In addition to importing directly from source accounting systems (i.e. Xero, MYOB, Quickbooks Online, Quickbooks Desktop), you can import financial data from Excel (.xlsx or .csv).
Using Excel as your source, you can import financial data for monthly, quarterly, or annual periods. Typically, you would export a monthly Profit and Loss (Income) Statement and Balance Sheet report from your accounting system to Excel, and then adjust to conform to our Import Template.
To get started importing financial data from Excel, select 'Add a company' then select 'Excel' as the source. The example import files below will help get you going quickly.
Creating your Import File
Follow these simple steps to format your import file:
- Specify the company name and the first month of the financial year (cells B1 & B2). Add the period frequency in cell B3. By default it is 'Monthly'.
- Add column headings – 'Classification', 'Account Name', 'Account Number' (optional) and period names (ie. months, quarters or years).
- Add all your accounts and associated results.
- Classify each account with a classification code. Don't classify summative lines like 'Gross Profit' or 'Total Assets.
Your import file should look something like this:
❗Note: Make sure that your initial Excel import contains all periods of historical data that you'd like to use. You cannot change the start date to an earlier period after the initial import.
In the above example, after importing this spreadsheet as the first import, Jan-19 will be the start date for the company. No data can be imported for Dec-18 or earlier, without having to delete and re-import the company.
Importing monthly data
To get the most out of Fathom we recommend importing monthly data. Fathom will automatically aggregate to provide quarterly and annual reporting.
Monthly period names should adhere to one of the following naming conventions:
- ‘mmm yyyy’ (Jan 2019)
- ‘mmmm yyyy’ (January 2019)
- ‘mmm-yy’ (Jan-19)
- ‘dd/mm/yyyy’ (31/01/2019)
Importing quarterly data
If you are importing quarterly data, insert a row and add the description ‘Quarterly’ in cell B3.
Quarter period names should adhere to one of the following naming conventions:
- ‘Qx yyyy’ (Q1 2019)
- ‘Qx yyyy/yyyy’ (Q1 2018/2019)
- ‘dd/mm/yyyy’ (31/01/2019) - Use this convention for QTD periods
Importing annual data
If you are importing annual data, insert a row and add the description ‘Annual’ in cell B3.
Annual period names should adhere to one of the following naming conventions:
- ‘yyyy’ (2019)
- ‘yyyy/yyyy’ (2018/2019)
- ‘dd/mm/yyyy’ (31/01/2019) - Use this convention for YTD periods
Tip: You'll need to ensure that your financial data is located in the first worksheet of the spreadsheet for the import to be successful.
Tip: In Column A, inserting a ‘–’ symbol at the end of a classification (eg. ‘FA–’) will change all values in that row from a negative number into positive, or vice-versa. (eg. “-$100” would be reported as “$100”)
Account Classification Codes
You can find all the classification codes with accompanying descriptions in our account classifications article.
Example Import Files
Updating your financial data from Excel
To add financial data for a recently completed period, you can just supply the new data that you wish to append to the existing financial range. However, many of our customers prefer to build upon a single excel file which contains all periods. This can be easier to manage and allows you to easily make prior period adjustments if required.
Importing non-financial data
Normally you would import non-financial data from a separate Excel file, but it is possible to combine both your financial and non-financial data into a single excel import file.
You can achieve this by adding 'Custom KPIs' as another column. See this template for an example.