How to reconcile your clearing account

This guide explains how to reconcile your Shopify Payments clearing account for Hyve - Post to Xero.

For other payment gateways, you can either:

  • Connect the bank account to a bank feed for that payment gateway (learn how for PayPal or Afterpay), or
  • Export a CSV formatted the same as the one provided in Generate bank statement for Xero import setting, and import it into your clearing account.


Unreconciled Transactions in Your Clearing Account

You will notice that most of your payment and payment gateway fee transactions remain unreconciled in your clearing account. This is intentional, as Shopify pays you in bulk payouts, which combine multiple orders over a specific period of time.


Because of this, there is no one-to-one match to reconcile each individual transaction. Therefore, Xero requires an independent second source, such as a CSV import of the payout data, which you can obtain by following the steps below.

Learn more about how the clearing account works.


How to Reconcile

Importing bank statement lines into the clearing account is optional. This is only required if you want to reconcile the clearing account in Xero against the underlying transactions (sales, refunds, and fees), rather than only reconciling the final payout deposit in your bank account.


  1. Go to Hyve – Post to Xero.
  2. Navigate to Setup → Advanced.
  3. Look for Generate bank statement for Xero import.

  1. Select a date range for the payments you want to reconcile.

We recommend downloading one month at a time.


  1. Click Download bank statement.

You will receive a CSV file containing all individual payments for that date range.


  1. Import the file into Xero:

Follow the steps to import a bank statement in CSV format, or refer to Xero’s guide: Import a bank statement in CSV format.

  1. Log in to your Xero account.
  2. Go to Accounting > Bank Accounts.
  3. Find your Shopify Clearing Account and click Manage Account.
  4. Select Import a Statement.
  5. Click Browse and select the CSV file you downloaded in Phase 1.
  6. Click Import.
  7. On the mapping screen, ensure the columns (Date, Amount, Description) match Xero’s fields, then click Save.

Tip: If this is your first time importing, Xero may ask you to "assign" the columns. The Post to Xero export is already formatted for Xero, so you usually just need to confirm the headers.


  1. Once imported successfully, you can now reconcile your clearing account

Once those statement lines are imported, Xero has the detail needed to match individual sales and Shopify fees to the lump-sum payouts deposited into your bank account.

Notes

  • If there are missing transactions, ensure that the selected date range includes the relevant orders.
  • The dates you select correspond to your payout dates, not order dates.
  • The CSV file may include transactions from a few days earlier than the selected range, as Shopify Payments may take time to process and confirm payouts.


Why do I need to do this?

Shopify deposits payouts into your bank as a net amount (sales minus fees, plus or minus refunds and adjustments). For accurate reporting and reconciliation, accounting needs the gross sales and the fees recorded separately.

Importing the clearing account statement creates the bridge that allows Xero to:

Show gross sales and fees as separate transactions.

Reconcile the clearing account balance to the actual payout deposit in the bank feed.



Why this cannot be automated

Xero does not provide third-party apps with access to the Bank Feeds API used for automatic statement imports. That API is restricted to approved financial institutions and select partners, so the app cannot automatically push bank statement lines into Xero.

Because of this Xero restriction, the supported approach is exporting the statement from the app and importing it into the clearing account in Xero.

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