We were in an old 1980's accounting software that calculated depreciation for us but converted to QB Enterprise in 2019. I previously (before Covid) set up the Fixed Asset Manager and now need it to calculate the Depreciation for 2020 and then 2021.
I have read dozens of QB Community articles and listened to a few QB instructional videos, but all it ever tells me is: how to set up the FAM, what Depreciation is, how to create the Depreciation GL accounts, how to record the JE's, but never how to get the FAM to calculate the actual depreciation numbers that you would then use to create the JE's. Even the articles that seem to address this are never marked as resolved so I am assuming I am not the only one looking for this information.
What I am trying to find out is, step-by-step, how to create a report that gives me the Depreciation amounts that I would then use for my monthly Depreciation JE's. I also understand that the FAM only calculates an amount for the year and I would then need to divide by 12 for monthly JE's, but, how do you calculate those actual numbers-the annual depreciation?
FYI: I have been using QB for 20+ years so it is not that I am unfamiliar with QB, or unfamiliar with Depreciation. In fact, I offered to create a Depreciation Schedule in Excel using the EOY numbers we had from the old accounting software but my supervisor (a wicked smart CPA) is determined that we figure this out.
I have to assume someone out there knows what button to push to make this work and can, hopefully, save me from having to actually call QuickBooks support.
