As you know, QuickBooks accounting software comes with a fixed asset manager easy-to-setup and easy-to-use approach but still, the user needs to know how to use fixed asset manager in QuickBooks Desktop.
Fixed assets are those assets of your organization that are preferred over long-term use these assets cover all long-term business resources such as buildings, land, equipment, and many more. It helps to maintain the account of assets and take a dim view of efficiency via an in-built automatic approach. This blog post will provide all the information to learn.
How to Use Fixed Asset Manager In QuickBooks Desktop
To use a fixed asset manager in QuickBooks Desktop, sequentially perform the below-described steps.
Step 1: Assign the account to multiple accesses
- The user has to manually assign the accounts to the assets in FAM.
- Hit the first click on the “Fixed Asset Manager”.
- Now, go to the “Schedule tab” and then mark all the assets that you need to assign to a particular account.
- After that, right-click on the “Selected Assets” and then you have to choose the Assign G/L account.
- Choose the correct account and proceed further with an OK click.
Step 2: Edit or add the Depreciation setting
To manage the fixed assets, you have to make some changes or add the depreciation method. So FAM easily calculates the prior and current depreciation accurately.
- Now, you have to launch the FAM, then go to the “File Menu” and click on “Client Information”.
- After that, open the “Method Tab” and choose an appropriate Depreciation Method specifically for the depreciation basis.
- Click on OK to give a confirmation message regarding new changes.
Step 3: Depreciate an earlier asset
In any case, if your organization has old assets just before setting up the FAM, then you have to make a record of your old fixed assets with accurate depreciation. To record the depreciation in QuickBooks, you have to perform the below steps:
- The first thing you have to do to select the “Fixed Assets List” from the list menu option.
- Now, you have to choose that specific item and proceed further with on-screen instructions.
- Hit next and click on the “New” option.
- Enter all required information and then hit the OK click to exit from the New item window.
In FAM,
- Go to the “Asset Synchronization Log window” and open it.
- Go to the “Scheduled” tab and hit the double-click on the asset that you already created.
- From the Federal column, drag your arrow to the “Prior Depreciation row” and then choose the “Amount Displayed”.
- Now, you have to make some required adjustments in ACE, AMT, State, Book, and other columns.
The above information is sufficient to know how to use fixed asset Manager in QuickBooks Desktop. If you face trouble while implementing the procedure or need any advice, reach the QuickBooks consultant team via the QB helpline number.
