Managing Shopify Payout Balances in Zoho Books
I am recording my Shopify orders as Invoices and once Shopify credits my bank account I reconcile the payout to the specific invoices and create a new transaction to account for the Shopify Merchant Fee. That is fairly straightforward to me.
How should I account for the intermediary action of Shopify holding the payments in my Shopify Payout Balance?
Shopify usually takes 3 days from receiving the order to crediting my bank account so it isn't held for a long amount of time, but I'm aware that if I were to do a financial snapshot at any given moment I do not have an Asset account for Shopify Payout Balance.
Apologies if this has been covered; I searched and could not find a similar question.
Thanks in advance for your time.
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