FAM Depreciation

Hey there, @DP108. Yes, I can provide you an overview of what's causing the discrepancies with the FAM (Fixed Assets Management) Depreciation calculations and get past this.

Please be aware that the data files for QuickBooks Fixed Asset Manager and QuickBooks Desktop are different. Make sure you configure Fixed Asset Manager (FAM) to monitor the financial information about your fixed assets.

In addition, you must select an allowable recovery period for the depreciation method. We recommend you consult your accountant or tax professional for more information. Check the IRS publication 946 for the years allowed.
 

1. From the Asset tab, enter the Date placed in service and Cost or Basis.
2. Change the Tax System to Other.
3. Enter the required info for the Depreciation method, Recovery Period, and Convention.

You may check for more information on how to fix unexpected issues that result in the Fixed Asset Manager or FAM.

Moreover, you may visit the article to see the complete information on how to Record depreciation without using Journal Entry.

Please keep me informed if you have additional questions about your QuickBooks Desktop. I'll be here anytime to help you. Have a great day!

Thank you for your response.  Sorry I did not mention, we are using QB Desktop.    Regarding your response, the Fixed asset was set up back in 2020 and it correctly depreciated for 4 years, so everything was set up correctly.  For some reason in this final year (It should depreciate through December 2024) it is only calculating .01 so far for January, even though the cost basis is correct at 12/31/2023 of $1,913.54 - it should be calculating $159.46 per month.

Any ideas?  This is holding us up from closing out January.

Thanks!

Thanks for following up with the Community, DP10. I appreciate your detailed information.

To properly identify why your fixed asset depreciation isn't calculating like you're expecting it to, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.

Here's how it works:
 

1. Go to our Find a ProAdvisor page.
2. Use the City or ZIP search field to specify a location.
3. Select Find a ProAdvisor.
4. Browse through your results and find one that works best for the business. You can click on each ProAdvisor's profile to learn more information about them.
   
   

Once you've found an accountant, they can be contacted through their Send a message form:

1. Use the available text box to introduce yourself. Be sure to include details about which services you're looking for.
2. Enter your appropriate info in the Your name, Your email, and Your phone number (optional) fields.
3. Select Send message.

I've also included a detailed resource about working with fixed assets which may come in handy moving forward: Manage fixed assets using Fixed Asset Manager (FAM)

Please don't hesitate to send a reply if there's any additional questions. Have a great Tuesday!