Depreciation and Fixed Assets

How about FAM?

https://quickbooks.intuit.com/learn-support/en-us/help-article/other-articles/manage-fixed-assets-using-fixed-asset-manager-fam/L8xAP67Zs_US_en_US?uid=lrf2vlk1

Hi there, @NMichRocks.

Allow me to share some insights into how to track fixed assets and monthly depreciation expense, additions, disposals, etc, in QuickBooks Desktop.

Tracking your fixed assets should start by learning to perform key tasks in Fixed Asset Manager (FAM). One of these tasks is assigning an account to multiple assets. It is important to note that when converting asset data from one version of QuickBooks Desktop to another or importing assets into FAM, some General Ledger accounts (G/L accounts) may be left unassigned. To avoid any issues, these accounts must be manually assigned in FAM.

1. Open Fixed Asset Manager.
2. In the Schedule tab, highlight all the assets that need to be assigned to a specific account.
3. Right-click the selected assets and choose Assign G/L Accounts to Assets.
4. Select the account, then OK.

Change or add depreciation method/setting.

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.

Depreciate an old asset.

Your business might have already had some fixed assets even before you decided to use FAM. Follow these steps to record your fixed assets with correct depreciation.

Export QuickBooks Fixed Asset Items into ProSeries Form 4562

QuickBooks Fixed Asset Manager can only export data to the same year of ProSeries. This is because QuickBooks Desktop is based on the Calendar year, while Fixed Asset Manager and ProSeries are based on the Tax year. This means that QuickBooks Desktop 2017 comes with FAM 2016, which can be exported to ProSeries 2016.

Import Fixed Assets from Excel into the Fixed Asset Manager

You can transfer information from third-party applications to FAM as long as they can export data as a Comma Separated Value (.CSV) file.

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.

You can transfer information from third-party applications to FAM as long as they can export data as a Comma Separated Value (.CSV) file.

For more detailed instructions, check out this article: Use Fixed Asset Manager in QuickBooks Desktop.

Moreover, you can integrate a third-party tool with the desktop software to track fixed assets, monthly depreciation expenses, additions, disposals, and more on a spreadsheet. This way, you'll be able to consume less time.

You can always get back to us if you have other concerns or questions about Depreciation and Fixed Assets in QuickBooks Desktop. We'll make sure to respond as soon as we can. Keep safe always!