About
Finaloop’s team of accountants closes your books for you, so you can head into tax season confident, organized, and fully prepared.
To wrap up your books accurately, we just need a few confirmations and reviews from you. The Year-End Hub centralizes everything we need in one simple checklist.
Once you complete your part, we take it from there.
This step-by-step guide walks you through:
What to expect
Each checklist section
Important deadlines
What happens after you submit
Direct links to detailed guides
You can also watch the full walkthrough video of the Year-End Hub here:
1. How the Year-End Process Works
There are four stages to closing 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 just submit your checklist.
2) Finaloop Performs a Deep Review
After submission:
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. 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.
Deadlines vary depending on:
Your tax structure
Your filing requirements
Whether you have already completed your Balance Sheet setup in Finaloop
Wether you are catching up historical books and are 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
Please complete your checklist by the date shown in your account. Submitting early gives everyone breathing room and reduces last-minute stress.
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 yet completed your Balance Sheet:
Completing your Balance Sheet is part of your financial foundation and a crucial step to complete before we can close your books. If you're new to Finaloop and haven't yet completed your Balance Sheet setup, you'll first be directed to your Balance Sheet Hub before you can continue your Year-End Hub checklist.
3. Year-End Checklist: What We Need From You
Below is a breakdown of each section and what we’re asking you to confirm so we can close your books accurately.
Accounting and Tax Information, Banks, Transactions
1) Accounting & Tax Information
Please confirm:
Fiscal year period
Legal entity
Tax entity type
If anything changed during the year, contact Support before proceeding so we can update it properly.
2) 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 account (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 this guide: 👉 Bank reconciliation guide
3) Transactions
> Categorize Open Transactions
Before we can close your books, we’ll need all transactions to be categorized. If there are any open transactions that we need your input on, you’ll see this task to give us the input we need to categorize them.
This task auto-completes once resolved.
👉 Guide to categorizing and reviewing transactions.
> Review Unmatched Payouts & 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, we’ll ask for guided input.
This ensures revenue and transfers are properly recorded before we finalize.
👉 Guide on reviewing unmatched payouts and transfers.
> Report Missing Business Transactions
If any business activity did not go through connected accounts, please add it so your books reflect the full picture.
Examples:
Income paid to personal accounts
Business expenses paid from personal accounts
Related-party payments
👉 Guide on reporting transactions.
Accounts Receivable (A/R), Accounts Payable(A/P) - Only for Accrual Books
1) Accounts Receivable (A/R) - Shopify Orders
While Shopify syncs in real time, we perform a year-end validation to ensure everything is fully aligned.
To confirm your Shopify receivables balance, we need you to:
Approve our Shopify collaboration request (all stores) if you haven’t yet done this
Confirm your Net Unpaid Shopify Orders balance as of Dec 31.
It’s helpful to review your Unpaid Orders tab to ensure:
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
Once confirmed, we can finalize your Shopify A/R.
👉 Guide on managing Shopify orders.
🎥 Video walkthrough on managing your unpaid orders.
2) Accounts Receivable (A/R) - Invoices
To ensure your wholesale and B2B invoices are accurate before year-end, please ensure:
Payments are linked to invoices
Invalid invoices are closed or voided
Missing invoices are added
Your A/R balance is confirmed
👉 Guide to managing your B2B invoices.
3) Accounts Payable (A/P) - Bills
On the Bills page:
Categorize uncategorized bills
Link paid bills
Add missing bills
Confirm your A/P balance
We rely on this confirmation before finalizing your payables.
👉 Guide to managing your bills/ payables.
Inventory, Loans, Payroll
1) Inventory
Complete the inventory checklist on your Inventory page. This checklist will vary based on the COGS method you use but the end goal is all the same - to ensure your inventory and COGS are perfectly aligned and ready to go for tax purposes.
Learn more:
👉 Guide to Purchase-based COGS.
👉 Guide to Sales-based COGS.
👉 Guide to InventoryIQ.
2) Loans
To review and confirm your loans, please:
Fill in missing loan details
Confirm all loans are reflected
Our team validates loan balances and interest before closing.
👉 Guide to managing your loans.
3) Payroll
> Employer taxes paid outside Gusto
If you use Gusto, we'll sync all your payroll tax data automatically. If you use another payroll provider, add total employer taxes paid.
> Officer Compensation outside Gusto
Add total officer compensation paid outside Gusto (or enter 0).
👉 Guide to year-end salary categorization.
Other Items
This list will be customized based on the specific set up and relevant numbers for your business. Here are some common included items:
1) Sales Tax
Report sales tax from any non-integrated channels and confirm your liability balance. Check out our guide for understanding where to find your sals tax liability balance.
Adjustments are reviewed by our team before posting.
Guide to reviewing your sales tax liability balance:
2) Security Deposits
Confirm your Security Deposits balance as of Dec 31. We review any changes before updating your books.
3) Investments
Confirm your Investments balance as of Dec 31. You'll see the amount on the costs basis, not the fair value of the investment.
We review any changes before updating your books.
4. After You Submit
Once your checklist is complete:
Our team performs a full review
We reach out if clarification is needed
We finalize adjustments
We lock your books
Finaloop closes your books for you, we just need the confirmations from you so we can get this done quickly and accurately.
Need Help?
Contact us via [email protected] if you have any questions. We’re here to make sure your year-end is smooth and fully handled.