United States
Finovra for US businesses
US entities in Finovra keep their books in US dollars under a US jurisdiction setting. That part is built. This page covers the US-specific accounting context we design for, and which US workflows are still in development.
What works for a US entity today
| Area | In Finovra | Status |
|---|---|---|
| Functional currency | USD books, reports in USD, amounts stored as exact cents | Core engine built |
| Jurisdiction | Each entity is set to US or Canada, alongside other entities in one workspace | Core engine built |
| Fiscal periods | Monthly periods you open and lock, on a calendar or fiscal year | Core engine built |
| Sales tax | State and local sales tax on invoices and bills | Planned |
| Contractor reporting | Vendor flags and totals for Form 1099 preparation | Planned |
| Banking | CSV and OFX import first, then US bank feeds | In development / Planned |
US accounting context we design for
General background, not tax or legal advice. Confirm your obligations with a qualified US accountant.
US GAAP
Private and public companies in the US commonly report under US GAAP, set by the Financial Accounting Standards Board (FASB). Finovra's ledger keeps accrual-basis double-entry books, the foundation GAAP reporting relies on.
Tax years and methods
IRS Publication 538 explains that a tax year can be a calendar year or a fiscal year ending in any other month, and that cash and accrual methods recognize income and expenses at different times.
Sales tax is state and local
There is no federal sales tax. Since South Dakota v. Wayfair (2018), states can require out-of-state sellers to collect sales tax without a physical presence, so obligations can arise in many states.
Contractor reporting
Businesses report certain payments to non-employees on Form 1099-NEC. Thresholds and rules change; check the IRS page for the tax year you are filing.
ACH payments
Most US business payments move by ACH under Nacha's operating rules. ACH deposits and withdrawals are a large share of what a US bank reconciliation has to match.
Official sources
Checked on 27 October 2026. Rules change, so read the current version before acting.
- IRS Publication 538(opens official site)
Accounting periods and methods: calendar and fiscal tax years, cash and accrual methods.
- IRS: About Form 1099-NEC(opens official site)
Current form, instructions and filing information for nonemployee compensation.
- South Dakota v. Wayfair, 585 U.S. 162 (2018)(opens official site)
Supreme Court decision ending the physical-presence rule for sales tax collection.
- IRS: State government websites(opens official site)
Links to each state's revenue department for sales tax rules.
- FASB(opens official site)
The body that sets US GAAP through the Accounting Standards Codification.
- Nacha operating rules(opens official site)
Rules governing the ACH network.
Talk to us about your US entities
We'll walk through USD books on sample data and the US workflows on our roadmap.
Last reviewed against the product on .