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.
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, proceed to 'Step 1 - Update Data' in your company settings.
Click 'Update from Xero/QuickBooks/MYOB' and select the most recent period. This will bring through any changes that have been made to your source accounting system.
Ensure that you have selected the checkbox to 'Automatically update every day'.
Review the Chart of Accounts
The next step is to review the classification of accounts in 'Step 3 - Chart of Accounts' to ensure they are correct.
Fathom assigns a primary and sub-classification to each account. This allows Fathom to recognise what kind of account it is, and forms the basis for how the account is treated in calculations.
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.
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.
Cash vs Accrual Method
The third step 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 organisation in your accounting system.
Example: You’ve set up the company as 'Accrual' method in your accounting system, 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.
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 vice versa, by going to the company settings in QuickBooks and heading to the 'Accounting Method' property.
At this stage, we're not able to provide cash-basis reporting when the company is sourced from Xero. Xero has only recently provided the ability for third party add-ons like Fathom to retrieve the cash-basis data, and we are working to build this out on our end.
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:
- The 'Financial Results' Fathom excel report. To find this, proceed to 'Reports > Excel reports > Financial results'. Select to show the 'Most Detailed' results.
- A corresponding report from your accounting source data.