Is there any way to override the current depreciation in FAM?
I've tried several things, to no avail.
My question only applies to current assets purchased in the FY I'm working on - in this instance, I'm closing out 2019, so only assets acquired in 2019 I can not add any Accumulated Depreciation, or adjust the current year Depreciation.
How do I get around this?
Hello there, KMageParamont,
QuickBooks Desktop allows you to change or add the depreciation method or settings for FAM to calculate the current and prior depreciation correctly. The steps shown below will guide you through:
However, overriding the current depreciation needs special handling from our Support Team. It is due to some things you need to consider as this may affect calculation for the current year.
Here's how to contact them:
I've added these handy articles to learn more about handling FAM:
Let me know if there's anything else you need. I'm always around to help.
I should have specified that I am NOT necessarily using FAM in conjunction with Desktop. I purchased FAM as a standalone, and only some of the companies are integrating with it for this particular client. (He has several companies, and only a handful are using the QB Desktop, he has separate companies that utilize a larger accounting software).
In this particular instance, it's one of the 'other' companies, and I'm trying to add an Intangible Asset the CPA sent me, along with the current depr he calculated - which is NOT what FAM calculates for both Book and Tax year.
In a second instance, we transferred several assets from one company to a second company, at book value. I booked it all on 12/31/2019, wanting to capture all of the depreciation on the first company, and zero on the second company - but it won't let me override that, either. The 'best' it will do is let me do one day depreciation, which is not what the owner, or CPA want.
Do I contact them through a 'dummy' QB account, or is there a way to contact them through FAM?
Thank you so much for your help!
Thanks for actively responding, @KMageParamont. I appreciate the additional information you've shared.
To make sure you'll get the right support that you need, I'd recommend contacting directly the Intuit ProSeries Support team. They have a different Community site that can better assist you with your Fixed Asset Manager and standalone software integration related concerns.
Just in case you need tips while working with your QuickBooks in the future, feel free to visit and browse related topics in the QuickBooks Help Articles hub.
Just leave a comment below if you have more questions. I'll be right here to help you more. Stay safe.
I purchased FAM as a standalone product for this client - but don't see a way to contact anyone at Intuit with questions?
I DO use FAM as a ProAdvisor, so am familiar with it - however don't see anywhere on Intuit's site that directly deals with FAM like it does for Desktop, QBO, Lacerte, etc.
Maybe next year and for other clients I need to suggest a different Asset Manager?
I apologized for the lapses, @KMageParamont. My bad.
I've updated my post and attached the link where you can contact the Intuit ProSeries Support team. Then, follow the steps below to post your concern in their Community space:
A TaxPro Community team will then attend and answer your question in no time.
You can also check out one of their best articles that talks about depreciation methods in FAM outlined in the Data Entry section in this link: ProSeries Fixed Asset Manager (FAM) Quick Reference Guide. It also contains links to different topics that can surely guide you with your standalone FAM related concerns.
Feel free to message here again should you have any other QuickBooks concerns or follow-up questions. We're always here to provide the best help that you need as we can.