Can I change the accounting method in Fathom?
For companies sourced from QuickBooks or Xero, it is possible to change the method from Cash to Accrual or from Accrual to Cash. For Xero and QuickBooks sourced companies, to determine the accounting method used in Fathom, go to ‘Company Profile’ in the company’s Settings.
It is currently not possible to change between Cash and Accrual accounting for companies sourced from MYOB, Sage, FreeAgent, Google Sheets, or Excel. For companies not sourced from QuickBooks or Xero, Fathom will simply import the numbers from the source accounting system, Excel spreadsheet or Google Sheet file.
Change the accounting method in QuickBooks
When a company is sourced from QuickBooks, all the reports we receive are formatted with respect to the company's settings (Cash or Accrual) in QuickBooks.
You can change the method from Cash to Accrual, or from Accrual to Cash, by going to the company settings in QuickBooks. Depending on the version of QuickBooks you are using, you can change the accounting method in the 'Company' or 'Advanced' section of the settings.
Once you've changed the accounting method in QuickBooks, update your company in Fathom.
When 'Accounting Method' is under 'Advanced':
When 'Accounting Method' is under 'Company':
Change the accounting method for Xero
For companies sourced from Xero, the initial import will always default to the accrual method.
You can switch the accounting method in 'Company Profile' in the company's Settings. Click the 'Pencil' icon next to the listed accounting method. Choose 'Cash' or 'Accrual' and then click 'Update and sync'.
🎉 Beta feature: Accessing the Company profile for Portfolio-plan companies is currently in beta. To use this feature, you must turn on the ‘Bulk Excel Import and Update’ beta flag: enable beta features
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