About
Applies to: Finaloop Accounting
The Year-end Hub in Finaloop Accounting, Finaloop's real-time bookkeeping and accounting service, is one checklist of the confirmations and reviews we need from you to close your books for the year, so you can head into tax season confident, organized, and fully prepared.
Finaloop's team of accountants closes your books for you. To wrap up your books accurately, we just need a few confirmations and reviews from you, and the Year-end Hub centralizes everything in one simple checklist. Open it from Report center → Operational, Tax & Payroll → Year-end Hub. Once you complete your part, we take it from there.
You can also watch the full walkthrough video of the Year-end Hub:
1. How the year-end process works
There are four stages to closing your books. The hub shows them on the left as Complete your checklist, Processing by Finaloop, Additional inputs/follow-ups and Get your books!.
1. You complete the checklist
We consolidated all required confirmations into one centralized checklist. Some tasks may ask you to:
Confirm balances
Review specific screens
Provide missing information
That's it. Once everything is marked complete, click Submit checklist.
2. Finaloop performs a deep review
After you submit:
Our bookkeeping and tax experts review your entire account
We validate balances
We reconcile accounts
We optimize your books for tax reporting
3. We reach out if anything is missing
If we identify anything that needs clarification, such as:
Missing transactions
Incorrect balances
Incomplete documentation
We'll contact you with clear, simple next steps, and the hub moves to Additional inputs/follow-ups. Answer what we ask, then click Submit inputs. Your responsiveness helps us finalize everything smoothly.
4. We lock your books
After all confirmations and follow-ups are resolved:
We lock your books in Finaloop
Your books become tax-ready
You can safely share reports with your CPA
2. Important deadlines
At the top of your Year-end Hub, you'll see your personalized deadline timeline: Fiscal year-end, Deadline to complete year-end checklist, Last call to complete year-end checklist and your Filing deadline.
Deadlines vary depending on:
Your tax structure
Your filing requirements
Whether you have already completed your Balance Sheet setup in Finaloop
Whether you're catching up historical books and closing multiple years instead of just one
The deadline ensures:
We have time to review after you submit
Your CPA has enough time to file
It takes Finaloop 3 to 5 weeks to finalize your books after you submit the year-end checklist, assuming full cooperation with any follow-ups. Please complete your checklist by the date shown in your account. Submitting early gives everyone breathing room and reduces last-minute stress.
If you plan to file a tax extension, or already have, click Yes next to Plan to file for extension? (or Have you filed for extension? once the filing deadline has passed) and confirm. We'll adjust your deadlines accordingly.
If you miss the deadline:
We will still do our best to finalize your books
We recommend filing a tax extension and paying estimated taxes to avoid penalties
If you haven't completed your Balance Sheet setup yet
Completing your Balance Sheet is part of your financial foundation and a crucial step before we can close your books. If you're new to Finaloop and haven't completed your Balance Sheet setup, you'll see a Set up Balance Sheet card at the top of your checklist. Click Go to Balance Sheet hub and finish it first. The rest of your Year-end Hub checklist unlocks once it's done.
3. Checklist: accounting and tax information, banks and transactions
Each checklist item tells you what we're asking you to confirm so we can close your books accurately. The list is customized to your business, so you'll only see the items that apply to you.
Accounting and Tax Information
Review and confirm your:
Fiscal year period
Legal entity
Tax entity
Then click Confirm. If anything changed during the year, click Contact support before proceeding so we can update it properly.
Banks
Click Go to Banks to access your banking year-end checklist. We need you to:
Confirm closing balances for flagged accounts
Review closing balances for reconciled accounts (optional)
Our team relies on this confirmation before we finalize balances. Learn more about how bank reconciliation works and what we need from you in Banks and Credit Cards Reconciliation at Finaloop.
Transactions
The Transactions item has three tasks:
Categorize your transactions. Before we can close your books, we'll need all transactions to be categorized. Click Go to Transactions to give us the input we need on any open transactions. This task completes automatically once they're resolved. Guide: Categorizing & reviewing transactions.
Review unmatched payouts and transfers. When funds move between stores, processors, banks, or credit cards, we match both sides to keep everything reconciled. If we don't see a corresponding match or something needs clarification, click Go to the Anomaly Detector and give us your input. This ensures revenue and transfers are properly recorded before we finalize, and the task completes automatically once you're done. Guide: Unmatched payouts and transfers.
Report missing business transactions. The hub asks whether there were any business-related transactions during your fiscal year that didn't go through a bank or credit card connected to Finaloop. If there were, answer Yes, click Report now and add them so your books reflect the full picture. If there weren't any, answer No. Then click Mark as completed. Examples: business income received to a personal account, business expenses paid from a personal account or personal cash, and business expenses paid by related parties, employees or other third parties. Guide: Reporting transactions.
4. Checklist: accounts receivable, payments and accounts payable
These items cover money customers owe you (accounts receivable, A/R), payment processors, and bills you owe (accounts payable, A/P). The A/R and A/P balance confirmations are for accrual books.
Accounts Receivable (A/R) - Shopify Orders
While Shopify syncs in real time, we perform a year-end validation to make sure everything is fully aligned. Click Go to Shopify Orders to open your Orders awaiting input tab, where we need you to:
Approve our collaboration request for your Shopify Admin on all your stores, if you haven't done this yet
Confirm your unpaid Shopify orders balance as of the last day of your fiscal year
Before you confirm, it's helpful to review your unpaid orders to make sure:
Offline payments are linked
Test orders are voided
Over-collected or uncollected balances are closed
Giveaways or replacements are categorized properly
Historically paid orders are marked correctly
Don't want to review each order? Click Close balance, and we'll close the differences between the Shopify A/R balance we synced and your actual open A/R balance using the available data and accounting best practices. Once confirmed, we can finalize your Shopify A/R.
If your books are on the cash basis, you'll see a Shopify collaboration request item instead, which only asks you to approve our collaboration request.
Guide: Tracking and Managing Shopify Orders, Refunds, and Cancellations. Video walkthrough: managing your unpaid orders.
Accounts Receivable (A/R) - Invoices
Click Go to Invoices to make sure your wholesale and B2B invoices are accurate before year-end. The tasks there are:
Link invoices to payments
Close other open invoices (if applicable), such as invalid invoices you need to close or void
Add any missing invoice
Confirm your A/R balance
Payments
Complete your open missions related to your payment processors. A mission is a task in My missions where we ask you for information we need. Click Go to My Missions to see them. This task completes automatically once they're done.
Accounts Payable (A/P) - Bills
Click Go to Bills. On the Bills page:
Categorize all uncategorized bills
Close open bills
Add any missing bill
Confirm your A/P balance
We rely on this confirmation before finalizing your payables. Guide: Managing your bills (payables).
5. Checklist: inventory, loans and payroll
These items confirm your inventory, any business loans and your payroll costs for the year.
Inventory
Click Go to Inventory and complete the inventory checklist there. This checklist will vary based on the cost of goods sold (COGS) method you use, but the end goal is the same: to make sure your inventory and COGS are aligned and ready to go for tax purposes.
Learn more:
Loans
Click Go to Loans to review and confirm your loans:
Loans with missing details: fill in missing loan details for the year
Confirm all loans are reflected in Finaloop: some loans, such as single-payment or balloon loans, loans with related parties, or loans issued outside your connected accounts, may not be detected automatically, so report any that are missing
Our team validates loan balances and interest before closing. Guide: How Finaloop tracks your business loans.
Payroll
You'll see the payroll questions that apply to how you ran payroll during the year:
Employer taxes in 2026 (for your 2026 books): if you use Gusto, we sync all your payroll tax data automatically. If you use another payroll provider, add the total employer taxes paid. If ADP or Intuit (QBO) is your provider, the item is titled with its name, and these guides show where to find the number: ADP Payroll - How to pull my employer taxes and QuickBooks Payroll - How to pull my employer taxes.
Compensation of Officers in 2026: add the total officer compensation paid outside Gusto, or enter 0 if there wasn't any. Officers are shareholders or owners who are also employees of the corporation.
January 2027 payroll cycle (accrual books only): categorize your January 2027 payroll transactions in Finaloop, so we can accrue your payroll as of December 31. You can mark this task complete from January 20, 2027.
6. Checklist: other items
This list is customized based on your setup and the balances in your books. Here are the common items.
Sales Tax
Review and confirm your sales tax liability as of the last day of your fiscal year, and report sales tax from any channels that aren't connected to Finaloop. If your own calculations, your sales tax filing provider or software (such as TaxJar or Avalara) shows a different number, report the different balance. Adjustments are reviewed by our team before they sync to your books.
Guide to reviewing your sales tax liability balance: Year-End Sales Tax Review.
Security deposits
Confirm your Security deposits balance as of the last day of your fiscal year. We review any changes before updating your books.
Investments
Confirm your Investments balance as of the last day of your fiscal year. You'll see the amount at cost basis, not the fair value of the investment. We review any changes before updating your books.
7. After you submit
Once your checklist is complete and you click Submit checklist:
Our team performs a full review
We reach out if clarification is needed
We finalize adjustments
We lock your books
When your books are locked, the hub shows Your books are ready!. Download your Profit & Loss and Balance Sheet from there, and review Accounting policies and important notes for Finaloop tax customers and Opening balances explained for third-party tax preparers with your tax preparer.
Key takeaway: Finaloop closes your books for you. We just need the confirmations from you so we can get this done quickly and accurately.
8. FAQ
Why are my checklist items locked?
They unlock once you finish the earlier items in your checklist, such as your Balance Sheet setup or a previous year's year-end. Complete those first, and the rest of the checklist opens.
How do I see the checklist for a different year?
Use the Fiscal year dropdown at the top of the Year-end Hub. It lists every year that has a year-end checklist.
What if my business details are wrong?
Click Contact support in the Accounting and Tax Information item before you confirm, and tell us what changed. We'll update it properly before you continue.
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Need help?
Contact us at [email protected] if you have any questions. We're here to make sure your year-end is smooth and fully handled.