API ReferenceIntegrationsKnowledge Base

RazorpayX Glossary

The following table lists all the commonly used terms and their definitions used in RazorpayX:

Terms

Description

RazorpayX Account

Payouts are made using funds in this account. Know more about RazorpayX Accounts. Currently, there are two types of accounts:
• Virtual Account
• Current Account

Contact

An entity to whom payouts are made. Contacts have certain identification properties such as name, email id and phone number. To make a payout to a contact, you must add a fund account to the contact.

Fund Account

An entity to which payouts can be made. Currently, RazorpayX supports three types of fund accounts:
bank_account: Make payouts to a Contact's bank account via bank transfer using one of the available Payout Modes such as NEFT or IMPS.
cards: Make payouts directly to a Contact's card via a bank transfer using one of the available Payout Modes such as NEFT or IMPS.
vpa (Virtual Payment Address): Make payouts to a Contact's VPA via a UPI transfer.

Transactions

Any transaction made using bank account linked to your RazorpayX account. This can either be a credit (when you add funds to your account) transaction or a debit (payouts made using RazorpayX) transaction. You can view transactions from the X Dashboard or fetch details using the Transactions APIs.

Payment Terms

Used in Vendor Payments App of RazorpayX. The number of days you have to pay the invoice once issued to you. This can vary from Immediate to x number of days.
For example, you are issued an invoice on July 01 and the payment terms for this invoice is 15 days.
• This means the invoice has to be paid by July 15.
• If the invoice is not paid by July 15, it is marked as Overdue on the Dashboard.

Subtotal

Used in Vendor Payments App of RazorpayX. The invoice amount without GST, Cess and any other taxes.

Total Amount

Used in Vendor Payments App of RazorpayX. The invoice amount with GST, Cess and any other taxes.
For example, if your subtotal is ₹5,000, SGST is ₹200, CGST is ₹200 and Cess is ₹10.
Total amount = Subtotal + SGST + CGST + Cess
Total amount = ₹5,000 + ₹200 + ₹200 + ₹10
Total amount = ₹5,410

TDS (Tax Deducted at Source)

Used in Vendor Payments App of RazorpayX. As per government mandates, you are required to deduct TDS when making payouts to vendors.
TDS is calculated on the Invoice Subtotal. That is, the invoice amount without GST, Cess and other taxes. Know more about tax payment.
Handy Tips
As per government norms, TDS rates have been reduced by 25% till the end of FY21.
For example, TDS for a vendor is set to 7.5%.
Subtotal (Amount without GST, Cess and other taxes.) = ₹5,000
TDS = ₹5,000 x 7.5%
TDS = ₹375

Amount to Vendor

Used in Vendor Payments App of RazorpayX. This is the amount that is to be paid to the vendor. That is, the Payout amount.
For example:
Amount to Vendor = Total Amount - TDS
Amount to Vendor = ₹5,410 - ₹375
Amount to Vendor = ₹5,035

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