❗Note: This article details how to import a budget from QuickBooks Online. If you have a QuickBooks Online Advanced company, then please see our 'Importing a Budget from QuickBooks Online Advanced' article.
Importing a budget from QuickBooks Online
When you make the first connection between Fathom and QuickBooks Online, Fathom will automatically import a budget along with your financial data, if a budget exists in QuickBooks during the initial import.
If you have multiple budgets in QuickBooks Online, then the budget automatically imported into Fathom is based on whether the budget is active, when the budget ends (preferably not before the current period), when the budget begins (preferably not after the current period), and when the budget was last modified in QuickBooks.
❗Note: While you can create multiple budgets in QuickBooks Online, Fathom only allows one budget to be connected at a single time.
If you want to replace the budget that was automatically imported, then you can:
Switch out the imported budget with another QuickBooks budget or
Replace the imported budget with a budget from Excel or your forecast.
If you did not have a budget to be automatically imported during the initial import, then you can add a budget from QuickBooks, Excel, or save your forecast as your 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 that is linked to the imported budget.
Adding a budget to your QBO company
If a budget was not imported when the initial connection between QBO and Fathom was established, then you can add a budget to your company in Fathom at any time from:
Adding a budget from QuickBooks Online
To add a budget to Fathom from QBO,
Adding a budget from Excel
If you want to import a budget that includes data for more than one financial year, you can import a budget from Excel.
View the following help article for more detail on importing a budget from Excel.
Adding a budget from the company’s forecast
You’re able to 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 help article for more detail on saving your forecast as your company’s budget.
💡Pro Tip: If your forecast is linked to your budget, you are still able to save your forecast as your budget. The budget data linked to your forecast will be saved as part of the new budget along with the rest of the forecast data.
Updating or changing your QuickBooks budget
You can update your budget data or change the budget you’re using in Fathom at any time. To update the budget:
Budgets for classes and locations
Budgets can only be applied to the entire entity, not to individual classes or locations.
However, if you import classes or locations as standalone companies in Fathom, you can then apply budgets to those standalone classes and locations. For more information, view the following help article on 'Adding Budgets for Divisions'.
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 process:
Ready to set up your company profile and import your company logo into Fathom?
Happy with your company profile and want to check and customise your Chart of Accounts?
Happy with your Chart of Accounts and ready to set up KPIs to track the performance of your company?
Additional knowledge & common questions: