Bookkeeping & accounting (Finaloop Core)
How Finaloop Core records your sales, invoices, bills, payroll, loans and taxes, and how to read your reports.
By Emily and 2 others3 authors44 articles
Sales channels & orders
How orders, payouts and fees from your stores and marketplaces reach your books.
- Where are my Etsy numbers coming from?See how Finaloop syncs your Etsy sales and fees and which account each Etsy number lands in, so you can match your books to Etsy.
- Finaloop's Shopify Integration Deep-DiveUnderstand what Finaloop syncs from Shopify and how it lands in your books, so you can reconcile your numbers and link offline payments with confidence.
- Tracking and Managing Shopify Orders, Refunds, and CancellationsLearn when Shopify sales, cost of goods sold (COGS), refunds and cancellations are recorded on cash or accrual basis, and how to settle open orders with order actions and sales…
- Shopify Gift Cards in Finaloop
- How Finaloop’s Amazon Integration Works
- Amazon deferred transactions: what changed for your booksUnderstand how Amazon's deferred-transaction reporting changes moved sales between periods in Finaloop Core from 2024 to 2026, and how to handle it with your CPA.
- Syncing Faire Sales with FinaloopTrack your Faire sales and cost of goods sold (COGS) in Finaloop, whether Faire is connected to Shopify or not, so your P&L stays up-to-date with no double counting of…
- Wholesale, Retail, and Other B2B SalesSee how Finaloop records wholesale, retail and other B2B sales from Shopify, PayPal, Stripe, SPS Commerce, Crstl, Finaloop invoices and CSV uploads, so you can track what each customer owes.
- Sales Reconciliations in FinaloopSee how Finaloop matches each order to its payment and bank payout, and why lines like Sales - PayPal can appear, so you can trust your sales numbers.
- Where are my Shopify numbers coming from?Learn about how we calculate and reconcile your Shopify numbers in your P&L and Balance Sheet.
- Understanding Sales from Payment ProcessorsUnderstand why you might see Sales - PayPal, or Sales - Stripe in your P&L
Accounting tools, loans & ads
Journal entries, loans and ad spend in your books.
- Recording journal entries in FinaloopAdd or adjust journal entries in Finaloop, or ask our team to, so your books stay accurate without extra manual work.
- How Finaloop tracks your business loansLearn how Finaloop Core finds your loans, what it needs from you on the Loans page, and how loans and related-party balances show on your balance sheet.
- How ad spend is calculated and reportedSee how Finaloop pulls your Meta, Google and Amazon ad spend into your reports, so you can track what you've spent, what you owe and how your ads perform.
Customers & invoices
Invoices, customer balances and getting paid.
- Managing B2B and wholesale invoices in FinaloopTrack, filter, export and act on your B2B and wholesale invoices in Finaloop so you always know what customers still owe you and where each invoice stands.
- Getting paid with Finaloop's online invoice paymentsAdd a secure Stripe payment link to your Finaloop invoices, so your customers can pay you online in just a few clicks.
- Understanding customer balances (Accounts Receivable)
Vendors & bills
Bills, vendors and what you owe.
- Managing your bills (payables)Create, edit, pay and track the bills you owe vendors (accounts payable) on the Bills page, including bill credits, financed payments and spreading a bill over time.
- Preparing your 1099s in FinaloopUse Finaloop's 1099 tracking page to review payees, disqualify those who don't need a form, store W-9s and export the list your filer or CPA needs.
- How to file 1099-NEC forms through tax1099.comLearn how to file your 1099-NEC forms using your Finaloop 1099 data
Payroll
Recording payroll from your payroll provider.
- Are you using Intuit Payroll? Here's how to pull the payroll data for your booksFind net pay and employee and employer taxes in your QuickBooks Payroll reports, so your Intuit Payroll payments are recorded correctly in your books.
- ADP Payroll - How to pull my employer taxes
- QuickBooks Payroll - How to pull my employer taxes
- QuickBooks Payroll - How to export a payroll details report
- QuickBooks Payroll 2023- How to export a payroll details report
Reports
Your P&L, balance sheet, chart of accounts and other reports.
- Reading your Profit & LossRead your Profit & Loss (P&L) in Report center: what each section and subtotal means, how to split it by segment (sales channel, platform, revenue stream), drill into the numbers…
- Understanding your Chart of AccountsSee how Finaloop organizes your accounts (your chart of accounts) into the sections of your Profit & Loss and Balance Sheet, so you know where every sale, cost and balance…
- Can I sync my data to another accounting software?
Year-end & tax
Closing your year, taxes and working with your tax preparer.
- Year-End Hub: What We Need to Close Your BooksWalk through how we close your books in Finaloop and what we need from you + all the guidance you need along the way.
- Switching your books from cash to accrualFind out how Finaloop Core switches your books from cash to accrual at the start of a year, what it costs and how long it takes, so your books keep…
- Accounting policies and important notes for Finaloop tax customers
- Year-End Tax Guide: Adjusting Accrual Books to Cash BasisYear-end journal entries your CPA or tax preparer can use to convert accrual-basis Finaloop books to cash basis for tax filing, without changing your books.
- Opening balances explained for third-party tax preparersShow your tax preparer how Finaloop built your opening balances and how to handle any difference from last year's tax return.
- Year-End Sales Tax ReviewConfirm or correct the sales tax you owe in the Year-end Hub, your year-end checklist in Finaloop Core, so your year-end balance sheet matches what you owe the states.
- How to categorize payroll and owner pay at year endCheck that only payroll you run through a payroll provider is categorized as salary, and use Contractor payment, Owner's draw and other categories for everything else, so your year-end books,…
- How to determine if you file taxes on a cash basis or accrual basisFind whether last year's business tax return was filed on cash or accrual, so you pick the same accounting method in Finaloop Core.
- Does Finaloop cover sales tax?Understand more about what aspects of sales tax we cover for you
- U.S. tax requirements for a foreign-owned single-member LLCLearn which IRS filings a US single-member LLC owned by a non-US person must make, and how your Finaloop books support them.
- How to track mileageLearn how Finaloop helps you track your mileage so you get the best tax deductions you can
- How to: Report your C corporation's equity opening balances
- How to: Report your Partnership's equity opening balances
- How to: Report your S corporation's equity opening balances
- What's included in Finaloop's tax services?See which business and personal tax filings you can get done with Finaloop's tax services, and how they're prepared from your Finaloop books.
- Do I still need to file a beneficial ownership (BOI) report?Find out whether your company still has to file a beneficial ownership information (BOI) report with FinCEN, so you can skip filings you no longer need.