Fixed Assets Manager’s function is to calculate the fixed asset’s depreciation based on the IRS standards. QuickBooks Fixed Asset Manager has two accounts that keep track of the assets. One account keeps track of the asset’s cost, and another keeps track of the accumulated depreciation of your assets. This article will discuss the use and process to set up (FAM) Fixed Asset Manager in QuickBooks.
You can get detailed and straightforward information about the Fixed Asset Manager in QuickBooks by dialing 1.800.417.5147.
Steps to use the Fixed Asset Manager in QuickBooks Desktop:
Various steps are required to use the Fixed Asset Manager in QuickBooks. The detailed instructions to use the Fixed Assets Manager are mentioned below:
Step 1: Assign an account to multiple assets
When you import asset data into fixed asset manager or from one version of QuickBooks to another, it may leave general Ledger accounts, which require to be manually assigned in Fixed Asset Manager.
First, open the Fixed Asset Manager
Then, under the schedule tab, highlight the assets which must be assigned to a specific amount.
Now, right-click the chosen assets and click on Assign G\L accounts to assets.
In the assign G\L accounts, click on an account
At last, click OK
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Step 2: to add or change depreciation setting
Go to the Fixed Asset Manager
In the File menu, click on Client Information.
Now go to the Methods tab and choose the depreciation method for the depreciation basis accordingly.
At last, click OK to save the changes you just made.
Step 3: how to depreciate an old asset
If you already have fixed assets before you start using the Fixed asset manager, use the steps given below to record the fixed assets with the correct depreciation.
In QuickBooks Desktop:
Go to the List menu and choose Fixed Asset Item List
Now, Click on Item
Then click New
Type the credentials required and click OK to close the New Item Window to finish the procedure.
In Fixed Asset Manager:
When the Asset Synchronization log window open, Click OK
Go to the Schedule tab and double-click on the asset you created
Now, go to the federal column, and find the Prior Depreciation row
Click on the amount displayed
Adjust the AMT, ACE, Book, State, and other columns settings according to your needs
At last, click on Save
We hope the above article was helpful to you to know about the Fixed Assets Manager in QuickBooks. You can also get more detailed and more straightforward explanations about the Fixed Asset Manager by dialing 1.800.417.5147 and getting in touch with a QuickBooks Professional.
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