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January 13, 2022
Question

Fixed Asset Manager Problems

  • January 13, 2022
  • 2 replies
  • 0 views

Anyone use fixed asset manager?  I am trying to use it to post book only depreciation and it does not want to calculate correctly.  Trying to schedule a 5 year straight line, full-month convention acquired 5/12/2021.  $25,786.17 should result in a depreciation for May and June of $429.77 each month.  If I select to post 5/1 it says their are no assets.  That would be technically incorrect since the asset was acquired in May and with full-month it should post a may full month depreciation.  But I will let that slide for now.  So I try 5/31 and it wants to post $270ish dollars.  basically the daily amount.  It then appears to run correct each month till end of year when it has to over post to true up.  Am I doing something wrong or does this not work how other software (or paper) does.  I normally would post depreciation on the 1st of every month.

2 replies

Rainflurry
Level 11
January 14, 2022

@EdNewman

 

I'm not a QB Enterprise user.  But, when using FAM do you have this box for the fixed asset:?

Six lines down is the option for "Convention".  For the fixed asset in question, is it possible yours is set to actual days (Act-Days) and not Full-Month?

Level 6
January 14, 2022

Hello there, EdNewman.

 

I'd like to add and share some information about how Fixed Asset Manager calculates depreciation in QuickBooks Desktop.

 

You need to make sure Fixed Asset Manager and accounts are set up correctly. Here's an article for more details and tips on how to resolve calculation issues with Fixed Asset Manager: Resolve errors or unexpected results in Fixed Asset Manager (FAM).

 

I've included this link for your reference: Manage fixed assets using Fixed Asset Manager (FAM).

 

Get back to me if you still have other concerns about FAM. I'll be in touch. Have a great day!