Salesforce Financial Services Cloud: Balance As Of Date on Financial Account Balance shows 7:00 PM previous day

Cause
Balance As Of Date on the Financial Account Balance object is a Date/Time field. Salesforce stores Date/Time values in UTC and converts them to the running user's time zone on record pages, list views, and reports. A date-only load stores the time as midnight (00:00) UTC, which renders as an evening time on the previous day for users in time zones behind UTC (for example, 7:00 PM the previous day at UTC-5).

Confirm the field type
1. Go to Setup > Object Manager > Financial Account Balance > Fields & Relationships.
2. Open the Balance As Of Date field and confirm the Data Type is Date/Time (not Date).

Confirm time zone and reproduce
1. Check the running user's time zone (avatar > Settings > Personal > Language & Time Zone).
2. Create a record with Balance As Of Date set to a date and an explicit time, and confirm it displays correctly.
3. Load a record supplying only a date, and confirm it displays as the evening of the previous day, matching the time zone offset from UTC.

Resolution
Because the shift is a display conversion of a UTC value, control the time component that is stored, or present the date so it reflects the intended business date.

Set an explicit time on load
When loading Financial Account Balance records, populate Balance As Of Date with a date and time chosen so that, after conversion to the target users' time zone, the intended business date is preserved (for example, a midday time rather than midnight). Alternatively, supply the UTC time that corresponds to the desired local date so the local display does not roll back a day.

Present the intended business date
Confirm each viewing user's time zone is set correctly, since the displayed date and time depend on the running user's time zone. Use a Date-type formula field that derives the calendar date from the Balance As Of Date Date/Time value for list views and reports where only the business date matters.

Verification
Load a Financial Account Balance record with an explicit Balance As Of Date and time, then open the record and a report as a user in the target time zone. Confirm Balance As Of Date shows the intended business date rather than 7:00 PM on the previous day.