How to Setup a Fixed Asset Manager in QuickBooks Desktop?

A fixed asset is a tangible asset owned by a company's Balance Sheet that is not for resale and is used in the business. Some typical examples include Buildings, furniture, fixtures, equipment, leasehold improvements, and cars. Depreciation adjustments are recorded to deduct the cost of these assets during their useful life. In this article, you will get a in-depth information about how to use Fixed Asset Manager in QuickBooks Desktop. Thus, keep reading ahead!

How to Set up Fixed Asset Manager (FAM) in QuickBooks?

It determines the asset depreciation.
You can input asset information.
It notifies the journal entries
It produces reports and depreciation forms.

How can I set up the Fixed Asset Manager in QuickBooks?

To set up a fixed asset manager in QuickBooks Desktop, you need to follow these steps:

Step 1: Setting up income tax form

To set up the income tax form, follow the walkthrough mentioned below (for both New Users and Existing Users).

For a new user

As a new user, you must create a new company file in the account.

When you open the 'QuickBooks' account, the 'no window' is open.
You must create a new company file before the details start.
In the open easy step interview, click on 'how the company is organized.'
Go to the 'Finish' button to move on to the next stage when you're done.

For an existing user

In this, you already have the company data file, so you have to do the following steps:-

In QuickBooks Desktop, select the Company menu option.
Then, from the additional options, select My Company.
Select report information.
Finally, select the utilized income tax form and click the OK button.

Step 2: Set up General Ledger account in QB account

The Fixed Asset Manager must add depreciation to the depreciation (expense) account. Hence the General Ledger account is required.
It also provides an entry for the total of accumulated depreciation and asset value, which is put together.
Asset tracking is simple, so you may use the minimal account or the ideal account to get started.
This is where the setup for each fixed asset's account is done.
As a result, you must have the correct General Ledger account.

Step 3: Client Wizard of Fixed Asset Manager

Go to the Accountant menu to open the Fixed Asset Managed Wizard in QuickBooks.
Then click on the Manage Fixed Asset option.
After that, select the appropriate option that is available for your business.
Finally, provide the important information about your company in the General overview, basis, synchronization of from and to, company date, and methods of newly created assets.
The FAM client Wizard uses some of the same terminologies as the FAM client.

Step 4: Add your Assets to the FAM

First, add any assets that have not been added or that are new.
Go to the Asset menu and select Add asset to add an asset.
Next, fill in the information in the half of the window.
You must include detailed information for depreciation calculation in the second half of the window.

Step 5: Synchronization of Assets

There are two ways to do it to synchronize the assets in your account. The two ways are as follows:-

Manual Synchronization:

You can tell by its name that you'll have to do everything manually.
To get the update, you must choose Update Assets from QuickBooks.
You must save your assets in your QuickBooks Desktop account in the order you want to synchronize them after the upgrade.

Automatic Synchronization:

This demonstrates that you need to do less and that everything is handled automatically.
To do so, go to the Open FAM option and then select Automatic.
After that, you must choose between new goods and changed versions of the fixed assets you want to synchronize.
Subsequently, click the 'OK' button to save and refresh the software, which will save all of your modifications.

Conclusion

This blog gave thorough details about the procedure of how to use fixed assets using fixed asset manager in QuickBooks. To know more, you can call our QuickBooks desktop error support experts at the helpline 1-800-761-1787.

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