My new asset shows wrong cost basis and YE accumulated depreciation

Let me help you drill down where the amount is coming from, gerdgoebel.

Fixed Assets Manager is a feature available in QuickBooks Desktop that computes depreciation of fixed assets based on the standards published by IRS. You'll want to go to your Chart of Accounts to double-check those transactions in the Asset Account. Here's how:

1. Go to the Lists menu, then select Chart of Accounts.
2. Search for the account. 
3. Click the account to open the transactions. 

If you want to delete a transaction you can click Ctrl + D. I've attached a screenshot for your reference:

You'll also want to run a report so you'll know what transactions were included in your Asset Account.

You can also read this article for more information about Fixed Assets: Use Fixed Asset Manager In QuickBooks Desktop.

For your reference on how to customize a report please read this article: Customize Reports in QuickBooks Desktop.

Keep me posted if you have any other concerns in recording your Fixed Asset. We're always right here to help.

Thanks for your reply.

I was looking for the Fixed Asset Manger but I don't see it in any of the pull-down menus or preferences.

Are you sure this is available in the QBD 2020 Prem version? When searching the forum I found one information that FIM is included in the accountant edition of QB.

Also, any idea why my cost basis and accumulated depreciation is wrong?

Thanks for getting back here, @gerdgoebel.

The Fixed Asset Manager is only available on the QuickBooks Premier Accountant, QuickBooks Desktop Enterprise, and QuickBooks Desktop Enterprise Accountant versions. For your reference, please visit this article: Resolve errors or unexpected results in Fixed Asset Manager (FAM).

Then, to fix the incorrect data for your cost basis and accumulated depreciation, you have to review your asset transactions to check what caused the issue. For guidance, I suggest reaching out to your accountant. If you're not affiliated with one, please use our Find an Accountant tool.

Also, you can always visit our Help articles page to seek sources to guide you in performing any QuickBooks tasks. Simply type a keyword of your concern on the search field and let the system show related articles to help you. 

Feel free to post again here if you have further QuickBooks concerns. I'll be around to help. Keep safe. 

I only have a single transaction, bank account minus purchase price to fixed asset account.

Am I supposed to add any other transactions?