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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 12-10-2018

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Level 12

Are you using only Fixed Asset Manager? The assets still...

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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Level 12

Are you using only Fixed Asset Manager? The assets still...

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

Level 1

can I import Fixed Asset Manager assets & accumulated depreciation into QB Desktop? QB Online?

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?

QuickBooks Team

Re: can I import Fixed Asset Manager assets & accumulated depreciation into QB Desktop? QB Online?

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. 

Level 2

Re: can I import Fixed Asset Manager assets & accumulated depreciation into QB Desktop? QB Online?

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?

Moderator

Re: can I import Fixed Asset Manager assets & accumulated depreciation into QB Desktop? QB Online?

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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