For my Shopify bookkeeping clients I balance from the deposits made to the bank backwards to each transaction/order using the Shopify reports supplied.
Digging up a month-old thread as we have the same issue. Being in California, our client's store is open until 5:00pm however Shopify pushes all orders after 4:00pm to the next day. This makes reconciling deposits a nightmare. After speaking with Shopify Retail Support today, they created a feedback ticket but there's no timetable on when something can be implemented to fix this. I hope they take a hint from almost every other gateway/processor and allow merchants to specify their 'end of day' times as this is a major business hassle.
I do not know which accounting software you use for this but we have the app for syncing Shopify orders to QuickBooks online. It is called QuickBooks Bridge. (https://apps.shopify.com/quickbooks-bridge)
The normal version of the app syncs individual orders to Quickbooks and then when the payout comes, it creates a transfer JV from the holding account to a bank account.
But another modified version of the app, create individual orders only once a payout from Shopify has been received. In that app it considers the Shopify fees in each order and works pretty seamlessly.
Do let me know if you would like to know more about the possibility of automating the data entry for the Shopify orders to QuickBooks.
I agree that this is very upsetting that you can not select a time and timezone for payouts. The fact that it is based on UTC is ridiculous! Really really hope they are working on a solution for this as we'd really like this option, as my client had when they were with First Data. Decided to try Shopify Payments to keep POS and Online sales in one place but this has definitely created an accounting nightmare for my client, and they are considering switching back to First Data. I'm certain Shopify is losing some big customers because of this! Please get us a timeline on this Shopify.
I am also experiencing this accounting nightmare. It is taking me hours sometimes to record my daily sales because I am having to pull up all orders individually to match them with my payouts. PLEASE FIND A SOLUTION to be able to push the time out to Midnight based on where you live and NOT UTC
Thank you so much. How do you connect Payouts report with Orders? Sorry to
ask so many questions but I don't have Shopify account, the customer
provided me the Payout reports which have only Payout
I thought there might be a Payout report that has more information to
connect with Orders Report, such as order number?
Thanks for your help.