Exporting General Ledger into your Accounting System

Background

Popular accounting packages (like Sage, Xero and QuickBooks) do a very good job of generation financial statements covering activities like payroll, expenses, travel claims, invoicing, rent, direct investment in real estate businesses etc. Most statutory audit firms tend to be very familiar with these systems which makes the creation of audited financial statements a very straightforward task.

However these packages were not designed for reporting on financial investments and some of the entries need to be manually calculated outside the system. For example, these packages find it hard to calculate realized and unrealized gains on financial investments (which is a key part of any investment activity).

Canopy's solution

Canopy's solution involves the following steps

  • Let your accounting system do what it does best (i.e. report on everything except financial investments)
  • Let Canopy do what Canopy does best (i.e. become the source of truth and all analytics on financial investments)
  • Canopy then generates General Ledger (GL) entries on all the financial investments
  • These GL entries can then be uploaded into the system (via their API or as a CSV upload)

This way the user gets the most optimal solution.

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