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Importing AR and AP Data
Importing AR and AP Data

Update Accounts Receivable & Accounts Payable data in Fathom

Updated over 3 months ago

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🎉 Beta Feature: This is a beta feature! If you have any feedback on this beta feature, please reach out to support@fathomhq.com.

Uploading AR & AP data into Fathom

Companies sourced from Xero or QuickBooks Online can import Accounts Receivable and Accounts Payable data into Fathom for aged AR & AP reporting.

Accounts Receivable and Payable data cannot be imported or reported for standalone divisions or consolidated groups.

To import AR and AP data into Fathom:

  1. Go to the company's Settings
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  2. In Step 1 - Update data, scroll down to the Accounts Receivable & Accounts Payable section
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  3. Select Connect with Xero or Connect with QuickBooks Online

📝 Note: Depending on the amount of invoices and payments, the AR and AP data import may take several minutes.

AR and AP data will not be updated automatically, even if automatic updates are turned on for the Financials. You can trigger a manual update of the AR and AP data.

Which AR and AP data are imported?

The date range for AR and AP data will match the date range for the Financials of the company in Fathom.

Any invoices and payments that occurred or are scheduled to occur during the financial date range will be imported into Fathom. Customer and vendor names are also imported for Aged AR & AP reporting.

A month-to-date, quarter-to-date, or year-to-date report will display only invoices or payments that have already occurred by or on the current date. The current date is based on the organisation's timezone.

📝 Note: The organisation's timezone can be changed in the Organisation Profile. To access the profile, select the 'Cog/Gear' icon in the top-right corner of the My Companies page. Choose 'Organisation Settings'. Only Admin-level users can access the Organisation Settings.

AR and AP data in Fathom do not match the source system

The AR and AP data in Fathom may not match the data in Xero or QuickBooks for a few reasons.

  1. The AR/AP data in Fathom may not be up to date. To ensure changes in the source system are brought over to Fathom, you can trigger a manual update.
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  2. Fathom does not import invoices that are fully paid before the start of the financial date range, so these invoices will not be displayed in Fathom reports.
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  3. Fathom's AR/AP Aging reports do not include the following:

    1. Scheduled invoices (i.e. created, but not yet sent)

    2. Future dated invoices

    3. Future dated payments & receipts
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  4. Invoices or payments added to the source accounting system after AR and AP data have been imported into Fathom will not display in Fathom. You must update the AR and AP data in Fathom to import newly created invoices and payments.
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  5. For Xero companies:

    1. Fathom assumes the 'include report date in current column' option is ticked.

    2. Fathom's AR/AP Aging report will not exactly reconcile with Xero's when multi-currency customers or suppliers are included. This is because Xero presents the AR/AP Aging reports with the current day's exchange rate, while Fathom uses the original exchange rate from the invoice.

Matching Fathom to Xero's Ageing AR and AP reports

When Fathom displays aged AR and AP data, invoices and payments for the current date are included in the current column.

Ensure you're checking the option to 'include report date in current column' when viewing an aged AR and AP report in Xero. Fathom's aged AR and AP report should match the Xero report when this option is checked.

Updating your AR and AP data

AR and AP data will not be updated automatically in Fathom, even if automatic updates are turned on for the Financials. If changes are made in the source accounting system, you can trigger a manual update of the AR and AP data in Fathom.

To update Accounts Receivable and Accounts Payable data in Fathom:

  1. Go to the company's Settings
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  2. In Step 1 - Update data, scroll down to the Accounts Receivable & Accounts Payable section
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  3. Select Update from Xero or Update from QuickBooks Online

📝 Note: The AR and AP data range will always match the Financials date range. If you need to import additional AR and AP data periods, you must update the Financials date range.

Additional knowledge & common questions:

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