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Your Monthly Finaloop Cheat Sheet

Here's a simple guide to the main actions you'll likely need each month in Finaloop.

Written by Emily Burrows

About

Finaloop takes care of about 95% of your bookkeeping for you, and your input on the remaining 5% keeps your financials accurate, up to date, and gives you a full picture of your business.

Here's a simple guide to the main actions you'll likely need to take each month to close the 5% we need from you. Use this as a quick reference whenever you log in, are working through your Missions or want to double-check how something should be handled.

💳 1. Transactions

There may be some transactions where we still need your input.

  1. Review open transactions. Check out this article on selecting a transaction category if you need some extra guidance.

  2. Split or spread transactions over a period of time..

  3. Record personal, related party or any other transactions from non-connected accounts so they’re included in your financials.

📦 2. Inventory & COGS

  1. Using our sales-based inventory method? Make sure you record landed costs correctly so COGS stay accurate.

  2. Selling on channels outside Shopify, Amazon, TikTok, or Finaloop Invoices? Update manual COGS for those channels periodically (we recommend at least once a month).

  3. Optional (sales-based only): Want to track inventory in process or in transit separately? On your Purchases page, adjust the shipping or received dates to track the purchase as inventory in process, inventory in transit, or inventory received.

💰3. Accounts Receivable (AR) & Accounts Payable (AP)

  1. Stay on top of customer payments and vendor bills:Have bills with payment terms and don’t use Bill.com or Settle? Create your bills in Finaloop and link the payments so open balances stay accurate.

  2. Selling wholesale or retail outside of Shopify, Paypal, Stripe, or SPS commerce? Create invoices in Finaloop to capture those sales!

  3. Link payments to invoices to keep your sales and AR accurate or use Finaloop’s invoice payments to have this done automatically.

  4. Classify and link cash payments for Shopify orders so your Shopify AR stays accurate (we’ll take care of any payments through a processor automatically).
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Prefer to speak accounting lingo? If you want to understand the debits and credits behind the scenes in Finaloop check out our in-depth guide for a look under the hood.

And, if you need any help at all, reach out to support by chat or email at [email protected]. We're here to help!

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