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Quickbooks Depreciation

Forum|Forum|5 years ago
August 27, 2020
1 reply
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Hi,

I'm curious if QB Enterprise can auto-calculate depreciation for assets. Instead of a manual JE at the EOM etc.

The Fixed Asset Manager (FAM) seems to set this up but I'm curious if the FAM tracks real-time asset book value/accumulated depreciation and how depreciation expense would be entered using FAM.

It doesn't seem like FAM is widely used - how effective is it?

Under the "Setup FAM" article, it says that depreciation can be calculated and journal entries initiated - what exactly does this mean? Is there a video tutorial for this?

Thanks,

B

QuickBooks Enterprise Suite

Best answer by Rubielyn_J

Yes, QuickBooks Enterprise can auto-calculate depreciation for assets, @bbutler1.

Fixed Asset Manager (FAM) is a feature available in QuickBooks Desktop that computes depreciation of fixed assets based on the standards published by the IRS.

Since QuickBooks Desktop and QuickBooks Fixed Asset Manager have different data files, it's important on how to set up Fixed Asset Manager (FAM) to ensure that your fixed asset financial information is properly handled.

You can also check this article on how to track your fixed assets: Used Fixed Asset Manager in QuickBooks Desktop.

Don't hesitate to get back in here if you have other concerns. I'll be glad to assist you. Have a pleasant day.

Rubielyn_JAnswer

Level 8

Yes, QuickBooks Enterprise can auto-calculate depreciation for assets, @bbutler1.

Fixed Asset Manager (FAM) is a feature available in QuickBooks Desktop that computes depreciation of fixed assets based on the standards published by the IRS.

Since QuickBooks Desktop and QuickBooks Fixed Asset Manager have different data files, it's important on how to set up Fixed Asset Manager (FAM) to ensure that your fixed asset financial information is properly handled.

You can also check this article on how to track your fixed assets: Used Fixed Asset Manager in QuickBooks Desktop.

Don't hesitate to get back in here if you have other concerns. I'll be glad to assist you. Have a pleasant day.

A

AccountingAtEvergreen

Forgive me but I still don't understand how to get FAM in QuickBooks Enterprise to auto-calculate depreciation for assets. All the referenced articles only explain how to set up FAM, set up GL account for depreciation, how to create JE's but not how to actually get FAM to calculate the depreciation amounts for the JE's.

M

Maybelle_S

QuickBooks Team

Hello there, @AccountingAtEvergreen.

It would be my pleasure to help provide clarification about using Fixed Asset Manager (FAM) in QuickBooks Desktop (QBDT).

When using the FAM feature in QuickBooks Desktop, it help computes depreciation of fixed assets based on the standards published by the IRS. Upon setting it up, it'll sync the application to your QuickBooks, which contains personal data related to your business.

FAM calculations and reports based on a defined period. The program uses these dates to automatically compute prior year depreciation when an asset entered into FAM. To better isolate this issue, you may want to check the dates when you set up FAM and make sure it hasn't ended yet.

You can get more information at this link: https://quickbooks.intuit.com/community/Reports-and-accounting/Set-up-Fixed-Asset-Manager-FAM/m-p/20...

I've also added these articles to help you manage and move your fixed asset data to your new device:

• Manage fixed assets using Fixed Asset Manager (FAM)

• Move fixed asset data to your new QuickBooks or another computer.

I'll be more than happy to serve you again. Keep your posts coming if you need more help.

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