Abstract: A method and system for processing accounting event data and applying the accounting event data to account balances associated with an entity. The system receives accounting event data from multiple third-party financial institutions and uses processing rules to identify activities associated with each accounting event represented in the accounting event data. An activity describes, among other information, a balance to be adjusted and an amount that it is to be adjusted by. A balance quantifies information related to an entity's finances. A balance is adjusted by applying an activity to the balance, thereby increasing or reducing the balance by a specified amount. The system may generate a financial report by applying a template to financial data, including the activities and balances.