Importing financial data

To import financial data from QuickBooks Online, select ‘Add a Company’ in the top right of the My Companies screen.

Then, select to connect to QuickBooks Online.

You will be prompted to log in to QuickBooks using your QuickBooks username and password. The first time Fathom connects to your QuickBooks Online organisation, you must authorise Fathom to access your data. You’ll only need to do this once for each QuickBooks Online organisation.

After authorising access, Fathom will begin to import your financial data (Profit & Loss and Balance sheet). It should not take more than a few minutes.

Once completed, you will see your new QuickBooks Online file available in the 'My Companies' screen.

❗Note: You must have either 'Company admin' or 'Master admin' access to the company file through QuickBooks to authorise the import.

Importing budget data

On initial import, Fathom will automatically import the budget from QuickBooks Online. This will be applied to the entity, allowing you to easily set targets and enable budget vs actual variance analysis. You can also use the budget figures to perform forward projections.

After initial import, you can manage your budget from 'Step 1 - Update data' of the company settings.

View the following help article for more information on importing a budget from QuickBooks Online.

❗ Note: You can also import a budget from Excel, as opposed to QuickBooks Online.

Importing class and location data

Fathom allows you to import up to 60 classes/locations for analysis. This can be done from 'Step 1 - Update data' in the company settings after you've already imported the company from QuickBooks Online.

This will enable you to filter your results by different classes or locations. You can create filtered KPIs, see KPIs by class, filter a financial statement by class, and more.

More information on how to import classes from QuickBooks Online can be found here: Import class data from QuickBooks Online.

For more general information on divisional analysis in Fathom, view our article on Getting started with divisions.

Update your data from QuickBooks Online

By default, Fathom will automatically update your financial data from QuickBooks Online on a daily basis. This setting can be toggled on or off in 'Settings > Step 1 - Update Data' for a company.

At anytime, you can manually update the data in Fathom by selecting 'Update from QuickBooks Online' in 'Step 1 - Update Data' of the company settings. This will synchronise the data in Fathom with the data in QuickBooks Online at that point in time.

For more detail on managing or updating your financial data, view the following help article: Step 1 - Update data.

Chart of Accounts

Your Chart of Accounts will automatically be brought into Fathom on initial import. We can only import a maximum of 3000 accounts.

Archived accounts are also imported, but only where they have data assigned to them historically. Archived accounts with no data will not be imported.

Requirements

Fathom works with QuickBooks Online in most regions. At this stage we are not able to integrate with company files from France.

User permissions required to connect to QuickBooks Online

You need to be a company administrator in QuickBooks Online to connect your data to Fathom.

There are three different user roles in QuickBooks that have these permissions. The “Master Administrator”, the “Company Administrator”, plus two accountants per company.

If you need to import on behalf of the client, then you will need to ask the client for their credentials, or log into their QuickBooks account and manually upgrade your permissions from the 'Manage Users' drop down menu.

From there they can either invite you as an accountant or create you as a new user with 'Company Administrator' privileges.

Troubleshooting

QuickBooks Online gives 'app_already_purchased' error during import

This error can occur when attempting to connect Fathom to your QuickBooks company file. The error message will read:

The application has already been subscribed to by another user for this company. Please contact abc@xyz.com to make changes to this subscription.

Intuit imposes a limit of a single connection between a company file and Fathom. The error is indicating that another user has already connected that QuickBooks Online file to Fathom. The other user can be identified by the email address in the error message.

To resolve this, you will need to ask that user to log into the company file in QuickBooks Online and go to the 'Apps > My Apps' section. They must then disconnect from Fathom.

You will then be able to make a new connection and import the company into Fathom.

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