Fathom integrates directly with the data from your source accounting system. If the results in Fathom aren't tying back to your accounting data, there are a few steps you can take to troubleshoot this.
💡Pro Tip: If you're comparing Fathom to a company sourced from Xero, then Fathom imports the Standard P&L and Balance Sheet from Xero. It's best to compare the values in Fathom to the Standard P&L and Balance Sheet and not a customised P&L or Balance Sheet.
💡Pro Tip: If you're looking at a consolidated group, follow the above workflow for each of the underlying companies and then update the consolidated group.
1. Update your Company Data
The first step is to check that Fathom has been updated to include your most recent accounting data.
To do so,
Ensure that you have selected the checkbox to 'Automatically update every day'. This automatic update will take place during the night, once every 24 hours, to keep your data in Fathom up to date.
📝 Note: If you have made recent changes to your data, you will still have to trigger a manual update by following the steps described above to have those changes carry over immediately.
2. Review Adjustments
If adjustments have been made to your actuals in Fathom, then they will not match with your source accounting system. To see if any adjustments have been made,
If you have made any adjustments that need to be removed, you can delete them here.
You may see adjustments that you cannot delete. These are auto-adjustments for income tax that Fathom created as part of the company's forecast. If you would like to remove these adjustments, then you can turn off auto-adjustments in forecasting.
💡Pro Tip: Adjustments may also be made at the consolidated group level. If you're viewing a consolidated group, check the adjustments in both the underlying companies and the group itself.
3. Cash vs Accrual Method
To troubleshoot differences in results between Fathom and your accounting system is to ensure you are viewing your data consistently on a cash or accrual basis.
Fathom will automatically pull in data based on the accounting method specified for your company in your accounting system.
Example: You’ve set up the company as 'Accrual' method in your accounting system (Xero, QuickBooks, MYOB), but you are viewing the Profit and Loss in the 'Cash' method. Fathom will pull in the accrual data, but you will be comparing it to the cash accounting method Profit and Loss.
You can see which accounting method Fathom is using in 'Step 2 - Company Profile' of the company's Settings.
You can change the accounting method in Fathom for companies sourced from QuickBooks and Xero. It is not possible to change the accounting method for companies sourced from MYOB and companies imported via Excel will simply match the values imported on the Excel spreadsheet.
Learn more about changing the accounting method in Fathom by reading this article.
4. Review the Chart of Accounts
The next step is to review the classification of accounts in 'Step 3 - Chart of Accounts' to ensure accounts are classified correctly.
Fathom assigns a primary and sub-classification to each account. How accounts are classified determines how financial results are calculated in Fathom.
The account classifications can be changed by hovering over an account and clicking the green 'Reclassify' button. View the classification guidelines to see a detailed explanation about each account classification. For more detailed instructions on reclassifying accounts, go to the 'Step 3 - Chart of Accounts' article.
📝 Note: Reclassifying accounts is not available for a consolidated group. You will need to reclassify the accounts in the underlying companies, and then update the consolidated group to reflect these changes.
Still not matching?
If you are still experiencing discrepancies in your results between Fathom and your accounting system, please contact Fathom support at firstname.lastname@example.org.
To help us resolve the issue as fast as possible, please send through two reports:
Additional knowledge & common questions: