Can you import budgets for divisions in Fathom?
You can import divisional budgets into Fathom from Xero. If you have imported tracking categories, you can import their budgets as part of the regular Xero budget import process.
You may wish to import Xero tracking categories as standalones for functionality outside of divisional budgets.
When importing the budget for the standalone entity, you will have the option to import budgets filtered to the specified tracking category in Xero.
Example: A veterinary centre has three tracking categories for its services: Surgery, Laboratory, and Non-surgical Treatments. They have imported each tracking category as a standalone entity in Fathom. When importing a budget from Xero for the 'Surgery' tracking category, they do not see any budgets listed. They go into Xero, find the budget they need and filter it to the 'Surgery' tracking category. It should now appear as a budget option for the 'Surgery' standalone.
Please refer to the 'Importing a Budget from Xero' article for more detail on importing budgets from Xero.
You can import divisional budgets into Fathom from QuickBooks Online. If you have imported classes & locations, you can import their budgets as part of the regular QuickBooks Online budget import process.
QuickBooks Online Standalones
You may wish to import QBO classes & locations as standalones for functionality outside of divisional budgets.
When you are importing a budget for a standalone, the budget type must match the standalone type. You can only import budgets subdivided by class for class standalones and budgets subdivided by location for location standalones. You will choose the budget, and Fathom will pull in any figures allocated to the specified standalone in that budget.
Please refer to the 'Importing a Budget from QuickBooks Online' article for more detail on importing budgets from QuickBooks.
MYOB AccountRight Live
For MYOB AccountRight Live companies, it is possible to import budgets for divisions if those divisions have been imported as standalone entities.
QuickBooks Desktop and MYOB AccountRight
It is not possible to import divisional budgets for QuickBooks Desktop or MYOB AccountRight companies.
It is only possible to import divisions for Excel companies if each division has been imported as a separate entity in Fathom. This requires you to create an Excel import file for each division. If divisions have been imported as separate entities, then a budget can be imported for each entity.
Standalone budget import process
You can use the following workflow to import budgets for divisions into Fathom.
Importing budgets for divisions
You can import budgets once your divisions are imported as standalone entities within Fathom. This will differ based on the source accounting system.
Budgets for divisions cannot be imported directly from MYOB AccountRight Live; instead, you can import budgets for the standalone divisions from Excel.
For standalone entities sourced from QuickBooks Online or Xero, budgets can be imported for the standalones directly from the source accounting system or Excel.
If importing from QuickBooks Online, you will select the parent company budget for a standalone division. Fathom will automatically pull out the budget amounts tied to the specific division.
Source Accounting System
Import standalone budgets from
MYOB AccountRight Live
Now that you've added budgets for your standalone divisions, you may want to unlock the other additional areas of functionality that come with standalone divisions:
What you want to do
Where to go
Benchmark your standalone divisions to better analyse and report on how divisions perform against one another.
Create a forecast for each standalone division as you would for a single regular company in Fathom
Report on each standalone entity
Additional knowledge & common questions: