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Level 1

How do I get fixed assets in the fixed asset list to show up in the balance sheet and profit & loss reports?

I use quickbooks premier nonprofit and I need to know How do I get fixed asest in the fixed assest list to show up in the balance sheet and profit & loss reports.

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Best answer December 10, 2018

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Community Champion

How do I get fixed assets in the fixed asset list to show up in the balance sheet and profit & loss reports?

Are you using only Fixed Asset Manager? The assets still have to be ported to quickbooks. And, as assets in your chart of account they will appear on your balance sheet but never on P&L since purchase of a fixed asset itself is not an expense. The depreciation of it is its expense

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Community Champion

How do I get fixed assets in the fixed asset list to show up in the balance sheet and profit & loss reports?

Are you using only Fixed Asset Manager? The assets still have to be ported to quickbooks. And, as assets in your chart of account they will appear on your balance sheet but never on P&L since purchase of a fixed asset itself is not an expense. The depreciation of it is its expense

View solution in original post

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Level 1

How do I get fixed assets in the fixed asset list to show up in the balance sheet and profit & loss reports?

I've been using Fixed Asset Manager for years but now have a need for outside auditors to have access to those entries without having to be sent a report by me.  If they can access QB desktop or QBO, can I import the FAM assets & accumulated depreciation into an already established QuickBooks company so they can see everything there?

 

OR, can I import my FAM as of a given date into the QuickBooks company I already and continue to have QB calculate depreciation within the QB company itself?

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QuickBooks Team

How do I get fixed assets in the fixed asset list to show up in the balance sheet and profit & loss reports?

Thanks for joining the thread, @nytcpa2012. Yes, you can export the Fixed Assets from your QB Desktop. First off, you'll need to save it in an excel file and import it into an already established QB company. Here's how: 

 

  1. Open the Fixed Asset Manager.
  2. Select Import from the File menu.
  3. Choose the Comma Separated (CSV) to start the Import Wizard.
  4. Follow the prompts to complete the import.

 

Once done, your outside auditors can now see everything. It can also continue to calculate depreciation within the QB Company. 

 

For future reference, you can read through our help article: Manage fixed assets using Fixed Asset Manager (FAM). It helps you learn about the terminologies and their descriptions.

 

Feel free to write again if you have anything in mind about this topic. We're always delighted to help. 

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Level 2

How do I get fixed assets in the fixed asset list to show up in the balance sheet and profit & loss reports?

actually, my question was how to export the list of assets I already have in FAM (as a separate software package that I've bought every year) INTO QuickBooks files.  I have some that are on QBooks 2017 Accountants Desktop, and some that are on QuickBooks Online.

 

If I'm able to import into company files, will the QBooks file continue to calculate depreciation?

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Moderator

How do I get fixed assets in the fixed asset list to show up in the balance sheet and profit & loss reports?

Hello nytcpa,

 

Thanks for getting back to us and providing clarification on your question about the Fixed Asset Manager in QuickBooks Desktop. Allow me to help share what I know on this.

 

At this time, you can only export data from QuickBooks Fixed Asset Manager into ProSeries, and it should have the same year. You'll need the FAM feature to identify depreciation in the price of an asset, deterioration, etc. for tax purposes.

 

If you want to track the Accumulated Depreciation manually, you can do it with entries. However, it would be best to seek expert advice from an accountant to ensure your asset information is accurate.

 

In case you want to know more on the Fixed Asset Manager feature, check out this article:

 

Manage fixed assets using Fixed Asset Manager (FAM).

 

Feel free to get back to us for any additional questions you may have with tracking fixed assets, and I'll be sure to lend a hand.

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Level 2

How do I get fixed assets in the fixed asset list to show up in the balance sheet and profit & loss reports?

Hello,

 

I am not finding information o how to get items on the Fixed Asset List in QB to show the assets on my balance sheet. perhaps it has been answered, but when I click on the post that has the solution, I only get the 1st 4 lines or so of the post. I click again where it says to view the original post and it still does not show me any more than the first few lines. I have added items to the fixed asset list within QB, how do I get them to shoe up on the balance sheet?

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Level 2

How do I get fixed assets in the fixed asset list to show up in the balance sheet and profit & loss reports?

Second time post but QB didnt upload my last reply. I can see that this questions has been solved but I cannot see the solution as QB does not allow me to see the entire post no matter what I do. 

How do I get items that are added into the Fixed Asset Item List (in QB) to show up on the balance sheet?

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Moderator

How do I get fixed assets in the fixed asset list to show up in the balance sheet and profit & loss reports?

Thanks for joining to this thread, MayaD77.

 

I'd like to share some information on how to generate the fixed asset item on the Balance Sheet report that we've created within your company file.

 

The asset account that we added will automatically show up on the Balance Sheet report once there are transactions associated with it. With that, only accounts we've used for the items will generate first on the Balance Sheet report.

 

Once we double click the total of the amount of the account used, we'll be routed to another set of a report that shows transactions we've made for the item. We'll only need to ensure that the dates are correctly set up make sure the  accounts and transactions are visible.

 

Sample screenshot:

 

In case you want to display these items on a single report, we can run another one in QuickBooks Desktop (QBDT) and get all of these items that were added into the Fixed Asset Item List. Here's how:
 

  1. Go Reports from the main menu.
  2. Select Fixed Asset Listing under Lists.
  3. Make sure the date is properly setup. Then, hit the Refresh button.

 

Sample screenshot:

 

Also, let me include these articles for additional reference in modifying reports in QBDT and resolving the Balance Sheet report if it appears out of balance. Here are they:

 

 

Let me know if you have other concerns about QuickBooks. It'd be my pleasure to have you again. I hope you're good. Take care and stay safe.

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