Add a company from Sage 50 Accounts
Fathom has the ability to import your financial data from Sage 50 Accounts (UK & Ireland).
When you import a Sage 50 Accounts company into Fathom, your company’s Chart of Accounts will be brought into Fathom. You can import a maximum of 3000 accounts and up to 8 years of monthly data.
📝 Note: Sage 50 Accounts companies will be automatically imported onto a Fathom Pro plan and cannot be downgraded to a Portfolio plan. Sage 50 Accounts companies can access Fathom Pro features, like the Analysis tools, Reports, Forecast, and Insights Dashboard.
Import your Sage 50 Accounts company into Fathom
To import a Sage 50 Accounts company into Fathom, log into your Fathom account or start a subscription and go to the ‘My Companies’ page.
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📝 Note: It is only possible to import financial data from as early as the previous financial year because the Trial Balance file only includes financial data from the Current Financial Year and the Prior Financial Year.
Once the import has been completed, you will see your Sage 50 Accounts company on the 'My Companies' page in Fathom. You’ll now be able to access the company's Settings, Analysis, Reports, and Forecast.
Bank & VAT Liability accounts
In Sage 50 Accounts (UK), Bank accounts and VAT Liability accounts can change classification from Current Asset to Current Liability accounts or vice versa, depending on their value.
In Fathom, these accounts are set as a Current Asset or a Current Liability account based on their value when the Sage 50 Accounts company is first imported into Fathom.
If the value of the account(s) changes from positive to negative or vice versa, then the classification will remain the same in Fathom, and the account(s) will display as a current asset or liability with a negative value.
Example: When the 'BEST Company' was imported into Fathom for the first time, the VAT Liability account was positive in Sage 50 Accounts. Fathom classified the account as a Current Asset account.
A month passes, and the BEST Company is updated in Fathom. The VAT Liability account is negative in Sage 50 Accounts. In Fathom, the VAT Liability account remains a Current Asset account with a negative value.
You can change the classification of an account in Fathom. If you manually change the classification of a Bank or VAT Liability account, subsequent updates of the financials will not change the classification of the account in Fathom.
Example: When the 'BEST Company' was imported into Fathom for the first time, the VAT Liability account was positive in Sage 50 Accounts. Fathom classified the account as a Current Asset account.
The CFO for the BEST Company changes the classification to Current Liability. As a Current Liability account, the value of the account is negative.
A month passes, and the BEST Company is updated in Fathom. The VAT Liability account is negative in Sage 50 Accounts. In Fathom, the VAT Liability account remains a Current Liability account and has a positive value for the recently updated period.
Update your financial data from Sage 50 Accounts
You can manually update the financials of your Sage 50 Accounts company in Fathom at any time in the company’s Settings.
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Troubleshoot Sage 50 Accounts Import & Update
Did not match the supplied company name
If the company name listed in the Chart of Accounts Layout file and/or Trial Balance file does not match the name typed into the 'Company name' field in Fathom, then the import will fail.
The name typed into the 'Company name' field in Fathom must match the company name listed in the uploaded files.
📝 Note: If you have changed the company name in Sage 50 Accounts, then you must change the company name in Fathom before attempting to update the company's financials. You can change the company's name in the Company Profile.
Chart of Accounts Issues
⚠️ Error Alert: If you're running into issues while importing or updating your Sage 50 Accounts company in Fathom, please run an Error Check on the Chart of Accounts.
You can find the instructions for running an Error Check here.
No matching Chart of Accounts Layout range
In the Chart of Accounts Layout in Sage 50 Accounts (UK), there is no range for the account listed in the error message.
You must assign a Chart of Accounts Layout range to the account. To resolve this, you have two options:
Option 1: Update the account code in question so that it falls within an existing layout range
Option 2: Add a new account range by editing the chart of accounts layout and adding the account in question to a new range |
Then, re-download the Chart of Accounts Layout file from Sage 50 Accounts and upload the new file to Fathom.
Next steps
Congratulations on adding your Sage 50 Accounts company to Fathom! Continue the 'Get Started Workflow' by setting up your company for analysis, reporting, and forecasting. Choose from one of the steps below:
What you want to do: | Next step in the setup process: |
Import a budget for analysis and reporting | |
Set up your Company Profile | |
Check and customise your Chart of Accounts in Fathom |
💡Smart Tip: If you want to consolidate several companies in Fathom, we recommend importing and completing the setup process for each company before creating a consolidated group. You can consolidate companies from different source accounting systems.
Learn more