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Fixed asset is a term used in accounting for assets and property that cannot be easily converted into cash. It can be compared with cash or bank accounts. A fixed asset can be defined as an asset which is not directly sold to end users. Fixed Asset Manager is a feature which is easily available in QuickBooks Desktop which calculates deduction of fixed assets.

Step 1: Assign an account to multiple assets

  • We have to manually assign some General Ledger Accounts
  • Open FAM (Fixed Asset Manager)
  • Go to Schedule tab option >> Mark all assets that need to be marked for particular account
  • Right click on selected assets and select Assign G/L account to assets
  • Select the specified account and then click on OK

Step 2: Change or add depreciation method/setting

Sometimes, you may need to change or add the Depreciation Method for a fixed asset in order for FAM to calculate the current and prior depreciation correctly.

  • Open Fixed Asset Manager.
  • From the File menu, click on Client Information.
  • Go to Methods tab, select the suitable depreciation method for the depreciation basis.
  • Select OK to save the changes.

Step 3: Depreciate an old asset

Before using fixed asset manager your business might already have some fixed assets. Kindly follow below mentioned steps to record your fixed assets with correct depreciation.

In QuickBooks Desktop

  • From the List menu, click on Fixed Asset Item List.
  • Select Item, and then click on New.
  • Enter all mandatory fields required, and then select OK to close the New Item window.

In Fixed Asset Manager

  • After opening of Asset Synchronization Log window >> Select OK
  • Click on the Schedule tab, double-click on the asset you created.
  • On the Federal column, scroll down to the Prior depreciation row, and then click on the amount displayed.
  • Make the necessary changes by adjusting the AMT, ACE, Book, State, and Other columns.
  • Select Save.

Step 4: Export QuickBooks Fixed Asset Items into Pro Series Form 4562

In QuickBooks Desktop:

  • Create FAM asset(s).
    • From the Lists menu, select Fixed Asset Item List.
    • Select Item, then New.
    • Enter the Fixed Asset(s) information, and then select OK.
  • Import QuickBooks FAM information into Fixed Asset modules.
    • From the Accountantmenu, click on Manage Fixed Asset.
    • QuickBooks Desktop Enterprise: Company > Manage Fixed Asset
    • SelectCreate a New Fixed Asset Manager client, then OK and Next
    • Enter the date, then select Next
    • Select the Applicable Basis, and then click on Next.
    • Set the Default Depreciation Method for each Basis, then Next.
    • Select a way of how you want the fixed asset items brought in Fixed Assets Module from QuickBooks Desktop, then Next.
    • Select the type of assets to save to the Fixed Asset Item List in QuickBooks, then Next.
    • Select Finish, and then click on OKin the Asset Synchronization Log window.

In Fixed Asset Manager:

  • From Filemenu, click on Export > Pro Series Tax > Export.
  • Select the file from the Export Pro Series Tax Client File
  • Choose the client file, then Export.
  • Select OK.
  • Message will be seen “The export has been completed successfully”

In Pro Series:

  • When you will open the file the import should show
  • All assets from QuickBooks Desktop should display in the asset list of Pro Series Form 4562 Depreciation and Amortization Schedule and Asset Entry Worksheets.

Step 5: Import Fixed Assets from Excel into the Fixed Asset Manager

You can transfer information from third-party application to Fixed Asset Manager as long as they can export data as Comma Separated Value (.CSV) file.

  • Open Fixed Asset Manager.
  • From the File menu, select Import.
  • Select Comma Separated (CSV)to start the Import Wizard.
  • Follow the prompts to complete the import.

Step 6: Select the basis on which to post a journal entry

In Fixed Asset Manager, it is possible to change the basis (Federal, Book, AMT, ACE, State, Other) you are posting journal entries on.

  • Open Fixed Asset Manager.
  • From the QuickBooks menu, select Post Journal Entry to QuickBooks.
  • At the bottom of the window, select the desired posting basis from the Basis to post drop-down menu.
  • Post the journal entry as usual.

For further assistance feel free to contact number QuickBooks Support Number our technical support team is available 24X7 to fix your error or issues at their best or you can directly mail us at support@qbooks247.com. You can also visit @ www.qbooks247.com.

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