Follow each step carefully to Manage Fixed Assets

Assign an account to multiple assets

While migrating or transferring asset data from one version of QuickBooks Desktop to another or importing assets into FAM, some General Ledger accounts (G/L accounts) might get missed. So, it is highly suggested that users should manually assign accounts in FAM to manage fixed assets in QuickBooks efficiently.

• Launch QuickBooks Desktop Application
• Further, go ahead and open<Fixed Asset Manager>.
• Go to the <Schedule>tab; now click to highlight all the assets that need to be assigned to a specific account.
• Further, do a right-click on the selected assets and select <Assign G/L Accounts to Assets>.
• Now click to select the account, and then click on <OK> and move to the next step to manage fixed assets in QuickBooks.

Change or add the depreciation method/setting.

In some cases, users may require to change or add the Depreciation Method for a fixed asset to ensure current and prior depreciation is calculated correctly by FAM. Follow the steps carefully to learn how to change or add the depreciation method.

• Launch QuickBooks and further click to open <Fixed Asset Manager>.
• Go to the<File>menu and hover your cursor to open the drop-down.
• Click here to select <Client Information>.
• Further, from the <Methods>tab, choose the correct depreciation method for the depreciation basis.
• Now, click to select <OK>to save the changes.

Depreciate an old asset

In many cases, we had found that a business already has some fixed assets even before the business decided to make use of FAM to keep track of its Fixed Assets. Follow these steps attentively to record your fixed assets with correct depreciation.