In Fathom you can import your budget data from an Excel (.xlsx or .csv) file, regardless of the financial data source (Xero, QuickBooks, MYOB, etc).
To do so, proceed to 'Step 1: Update Data' and click the ‘Add a budget' button.
If you already have an existing budget, you will need to first remove it before you can add a budget from Excel.
To create a file for import, simply use the ready-made import template or create your own budget import file.
Use the provided import template
After your company financials are imported, you can download an import template for your Excel budget by clicking the "Add a Budget" button in Step 1 of the company settings, selecting the Excel option, and then downloading an import template using one of the links highlighted in the image below.
If your financials are already imported, this budget template will reflect your existing chart of accounts, so you'll just need to add the budget figures, and you're ready to go.
Create your own budget import file
To create your own excel based budgets:
- Specify the company name in cell B1.
- Specify the data type as 'Budget' in cell B2.
- Add the column headings – 'Account Name' and all period names. Also add 'Account Number' in a separate column (if available).
- Add the respective budget values for each account and period.
Tip: You'll need to ensure that the budget is contained in the first worksheet of the spreadsheet for the import to be successful.
After you have created your import file, import this file by selecting 'Choose a file to Upload'.
Updating your budget data from Excel
You can update your budget data in Fathom by importing a new or revised budget import file.
The update does not have to contain every period but it must overlap or join onto the existing budget date range. Only the periods you include in the upload will be updated.
We recommend keeping the whole budget (for all periods) in your excel file as the source of truth and updating Fathom with the whole budget each time you import.
Removing a budget
You can easily remove a budget in the company settings under 'Step 1: Update Data'.
Troubleshooting
Your existing chart of accounts contains more than one account with the same name. Please specify an account number in your import spreadsheet to help distinguish between these accounts.
If you have accounts with the same name and attempt to upload a budget that doesn't distinguish between these accounts, the upload will fail with this error.
To resolve this you will need to rename one of the accounts or add account codes in the source accounting system. The addition of an account code allows us to differentiate between the accounts and assign budget values correctly.
Note that after updating the accounts in your source system you will need to update the financials in Fathom to bring this new information across and you can verify this in your company setup under 'Step 3: Chart of Accounts'.