The Fixed Asset Manager allows you to track assets and their depreciation automatically. Once you are done with the set up of Fixed Manager (FAM) in QuickBooks, you are now able to use fixed asset manager in QuickBooks. In this article, we will be helping you out with tracking your fixed assets and learn how to perform various important tasks in Fixed Asset Manager (FAM).

If you have any queries regarding the Fixed Asset Manager or its workflow, you can contact us at our toll-free QuickBooks Customer Service Phone Number +1888-396-0208.

Assign an account to multiple assets

Some General Ledger accounts may be left while importing assets into FAM or converting asset data from one version of QuickBooks to another. These need to be manually assigned in FAM.

  • Open Fixed Asset Manager.
  • From the Schedule tab, choose all the assets that are required to get assigned to a particular account.
  • Right-click on the selected assets and click on Assign G/L Accounts to Assets.
  • Choose the account and then click on OK.

Assign an account to multiple assets

Change Or Add Depreciation Method/Setting

You may be required to modify or add the Depreciation Method for a fixed asset for FAM to calculate the present and older depreciation appropriately,

  • Open Fixed Asset Manager.
  • From the main menu, go to File > Client Information.
  • Choose the correct depreciation method for the depreciation basis from the Methods
  • Click on OK to save the changes.

Change Or Add Depreciation Method/Setting

Depreciate An Old Asset

It is also possible that your business has some fixed assets even before using the FAM. You need to follow the below-mentioned steps to record your fixed assets with correct depreciation.

In QuickBooks Desktop

  • From the main menu of QuickBooks, go to List and then select
  • Select Item, then New.
  • Enter the necessary information, then select OK to close the New Item window.

In Fixed Asset Manager

IMPORTANT

  • The prior depreciation will be grayed out if the Date placed in service field has current date.
  • It is required for you to know the amount of depreciation booked in the last year before you continue. If you don’t have these details, consult with your accountant.
  • Click on OK on the Asset Synchronization Log window.
  • Go to the Schedule tab and double-click the asset you created.
  • Scroll down to the Prior depreciation row from the Federal column and then choose the amount dispalayed.
  • Create appropriate modifications by adjusting AMT, ACE, Book, State, and Other columns.

User-added image

  • Click on Save.

Export QuickBooks Fixed Asset Items into ProSeries Form 4562

IMPORTANT: QuickBooks Fixed Asset Manager is only able to export data to the same year of ProSeries. The reason is the QuickBooks Desktop is based on Calendar year whereas the Fixed Asset Manager and ProSeries are based on Tax year. This basically means that the 2017 version of QuickBooks comes with the FAM 2016 version which can export to ProSeries 2016.

  • In Proseries, create the file along with the form which is similar to the form in QuickBooks.
  • In QuickBooks Desktop:
    • Create FAM asset(s).
      • From the main menu of QuickBooks, go to List > Fixed Asset Item List.
      • Click on Item and then click on New.
      • Provide the required Fixed Asset(s) information and then click on OK.
    • Import QuickBooks FAM details into Fixed Asset modules.
      • From the main menu, go to Accountant and then select Manage Fixed Asset. For QuickBooks Desktop Enterprise, go to Company > Manage Fixed Asset.
      • Click on Create a New Fixed Asset Manager client, click on OK and Next twice.
      • Provide the date and click on Next.
      • Click on Applicable Basis and then click on Next.
      • Choose the Default Depreciation Method for Each Basis and then click on Next.
      • Choose a method through which you want the fixed asset items brought in Fixed Asset Module from QuickBooks and then click on Next.
      • Choose an asset type to save to the Fixed Item List in QuickBooks and then select Next.
      • Click on Finish and then on the Asset Synchronization Log window, click on OK.
    • In Fixed Asset Manager:
      • From the main menu of QuickBooks, go File > Export > ProSeries Tax > Export.
      • From the Export ProSeries Tax Client File list, select the file.
      • Choose the client file and then click on Export.
      • Click on OK and you will get a message stating “The export has been completed successfully”.
    • In ProSeries:
      • The import will show Completed while opening a client file.
      • All assets from QuickBooks will show in the asset list of ProSeries Form 4562 Depreciation and Amortization Schedule and Asset Entry Worksheet.

Import Fixed Assets From Excel Into The Fixed Asset Manager

The information from the third-party can be transferred to Fixed Asset Manager if they can export as Comma Separated Value (.CSV) file.

  • Open Fixed Asset Manager.
  • From the main menu, go to File > Import.
  • Choose Comma Separated (CSV) to initiate the Import Wizard.
  • Perform the onscreen prompts to complete the import process.

Import Fixed Assets From Excel Into The Fixed Asset Manager

Select The Basis On Which To Post A Journal Entry

The Fixed Asset Manager allows you to modify the basis (Federal, Book, AMT, ACE, State, Other) you are posting journal entries on.

  • Open Fixed Asset Manager.
  • From the QuickBooks menu, click on Post Journal Entry to QuickBooks.
  • Go to the window and from the Basis to post drop-down list, choose the desired posting basis.
  • Post the journal entry as usual.

Technical Support For QuickBooks Desktop & Fixed Asset Manager

The provided steps will surely helpful for you to set up and use Fixed Asset Manager in QuickBooks Desktop. However, if you are facing any kind of issue while using or setting up the Fix Asset Manager or QuickBooks Desktop, you can contact us at our toll-free QuickBooks Support Phone Number +1888-396-0208 and get your issues resolved instantly.

How To Use Fixed Asset Manager In QuickBooks Desktop?

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