About
Applies to: Finaloop Accounting
Finaloop Accounting, Finaloop's real-time bookkeeping and accounting service, connects to Gusto so the payroll you run in Gusto is recorded in your books automatically. Here are the key features and benefits of using Gusto as a payroll provider, and how to connect Gusto to Finaloop.
Once the integration is active:
All payroll expenses, payroll taxes, contractor payments, and reimbursements are synced from Gusto and recorded directly to your P&L or Balance Sheet (as relevant).
Bank payments to Gusto are matched with the data we sync from Gusto. This ensures granular breakdowns and full reconciliation and prevents double counting of expenses.
Finaloop automates the breakdown of salaries & wages into different P&L categories, like marketing, shipping, G&A etc., to the extent this data is broken down in Gusto.
1. Gusto key features
Here's a summary of the key features and benefits you get when using the Gusto-Finaloop integration.
Daily accruals
For books managed on an accrual basis, payroll expenses are recorded daily.
Department and category mapping
Allocate direct and indirect payroll expenses, as well as contractor payments, to specific P&L categories based on employee or contractor names, or on their departments defined in Gusto. By default, all payroll is recorded to one Salaries & wages account. With mapping turned on, you can choose:
General & Administrative (G&A)
Research & Development (R&D)
Shipping & Fulfillment
Inventory
Marketing
Breakdown per personnel type
Detailed breakdown by:
Employees
Owners
Contractors
Employees and contractors each have their own tab on the Payroll page. For S-Corps and C-Corps, the Employees tab also has an Is Officer switch for each person, so owners who are company officers are recorded separately.
Full and automated reconciliation with bank transactions
Full matching to:
Net payments from the bank
Payments to contractors
Check payments
Tax payments
Reimbursements
Payments to third parties such as trust companies or insurance companies for retirement and benefits (for example, 401(k))
2. Connect Gusto to Finaloop
Connect Gusto to Finaloop with just a few clicks.
Connect your Gusto account
Go to Settings → Integrations and scroll down to Backoffice apps.
Click Gusto, then click Connect. This will redirect you to the Gusto sign-in screen.
Log in to your Gusto account and follow Gusto's prompts to give Finaloop access.
You're returned to Finaloop and see Gusto connected successfully! Click Done. Payroll now appears in your Finaloop sidebar.
Add Finaloop as an admin in Gusto
In Gusto, from Settings, click the Gusto Admin tab.
Click Add new admin. A new screen opens.
Select Not an employee as the employment status.
Complete the form with the following information:
What does this person do?: Accountant
What will they help with?: Take care of taxes and reporting
First Name: Accountant
Last Name: Finaloop
Email: [email protected]
Click Add admin.
That's it, you've now connected Gusto payroll with Finaloop.
Review your payroll and map categories
From the Finaloop sidebar, navigate to Payroll → Employees to access payroll data for personnel in your Gusto account. Contractors are on the Contractors tab.
Click Payroll → Categories mapping and turn on Allocate payroll to different categories if you want to allocate payroll to different categories by department or by personnel.
Under Allocate by, choose Departments or Personnel.
For each row, choose a category in Category in Finaloop, then click Save.
① Allocate payroll to different categories, ② Allocate by, ③ Category in Finaloop.
Your payroll is now recorded to the categories you chose.
Note: The Categories mapping tab appears for team members whose role can edit payroll.
3. When is Gusto data available in Finaloop?
Once you've run payroll, it can take 1 to 3 days before you see the transactions in Finaloop. The Last updated time on the Payroll page shows when we last synced your Gusto data.
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Need help?
If you have any questions about your Gusto connection, contact us at [email protected].