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.
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 media, 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 QBO,
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:
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.
Please look at the following article for more detail 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 detail 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:
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?
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 your company's performance?
Additional knowledge & common questions: