Dear Sohaib,
I hope reply from Mr. lally cleared your doubt additionally my comments below
You can set up order-entry-deadline times for all the days of the week in the Order entry deadlines form. If an order is received after this time, it will be treated as if it is received the next day. By default, these times are set to 23:59 – that is, one minute to midnight at the end of the relevant day. You can change the default times, so that they coincide with actual ship- or receipt-deadline times.
Even if you have any issue please add me on skype(prashant_cs2009) I will explain you in details
Thanks