Canopy is able to take in data in any format (APIs, Data Feeds, PDFs etc.). This allows us to connect to every single Bank/Custodian/Fund Administrator in the world.

Creating General Ledger for Accounting Support:
Most of our customers need to prepare financial statements for the investment activities and for this they typically use some of the popular cloud based accounting systems (e.g. Quickbooks, Xero, Sage etc.) While these systems are very good for normal business activities like invoicing, expenses, payroll, depreciation of fixed assets etc., they usually do not do a very good job of investment accounting.
Of particular problem are journal entries for valuation and sale/purchase of financial assets e.g. things like

• Realized gains on sale including partial sale of a financial asset
• Splitting of realized gains into those due to price movement and those due to Foreign Exchange movement,
• Unrealized gains on balance sheet closing dates
• Accrued but unpaid interest on balance sheet dates etc.

Usually these entries are calculated manually (or some sort of utility is created). Canopy solves this problem for our customers by generating an appropriate chart of accounts and the general ledger. This can then be uploaded directly into the accounting software (via CSV or API)

Canopy Financial Statement Module (CFSM) will create the following tables:

• Chart of Accounts
• General Ledger
• Balance Sheet (optional)
• Profit and Loss (optional)