Premium Report - Shopify Payout Reconciliation

Shopify Payout Reconciliation

For merchants who use Shopify Payments, you might be familiar with Shopify's Payout report. 

This report is used to sее the amounts that Shopify deposits into your bank account each Payout Date (usually daily).

You can see all the payments you've received (Charges), any Refunds you've processed (Refunds), any other Adjustments made to the order (Adjustments), and the Transaction Fees for processing the payments (Fees). 

Then you can click on a Payout Date (left) to view the transactions associated with each Payout Date.

Shopify Payouts only cover Transactions that utilize Shopify Payments.  Note that the Shopify Payout report uses the UTC time zone to determine the date/time range for each payout period. 

Currently there isn't really an easy way to reconcile this Shopify report with the actual payments (charges, refunds, etc) you processed over the same time period.

As a result, many of our merchants have requested that we create our own payout reconciliation reports.

Our Payout report is designed for the express purpose of reconciling what you see in your transactions (how much you were paid, and on which days) vs. what Shopify pays out into your bank account (their Payout report).

Now in an ideal world, these totals for any given period will match up perfectly, but sometimes they don't. 

Often this is because Shopify frequently applies payments to a different Payout date than the date of the Transaction. 

This can be due to a pending adjustment, a disputed charge, a delay, a bank holiday, or a variety of different reasons. See here for more information: 
https://help.shopify.com/en/manual/payments/shopify-payments/getting-paid-with-shopify-payments/view-payouts

And of course, if the transaction date and payout date don't match, then you get different numbers in your totals. 

So how do we track down which payments are causing these discrepancies? 

Well - that's where our Shopify Payout Reconciliation reports come in. 

Now to make this task easier, we have broken down the data into 2 reports:

1. Shopify Payout Reconciliation. This displays the total transactions and the corresponding amounts for each day (Last 30 Days, Daily, by default). 
   
2. Shopify Payout Reconciliation Detail. This lets you select an individual day (Yesterday, by default) and see each individual transaction for that period. 

As Premium Reports, these are available on all Paid Plans of Report Toaster. If you aren't signed up, follow these steps here to upgrade your account. 

First, you would start with the Shopify Payout Reconciliation report to compare the Total for each Payout Period on the Shopify report (above) with the Net Amount for that day: 

Here are a few main terms to help you understand our Payout report.

1.) <Filter Settings>: This Filter setting looks only for transactions that meet the following 3 criteria:
This is done to ensure the results match the Shopify Payout report. 

1. Successful Transactions (Status, equal to, Success)
   
2. Only captured payments (Kind, one of, capture, sale, or refund) and
   
3. Only payments using Shopify Payments (because other third-party gateways won't display on the Shopify Payout Report). 

For example, if a sale for order #1001 was successful and it used Shopify Payments, the transaction would be included on the report. 

2.) Created at: The date for each of the transactions. This is important to determine whether or not it falls under the date range selected for the report (top right) 

3.) Charges: If the transaction is a Sale or Capture, it will fall under this column. 

4.) Refunds: If the transaction is a Refund, it will fall under this column.

5.) Fee: The processing Fee charged by Shopify for handling the Transactions.

6.) Net Amount: All of the Charges, minus Refunds, minus Fees.

For example, if 3/21/2023 had 44,965.72 in Charges, -1,958.41 in Returns and 980.11 in Fees, then the Net Amount would be 44,965.72 minus 1,958.41 minus 980.11 = 42,027.20

If the Net Amount matches the Total for the period on the Shopify report on any given day, then great. 

If the Net Amount doesn't match however, then you would then look at the Shopify Payout Reconciliation Detail (below) to see the individual transactions for that day.

Imagine that Shopify's Payout report for 3/21/23 reported a Total of $41,898.08 and Report Toaster reported a Net Amount of $42,027.20. 
I could then look at the Shopify Payout Reconciliation Detail report, set it to 3/21/23, and compare the two. 

Let's look at the Detail report to see how this is broken down:

Imagine a single transaction is causing our totals to be different. 

E.g. Order #166243 was paid on 3/21/23 and included in the Report Toaster report (above) but NOT the Shopify payout for the same period. 

I could then lookup that order in Shopify and work out why I haven't been paid for that order..

Like all Report Toaster reports, these reports are fully customizable - so you can adjust the date range, add/remove columns, introduce a filter, or change the sort to suit your individual needs.

See our basic guides here for more info.

For other premium reports that can be added to your account, check out our main list here. 

 

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