How to Set up fixed Asset Manager in QuickBooks

QuickBooks Fixed Asset Manager and QuickBooks desktop both consist of different data files and it is necessary to know how you can set up a Fixed Asset Manager in QuickBooks. So that you can perfectly manage financial information related to fixed assets. It also plays a vital role in terms of tracking and entering assets at ease.

Just have a look on the QuickBooks Fixed Asset Manager (FAM) that efficiently helps you in many things and these includes:

  • You can easily initiate the Journal entries
  • Helps in depreciation calculation
  • You can generate various reports or forms of depreciation with ease
  • You Can easily enter Asset information

The information required to do set up from QuickBooks Desktop to Fixed Asset Manager

  • Company Name
  • Company Address
  • Company contact numbers
  • Used form of Income-tax
  • Federal Tax ID
  • Account Chart
  • Every single detailed information related to asset

The information required to do set up from Fixed Asset Manager to QuickBooks Desktop Asset Number

  • Every single detailed information related to asset
  • Must have a list of asset that you have added in the Fixed Asset Manager
  • Year-end collected depreciation
  • Entire book value at the year-end

Steps to set up Fixed Asset Manager in QuickBooks

Perform these steps in order to start using the Fixed Asset Manager (FAM). The below-mentioned are the steps involved to do set up:

Step 1: Set up the Income Tax Form

Set up of Income-tax form is necessary for FAM so that it helps you to easily track all the asset depreciation. To do so perform these steps:

If you are a new user then have to create a new Company file

  1. From the window named No Company Open
  2. Next, go to create a new Company then Detailed Start
  3. Select How is your company organized? in the open Easy Step Interview
  4. At last click on Finish

If you have already an existing data file of QuickBooks Desktop then perform these steps:

  1. Go to Company menu then My Computer
  2. Choose from the Report information using a drop-down menu
  3. Now Choose from the Used Income tax form then Click on OK

Step 2: Set up General Ledger (G/L) Account in QuickBooks Desktop

You can track your assets either using the Minimal account setup where you can use a limited number of accounts or an Ideal account setup were set up can be done per fixed asset to an individual account. FAM adds depreciation to the Depreciation (Expense) account as well as another entry to cover the Accumulated Depreciation amount in addition to the Asset amount. A valid General Journal (G/L) account must be established before you start using FAM.

Step 3: FAM Client Wizard

In order to open FAM, you need to select Manage Fixed Asset from the Accountant menu and choose the appropriate available option that suits your business. There are some terms involved in FAM Client Wizard.
You also need to provide the information about your company in the fields of General overview, Dates of your company, Basis, Methods for newly created assets, and most importantly synchronization (from/to).

Step 4: Add Asset in Fixed Asset Manager

  1. First of all, add the asset by clicking on the Add Asset option from the Asset menu
  2. After this, add the information in the first half portion of a window
  3. In the other half, window provide detailed information related to the calculation of depreciation.

Step 5: Asset Synchronization

  • There are two methods; you can do asset synchronization either automatically or manually.
  • Automatic synchronization: You have to select automatic in the open FAM option but need to select both modified and new items of the fixed assets then refresh the entire program and at select Ok.
  • Manual Synchronization: You have to manually select the “Update Assets from QuickBooks” then save the Assets to QuickBooks in order to synchronize the information.

How to get in touch?

The above-mentioned steps are appropriate to Set up a fixed Asset Manager in QuickBooks. Moreover, if you are looking for more information then you need to reach out with our consultants through QuickBooks Support help desk number +1800-942-6705  or you can do a live chat with dedicated QuickBooks ProAdvisor professionals.

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