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 My missions or Getting started tasks, or want to double-check how something should be handled.
1. Transactions
There may be some transactions where we still need your input.
Review open transactions: on the Transactions page, look for transactions marked Waiting for your input. See Categorizing & reviewing transactions, and check out Choosing the correct transaction category if you need some extra guidance.
Split or spread transactions over a period of time: click the transaction's category, then More actions → Split or Spread transaction (spreading needs accrual-basis books).
Record personal, related party or any other transactions from non-connected accounts with Report transaction on the Transactions page, so they’re included in your financials. See Reporting transactions.
2. Inventory & COGS
Using our sales-based inventory method? Make sure you record landed costs correctly so COGS stay accurate. See How to calculate your landed cost per unit.
Selling on channels outside Shopify, Amazon, TikTok, Walmart, or Finaloop Invoices? Update manual COGS for those channels periodically (we recommend at least once a month). See Sales based COGS: Everything you need to know.
Optional (sales-based only): Want to track inventory in process or in transit separately? On your Inventory purchases page (Inventory → Inventory purchases), 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)
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 under Vendors → Bills and link the payments so open balances stay accurate. See Managing your bills (payables).
Selling wholesale or retail outside of Shopify, Paypal, Stripe, SPS commerce, or Crstl? Create invoices in Finaloop (Customers → Invoices → Create invoice) to capture those sales! See Managing B2B and wholesale invoices.
Track what each customer owes in Customers → Customer balances. Payments you record update the customer's balance automatically. Linking a payment to a specific invoice is optional; it just shows which invoices are still open. Or use Finaloop's online invoice payments to have payments recorded for you. See Getting Paid with Finaloop's Online Invoice Payments.
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). See Tracking and Managing Shopify Orders, Refunds, and Cancellations.
Need help?
Prefer to speak accounting lingo? If you want to understand the debits and credits behind the scenes in Finaloop, check out Recording Journal Entries in Finaloop 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!