I'm entering assets in fixed asset manager for the first time. I only need depreciation booked in 2018. Will FAM book depreciation automatically in prior years for the older assets? I've already made journal entries in those years for depreciation.
Thanks for joining us here in the Community. I'm here to share some information about the Fixed Asset Manager (FAM) depreciation in QuickBooks Desktop (QBDT).
In QuickBooks, entering FAM depreciation will not affect the prior years for the older assets. To ensure that your fixed asset financial information is properly handled, check out the manage fixed assets using the FAM article for an overview.
For the detailed steps on how to set it up, you can visit this article for further guidance: Set up Fixed Asset Manager (FAM). You may also consult with your accountant for further assistance.
That's it! Please let me know if you have any other concerns. I'd be glad to answer should you have any follow-up questions. Take care and enjoy the rest of the day.
Thanks for the reply. I understand that I will need to create journal entries for the depreciation. However, my concern for this issue is to have the correct disposal date for recordkeeping in QuickBooks. Is there a way to enter a disposal for a prior year?
I'm here to help share some information about entering a correct disposal date in QuickBooks Desktop.
At this time, being able to change the disposal date for your prior year's record is not an option for us. To ensure that you're recording are accurate, I'd suggest reaching out to your accountant to ensure the best course of action for your organization.
Also, here are helpful references that you can check out about closing ta box and resolving fix assets issues in QuickBooks: