Contents

Bringing your budget into Fathom

When you make the first connection between Fathom and QuickBooks Online, Fathom will automatically import a budget along with your financial data.

📝 Note: It is not possible to import a budget into Fathom from QuickBooks Ledger. You can import a budget into Fathom from Excel for QuickBooks Ledger companies.

If you have multiple budgets in QuickBooks, Fathom will automatically import one budget for one financial year. You can import budgets for additional financial years once the initial connection has been made.

📝 Note: Fathom allows one budget for each financial year to be connected at a single time, enabling you to have one continuous budget covering multiple years in Fathom.

The budget automatically imported is based on the following:

If the budget is currently active
When the budget ends (preferably not before the current period)
When the budget begins (preferably not after the current period)
When the budget was last modified in QuickBooks
If you do not have a budget in QuickBooks when the initial connection is made

If you do not have a budget in QuickBooks when the initial connection is made, then no budget will be imported.

If you want to replace the budget that was automatically imported or did not have a budget imported during the initial connection, you can import a budget from QuickBooks or Excel or save your Fathom forecast as the company’s budget.

💡Pro Tip: If you have a budget in QuickBooks that is automatically imported into Fathom when you establish the initial connection between Fathom and QuickBooks, then Fathom will create a forecast for the company linked to the imported budget.

Adding a budget from QuickBooks Online

To add a budget to Fathom from QuickBooks Online,

Go to 'Step 1 - Update data' in the company’s Settings.
Under the heading for 'Budgets', select the option to ‘Add a Budget’
Choose to import a budget from QuickBooks
Select ‘+ Add a budget’
A budget will be listed in the modal. You can click on the budget name to change the selected budget.

💡Pro Tip: If you have imported classes or locations and the chosen budget contains class or location data, then the divisional budget data will be imported along with the overall company budget data. If a budget has been subdivided by class or location, then this will be listed in the budget import modal.
You may add budgets for additional financial years by selecting the ‘+Add a budget’ option again. Select the ‘Rubbish Bin/Trash Can’ icon to remove a budget.

📝 Note: Fathom allows one budget for each financial year to be connected at a single time, enabling you to have one continuous budget covering multiple years in Fathom.
Click the green ‘Save’ button to save your selection and import the budget.

Continue setting up your company in Fathom

Importing class or division budgets

When importing a budget from QuickBooks, Fathom will import the class or location budget data if the divisions themselves have already been imported.

If you do not see divisional budget data when you expect, then you should:

Check to make sure the divisions have been imported into Fathom
Ensure you’ve imported a budget from QuickBooks with divisional data.
1. If a budget has class or location data, then you will see this listed in the ‘manage budgets’ menu
2. If the budget is not subdivided by division, click on the budget name to select a different budget to import for the financial year
📝 Note: In QuickBooks, you can subdivide a budget by class or location. Fathom allows one budget for each financial year to be connected at a single time, so you must choose to import the class budget or the location budget for a financial year.

If you have parent and child divisions (e.g. subclasses), then the child budget amounts will not roll up into the parent division unless the child divisions are unimported. To learn more about how Fathom treats parent and child divisions imported from QuickBooks Online, please see this article.

Adding a budget from other sources

If you do not want to import a budget into Fathom from QuickBooks Online, then you can import a budget from Excel or save your Fathom forecast as the budget.

Excel

Please look at the following article for more details on importing a budget from Excel.

📝Note: Tracking category budget data cannot be imported via Excel unless the tracking categories have been imported into Fathom as standalone entities.

Adding a budget from the company’s forecast

You can save the forecast you create in Fathom as your company’s budget.

You can completely replace your current QuickBooks or Excel budget with the company’s forecast or only partially replace your current budget.

View the following article for more details on saving your forecast as your company’s budget.

📝Note: It is not possible to save the forecast as the budget for the company if budget data for divisions or multiple financial years have been imported. You must remove the divisional budgets or budgets for additional financial years before you can save the forecast as the budget for the company.

Updating your QuickBooks budget

You can update your budget data or change your budget in Fathom at any time.

To update the budget:

Go to 'Step 1 - Update data' of the company’s Settings.
Under the heading for 'Budget', select the option to ‘Update Budget from QuickBooks Online’

💡Pro Tip: To change the budget you've selected to import from QuickBooks, select the 'manage budgets' option. You can import additional financial years for your budget with the '+ Add budget' option. Click on a budget name to change the budget imported for the financial year.

Next Steps

Congratulations on importing your budget into Fathom! Continue the 'Getting Started Workflow' and finish setting up your company for analysis, reporting, and forecasting by choosing from the options below:

What you want to do:	Next step in the process:
Ready to set up your company profile and import your company logo into Fathom?	Set up your Company Profile
Happy with your company profile and want to check and customise your Chart of Accounts?	Customise your Chart of Accounts
Happy with your Chart of Accounts and ready to set up KPIs to track your company's performance?	Set up KPIs

Additional knowledge & common questions: