Am using Quickbooks Pro Desktop 2019 and have set up some fixed assets in the Fixed Asset Item List. I have also made sure that the chequing transactions have the items under the Items tab, and not the Expenses tab. So far so good, BUT the depreciation being recorded at the year end does not link back into the list and the depreciation, cost basis and book value columns remain blank. The only way for me to now track the net book value (NBV) is by looking at the Chart of Accounts. Anyone out there know why this is happening?
Thanks for providing an in-depth detail about the depreciation not reflecting the Item List.
Before anything else, may I know if you're using QuickBooks Fixed Asset Manager? If so, you'll need to verify if the depreciation method is correct for the type of calculation expected.
To check this, I suggest checking the steps found in these articles:
Please note that these articles are for QuickBooks Desktop for United States but it can also apply to the program you're using.
Please update me on how the steps goes. I'll be on a look out for your response on this. I'll be around if you need further assistance.
No joy I'm afraid. I'm beginning to think that the FAM is not something that is part of the Desktop Pro version. Strange since the columns are there, just not populated with numbers. I can't even get to a Fixed Asset manager menu, setting etc.
hi @Kitten2019 ,
FAM is only available in QuickBooks Desktop Premier Accountant, Enterprise, and Enterprise Accountant
You may consider upgrading your Pro to Premier Accountant with perpetual license.
That's a great question and I can appreciate how seeing what appears to be part of a feature but not the entire thing could be confusing. I'll clarify what's going on.
Despite the response above, QuickBooks Desktop Canada does not have the option for the Fixed Asset Manager tool. At this time, customers can use the Fixed Asset Item List to help with managing these sorts of transactions in the program. The list brings up asset items you set up to track the changes in value to them, and it can be used to track transactions linked to these items. I've pulled these details from an in-product QuickBooks Desktop article, which you can access by following these steps.
This will populate not only the "Use the Fixed Asset Item list" I found the above information in, but also other helpful articles for managing fixed assets in QuickBooks Desktop.
I'll be following up with my team to make sure we're all on the same page with what features are available in the various regional products for QuickBooks Desktop. That way we can make sure everyone can get back to business more quickly.
Give me a shout if you have further questions. I'm here to help!