If the accounting system behind your company in Fathom changes (eg. from Excel to a cloud based system or from MYOB to Xero), we recommend you delete the old company in Fathom and import again from the new system.
It's not possible to merge two files from differing sources in Fathom, however if it is a requirement to retain historical data for reporting and combine it with the new source, there is a workaround using consolidated groups.
The approach is to leave the old company in place and have it finish at a certain month (eg. June). The new company should be imported starting from the next month (eg. July). Then create a consolidated group that combines the two companies.
There a few things to take note of when using this approach:
- Retaining both companies will mean an additional cost for the second company. The consolidated group is not charged for in this situation.
- In each company you should use KPIs sourced from the KPI Library so that they flow up to the consolidated group.
Balance Sheet Carry-forward
In a normal consolidation, companies that finish before the consolidated group finish date will have their balance sheet 'carried forward'. Results from the last period in the company are copied into any future empty periods.
When combining data for the same company this is unhelpful and will result in incorrect balance sheet.
This can be solved by adding one more period to the old company and 'zeroing' out the balance sheet, or you could add an Excel elimination company to perform the zeroing out as an alternative.