When you first get started with Finaloop, we’ll ask you to choose your inventory tracking method. You have 3 options to choose from:

To learn more about which method is right for you, check out our article on how to choose your COGS tracking method in Finaloop.

After you subscribe to Finaloop, we’ll need some initial information about your balance sheet ending balances from right before you started your books in Finaloop.

This mission is made up of 2 separate tasks:

For example, if you started your books in Finaloop on 01/01/2024, we’ll need some data about your balance sheet numbers from 12/31/2023. Don’t worry, we’ll let you know exactly what we need and take the guesswork out of it!

New businesses: If you started your business this year after January 1, and have no previous balance sheet or tax return, just reach out to us at [email protected] and we can build this for you from the ground up.

Word of advice: Remember that this is a one-time task. It’s best to take care of it as quickly as possible so you have all the numbers you need to start making better decisions!

Click on Let’s go and we’ll walk you through the process to complete both quickly.

If you are using the sales based COGS method, you may see this mission if you have specific products with no cost per unit provided.

You can provide a cost per unit in any one of the following ways:

Specifically, we need the cost per unit if you are tracking your sales per product and not per channel since this is what we use to automatically calculate your COGS. To learn more, check out our article on Sales based COGS: Everything you need to know.

If you are using InventoryIQ, you may see this mission if your number of on-hand units for a specific product is negative (or was negative at some point this year). A negative number typically means you haven’t added an opening balance, are missing historical POs, or have missing or incorrect POs for the product.

If you are using InventoryIQ, you may see this mission if your vendor rolling balance is negative. A negative number typically means you haven’t updated historical POs or payments, you haven’t added all POs for the product, or that POs weren’t accurate. You can learn more about this here: Managing POs in InventoryIQ.

When we process your transactions, we may identify specific apps you use in your business that you haven’t connected to Finaloop. We’ll create this mission to ask you to connect this app so we can sync all the data and reconcile it back to the source of truth.

If you’re having trouble connecting the mentioned app or have any questions, just reach out to the support team at [email protected] for help.

Sometimes we may ask you to reconnect or refresh an account that you’ve previously connected. This is typically due to changes or interruptions in the data flow that we receive from your bank.

Don’t worry, it doesn’t happen often and, when it does, we detect it right away so your financials will remain completely accurate.

For certain payment processors or apps, we may ask you to provide us with a role in the app itself so we can fully reconcile your payments. Just click Grant access and follow the on screen instructions.

At Finaloop, we automatically categorize about 94% of your transactions automatically, based on our extensive database of vendors and transactions from thousands of different ecommerce companies. But, there are certain transactions we ask for additional input before categorizing so we can put it into the most relevant category for your specific business.

To learn more about how we categorize your transactions and for additional assistance in categorizing your open transactions, check out Categorizing and reviewing your transactions.

When transfers or payments are sent between two different stores, payment processors, banks, or credit cards, Finaloop’s categorization machine automatically identifies the transfers in both sources and matches them. This gives you completely accurate books, with less hands-on work required from you. Win-win.

In some cases, when we see an account transfer or payment into your bank account, we don’t see the other side of the transfer. This can be due to a variety of reasons, including a missing bank account or credit card, a transfer from a personal account.

Whenever a transaction like this happens, our Anomaly Detector will automatically identify it, and create a mission to help us get the needed information from you. To learn more about why you are seeing this mission, check out Unmatched payouts and transfers.

On occasion, we may identify a gap in the transaction data we receive from your bank. It happens, but rarely. In this case, our Anomaly detector will automatically detect it and create this mission for you so you can rest assured you have all your transactions included in your books.

Note, that if you use a bank or credit card that are not supported through our API integration, you may see this mission as a recurring mission each month to provide us the transactions in a CSV upload.

Once a year, as part of our year-end closing process, we’ll ask you to review and confirm some items so we can make sure everything is 100% complete. This mission includes confirming your closing bank balances, wrapping up your year-end inventory, and reviewing your books. Just click on Let’s go and we’ll walk you through everything you need to get your books finalized.

Our Loans team lives and breathes different ecommerce financing arrangements, such as traditional loans, merchant cash advances, other revenue based financing, lines of credit, SBA loans, you name it.

When we identify any loan-related transactions, we’ll create this mission to get the loan details we need from you, like the terms and payment schedule. Once we have this, we’ll review the details and ensure everything is completely reconciled between the loan repayments and interest payments.

Helpful hint: This is a crucial step in ensuring you can take a tax deduction for the interest payments or financing fees!

When we sync your bills from your bill payment apps, like Settle or Bill.com, we automatically map your account categories from the apps to the correct categories in Finaloop. For certain categories, we may need some more info from you before mapping it to the correct Finaloop category, for example, if your category in Bills.com is ‘Uncategorized.’