Get started with tracking your fixed assets! Learn how to accomplish different key tasks in Fixed Asset Manager (FAM).
Converting asset data from one version of QuickBooks Desktop to another, or importing assets into FAM, may leave some General Ledger accounts (G/L accounts). These need to be manually assigned in FAM.
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.
Your business might already have some fixed assets even before you decided to use FAM. Follow these steps to record your fixed assets with correct depreciation.
In QuickBooks Desktop
In Fixed Asset Manager
IMPORTANT: QuickBooks Fixed Asset Manager can only export data to the same year of ProSeries. This is because QuickBooks Desktop is based on Calendar year while Fixed Asset Manager and ProSeries are based on Tax year. This means that a QuickBooks Desktop 2016 comes with FAM 2015 which can export to Proseries 2015.
You can transfer information from third-party application to FAM as long as they can export data as Comma Separated Value (.CSV) file.
In Fixed Asset Manager, it is possible to change the basis (Federal, Book, AMT, ACE, State, Other) you are posting journal entries on.
For more information about this feature, see Managing fixed assets using FAM.