Looped Financials
Double-entry books for your company, from bank statements to the annual financial statements
Looped Financials keeps your company's books. Open it at app.looped.sh/financials.
It's a double-entry ledger: every amount is posted as a journal entry with equal debits and credits, and every report is worked out live from those entries. Most of the posting comes from your bank statements. You upload a statement, Financials proposes an account for each line, and you approve what's right.
What's in it
The sidebar is split into four groups.
| Group | Pages | What they're for |
|---|---|---|
| Financials | Dashboard, Uploads, General journal, Chart of accounts, Expense receipts, Assets, Loans, Payroll | Day-to-day bookkeeping: bank statements, manual entries, expense receipts, fixed assets and depreciation, loans, and the payroll journal |
| Suppliers | Suppliers, Supplier invoices, Supplier returns | Who you buy from, what you owe them (a supplier debit note is a supplier invoice) and what they credit you for returns |
| Reporting | Reports, VAT, Annual statements, Tax, Deadlines, Notes | The statements, VAT returns, the year-end pack and its notes, and filing dates |
| Settings | Company, Financial years, Reminders, Exchange rates, History, Audit log | Company details and reporting framework, years and lock dates, which deadlines you track and how early you're reminded, exchange rates, archived years, and who did what |
The financial year picker in the header decides which year the dashboard, reports and journal show. Every page is also in the ⌘K palette.
Invoices you issue in Looped Invoices post to the books on their own, and so do the payments recorded against them. When the same receipt shows up on your bank statement, Financials matches it to that payment instead of booking it twice. Pay runs from Looped Payroll post the same way; see Payroll in the books. Stock bought, sold and counted in Looped Inventory posts to the books at average cost.
The default control accounts are called Debtors control (what clients owe you) and Creditors control (what you owe suppliers). Companies that still had the old default names, Accounts Receivable and Accounts Payable, were renamed; a name you chose yourself stays.
Accounting and Financials
Looped's books come as two modules in this one app. Accounting is the books: uploads, the general journal, expense receipts, assets, loans, payroll, suppliers, supplier invoices and VAT. Financials is the statements: the dashboard, the chart of accounts, the reports built from balances such as the trial balance and income statement, annual statements, notes, tax and deadlines. Accounting includes Financials.
It's one app, called Financials in the app switcher: the sidebar shows the pages your company's modules include. With Financials only, the bookkeeping pages are hidden; with Accounting, every page shows. Existing subscriptions include both.
Countries and reporting frameworks
The country you choose during setup decides the ledger currency, the default chart of accounts, VAT rates, and which frameworks you can prepare your statements under.
| Country | Currency | Frameworks | Default |
|---|---|---|---|
| South Africa | ZAR | IFRS for SMEs, Full IFRS | IFRS for SMEs |
| United Arab Emirates | AED | IFRS for SMEs, Full IFRS | IFRS for SMEs |
| United Kingdom | GBP | FRS 102, FRS 105 (micro), Full IFRS | FRS 102 |
| Ireland | EUR | FRS 102, FRS 105 (micro), Full IFRS | FRS 102 |
| United States | USD | US GAAP, Management accounts | US GAAP |
| Austria | EUR | Management accounts, Full IFRS | Management accounts |
| Czech Republic | CZK | Management accounts, Full IFRS | Management accounts |
In Austria and the Czech Republic, statutory accounts follow local law and are prepared by your accountant. Looped keeps the books and produces management accounts, or IFRS statements for reporting to a group.
Some areas only exist for South African companies, and the sidebar leaves them out everywhere else:
- VAT: VAT201 returns worked out from the ledger.
- Tax: the SARS income tax computation and IRP6 provisional tax.
- Payroll: the payroll journal and matching salary payments.
- Deadlines and Reminders: SARS and CIPC filing dates. Who is reminded is chosen in Manage.
Companies in other countries still record VAT on their transactions where the country has VAT, and agree the VAT balances to the returns they file themselves.
Who can use it
Nobody gets into Financials just by being in the company. Owners can do everything; everyone else needs a Financials role, which you give on the People page in Manage. See Roles & permissions.
| Role | What they can do in Financials |
|---|---|
| Financials Admin | Everything, including settings and setup, closing a year, VAT returns, paying supplier invoices and the payroll page |
| Bookkeeper | Reviews bank lines, captures supplier invoices, posts journals and attaches documents. No settings, year end, VAT filing or paying supplier invoices |
| Auditor | Sees the books and reports and changes nothing |
Bookkeepers and auditors are free on every plan, so you can invite your accountant without paying for a seat.
Free, trial and Financials
Every new company gets a 30-day Accounting trial with everything included, and no card is needed. While it runs, a line at the top of each page shows how many days are left.
After the trial, unless you subscribe to Financials, the app is read-only. Everything you entered stays visible, but you can't upload statements, post journals, enter supplier invoices or run payroll. A banner at the top of each page says so and links to Start Financials. Subscribing lifts the limit straight away. See Purchasing a subscription for prices.
Where to start
- Get set up: company, financial year, bank account and opening balances.
- Upload and review bank statements.
- Read the reports and file VAT.
- Close the year and compile the annual financial statements.
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