tax treatment applies to the actual transactions. Do not assume the platform has accounted for every seller obligation.
IRAS’s record-keeping guidance identifies sales, expense, credit-note and payment evidence needed to support GST reporting. Keep relevant source records with the settlement reconciliation.
Resolve exceptions before closing the period
Investigate duplicate orders, missing refunds and unexplained charges. Reconcile corrections to the platform’s own records where possible.
Keep an unresolved-items list with responsible staff and follow-up dates. Do not conceal a difference in an “other fees” line merely to make the bank balance agree.
Is a marketplace payout always revenue?
No. Review the underlying transactions and accounting arrangement.
Related business records guidance
Read our accounting and filing calendar guide, account mapping checklist and business handover guidance.
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