Question

Fixed Asset Manager does not pick up correct purchase date when importing asset via CSV

Forum|Forum|3 years ago
December 13, 2022
1 reply
15 views

I'm trying to import a set of fixed assets to QB FAM via CSV. However, the purchase date of the assets is incorrect after importing apart from one or two assets. For instance, if the asset purchase date is 01 June 2015, the FAM changes it to 01 Apr 2022 (the starting date of the fiscal year) without giving an error or a warning. How can I get around this?

QuickBooks Enterprise Suite

M

MadelynC

Moderator

Good day, Praveen. I’m here to share information on why Fixed Asset Manager didn't carry over the correct purchase date after importing.

QuickBooks Desktop is based on a calendar year, while Fixed Asset Manager is based on a tax year. This is the reason why the date period of your purchased assets changes to the current financial year when they're imported.

You can read these resources to help you better control your asset information:

Additionally, here’s an illuminating guide that contains solutions in case you’ll encounter unexpected issues while using the feature: Fix issues in Fixed Asset Manager (FAM).

Please don’t hesitate to reach back out if you have more questions or concerns about using FAM. I’m always here to provide you assistance. Have a great day!

P

Praveen_UduweriyaAuthor

Okay, then how can I import the assets purchased earlier than the current tax period? Why do some assets come through with the correct purchase date while the majority do not?

R

Rasa-LilaM

QuickBooks Team

We appreciate you providing more information about your concern, Praveen_Uduweriya. This will help determine the steps we'll have to perform to resolve the issue.

Let's export your QuickBooks fixed asset items into ProSeries Form 4562. Furthermore, Fixed Asset Manager (FAM) can only export data to the same ProSeries year

I'm here to assist you in completing this task.

Here's how:

In your company file, go to the Lists menu at the top and select Fixed Asset Item List.
Choose Item and then New.
Enter the fixed asset(s) information and click OK.

To import:

Head to the Company menu and choose Manage Fixed Asset.
Select Create a New Fixed Asset Manager client, click the OK button, and Next twice.
Enter the date and tap the Next button.
Choose the Applicable Basis and Next.
Select Default Depreciation Method for Each Basis and press the Next button.
Pick a method for how you want the fixed asset items brought into the Fixed Assets Module from QuickBooks Desktop and select Next.
Choose the type of assets to save to the Fixed Asset Item List in QuickBooks, and click Next.
Select Finish and OK in the Asset Synchronization Log window.

Next, perform Steps 3 through 4 in this article to import your data to ProSeries (Export QuickBooks Fixed Asset Items into ProSeries Form 4562 section): Use Fixed Asset Manager in QuickBooks Desktop.

If you continue to get the same result, I recommend contacting our Technical Support Team. They have additional tools to figure out why some of the asset dates are off. Then, guide you on how to apply the permanent fix.

You can use our online resources to complete your accounting tasks quickly. From there, you'll find topics that tackle taxes, payroll, banking, and cash flow management, to name a few. Simply choose the one that best addresses your concerns.

I want to make sure you stay on top of the year-end filings. You can go over this reference to see the list of tasks you'll have to accomplish: QuickBooks Desktop.

If you still have additional questions about FAM or other product-related concerns, click the Reply button and enter your comments in the field box. I'll get back to assist you further. Have a good one, Praveen_Uduweriya.

Sign up

Login with SSO

Let's get you signed in

Login with SSO