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Can I change between Cash and Accrual basis?
Can I change between Cash and Accrual basis?

Check the exact requirements needed to be able to swap from cash to accrual basis accounting in Fathom

Updated over a week ago


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. It is currently not possible to change between Cash and Accrual accounting for companies sourced from MYOB. For companies sourced from Excel, Fathom will simply import the numbers in the Excel import spreadsheet.

For Xero and QuickBooks sourced companies, to determine the accounting method used in Fathom, go to ‘Step 2 - Company Profile’ of the company’s Settings.

Changing the accounting method in QuickBooks

When a company is sourced from QuickBooks, all of the reports that we receive are formatted with respect to the company 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.

When 'Accounting Method' is under 'Advanced':

When 'Accounting Method' is under 'Company:

Changing 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 'Step 2 - Company Profile' in the company's Settings. Under the 'Company Details' section, click the 'edit' option next to the listed accounting method. Choose 'Cash' or 'Accrual' and then click 'Update'.

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