1. About
Finaloop's real-time anomaly detector helps keep your books accurate by flagging transactions that seem to be missing a matching entry. This usually happens when we expect to see both sides of a transaction but can't find the match.
This is especially helpful when you have transfers or payments between different stores, payment processors, banks, or credit cards. Our system works to identify these transfers from both sides and match them up to make sure everything reconciles smoothly. This article will walk you through why this happens and what information we’ll need from you to resolve it.
2. Why the anomaly detector flags a transaction
You may see an anomaly flagged when there's a transaction that should have a match, but we can't find it. Here are some common types of transfers we keep an eye on:
Payouts from sales channels or payment processors to your bank.
For example, when Amazon sends money to your checking account.Transfers from your bank or credit card to stores or payment processors for things like chargebacks, refunds, or fees.
For example, moving money from an Amex card to PayPal or Stripe.Paying down your credit card from your bank account.
For example, a payment from your checking account to your credit card.Bank transfers between two of your business accounts.
For example, transferring money from a Wells Fargo account to a Mercury account.
Why a transaction may be unmatched
Sometimes, we can't find both sides of a transfer to match it up. Here are some reasons why that might happen:
The account isn’t connected to Finaloop, including:
If a bank or credit card account was never connected or was disconnected.
We’ll ask you to reconnect the account.The transfer involved a personal account.
We’ll need you to confirm who owns the account.The bank or credit card account isn’t supported by our integrations.
If that’s the case, we might need a CSV file with the missing transactions or for you to grant us a bookkeeper role in your account.The transfer was sent to or received from another party.
For example, if your Shopify payouts go directly to a lending institution or a related business.
The account is connected but is missing some transactions.
This could be because some banks limit how far back we can import transactions. In this case, we might ask you to upload a CSV file with the missing transactions or send us a PDF statement.
Our system didn’t automatically catch the match.
It doesn’t happen often, but if it does, we’ll ask you to help match the transactions from a list we provide.
3. How to fix anomalies
When an anomaly is flagged, we’ll let you know in a mission and ask for a little help to fix it. Depending on the situation, here are the fixes we would ask from you:
The issue | The Fix |
A bank or credit card account was never connected or was disconnected from Finaloop | Connect a missing or disconnected account on the Banks & Credit Cards settings screen. |
A bank or credit card account isn’t supported by our integrations | Upload a CSV file or PDF statement for any missing transactions. |
The transfer involved a personal account | Confirm the ownership of a personal account by answering the questions in the anomaly detector. |
The transfer was sent to or received from another party
| Provide details of the transaction, and the other party by answering the questions in the anomaly detector. |
The account is connected but is missing some transactions | Upload a CSV file or PDF statement for any missing transactions. |
Our system didn’t automatically catch the match. | Help match the transaction from a list we suggest. |
Once everything’s cleared up, we’ll update your books to reflect the correct entries.
Why can’t this be done automatically?
Reconciliation issues are one of the most common causes of inaccurate books in traditional accounting softwares. Oftentimes, these types of errors can result in double counting transactions or erroneously classifying a transfer as additional income or expense.
As accuracy-obsessed accountants, we built Finaloop with our real-time anomaly detector to ensure any of these types of transactions are flagged and reconciled correctly, giving you complete confidence in the accuracy of your books. In order to ensure this level of accuracy, we’ll sometimes need some input from you so we have all the pieces of the puzzle to give you the full picture of your finances.
4. Need Help?
If you have any questions or run into any issues, our Support team is always here to help. Just reach out to us at [email protected].