❗Note: This article details why a single company's balance sheet may not be in balance. For consolidated groups, please see 'Why is my consolidated balance sheet not balancing?'.
Single Company Entities
To resolve an unbalanced balance sheet for a single company, we recommend the following workflow:
Step 1: Check the company in your source accounting system. Is it in balance?
✅ Yes, it is. Good! Now, let’s make sure the data is up to date in Fathom:
The data should be up to date in Fathom and the company should now be in balance. If the company is still out of balance, please move on to Step 2.
❌ No, it is not. Fathom brings in the amounts and values from your source accounting software. You’ll want to make sure your company is in balance in your source accounting system and then update the data in Fathom via ‘Step 1 - Update Data’ of the company’s Settings.
Step 2: Are accounts classified correctly in your Chart of Accounts in Fathom?
You can review the classification of accounts for a company in ‘Step 3 - Chart of Accounts’ in the company’s Settings.
✅ Yes, they are. Good! Then the company should now be in balance in Fathom.
❌ No, they are not. To reclassify an account in Fathom:
Once all accounts are classified appropriately in Fathom, the balance sheet should be in balance. To review the types of account classifications in Fathom, please see this article.
Did this not resolve the issue? Feel free to contact our support team using the support chat option or via email at firstname.lastname@example.org.