Fixed Asset Manager and Fixed Asset Items in QuickBooks Desktop
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- čas přidán 5. 08. 2024
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Using Fixed Asset Manager and Fixed Asset Items in QuickBooks Desktop to book depreciation.
00:00:00 - Intro (QuickBooks Desktop)
00:00:42 - Traditional way that we manage fixed assets (Reports, Company & Financial, Balance Sheet Standard) (example) (how it works)
00:03:01 - How to access the fixed asset manager (company, manage fixed assets or accountant, manage fixed assets)
00:03:21 - QuickBooks Fixed Asset Manager (how it works)
00:05:43 - Chart of accounts (it should match chart of accounts of QuickBooks Desktop with QuickBooks fixed asset manager)
00:06:17 - QuickBooks Fixed Asset Manager tabs (Schedule, Asset, Disposal, Projection, Notes, Calendar)
00:07:32 - Fixed assets lists (lists, fixed asset item list)
00:08:33 - How to add new fixed asset in fixed assets lists (step by step) (example)
00:10:59 - Open QuickBooks Fixed Asset Manager (update assets from QuickBooks) (asset tab) (general ledger accounts)
00:13:37 - Groupings (federal, book, state) (methods of depreciation) (report) (client information) (asset tools) (how it works, example)
00:25:42 - Asset tools
00:27:06 - Display tax worksheet (reports) (creates tax form for you)
00:28:02 - Post journal entry to QuickBooks (how it works)
00:30:11 - Display journal entry list
00:31:38 - Write check (example) (book the purchase)
00:33:13 - Reports (list, fixed asset listing) (customize report - Věda a technologie
Thank you for your kindness in wanting to share. This video has helped me a lot in understanding how to use the FAM feature.
Thanks for the video, I learn a lot about fixed Assets in Quickbook. Please upload more examples of fixed assets to work out in QB. Thanks again
Great video. This was exactly the help I was looking for - clearly presented.
Thank you!
ok great
Thanks Hector, your videos are always very good and helpful!
Thank you so much, for such a complete and comprehensive session on FAM. I knew nothing about it before watching the video and now I know a lot
Adnan Ahmad :)
Clear understanding about asset manager
Thank you for this training
Great video, thank you!
Thank you for the video Hector.
Fully enjoyed your FAM feature and learned to put FAM to use.
Thanks
:)
Good one. Really the way it has been explained was awsome
I learned a lot!! thanks!
Thanks, well explained sir
Wonderful explanation Hector. thank you so much and God bless you.
Uroos Punyali thanks
Very nice Video covering the topic in detail.
Thanks.
Very helpful lesson
Thank you! just what we needed :)
Great!
Thank You very much Hector !!!
You welcome.
thank you for sharing !
:)
Thank you so much for this video. I'm new to the company I work at and also new to QB. Could you advise how I can run a report detailing all assets by location? Thank you. Jackie
nice job
Very very very informative video❤
Best yt channel for QB
Awesome :)
Hi, Thanks for this very helpful video. I wanted to do it for many years but the other system didn't bring the asset for other years. Will you explain to me what do I need to do? Thanks so much
How do you record a real estate asset (let's say an apartment) which you manufactured in inventory (current asset) by paying bills? Since you don't buy it at once how can you do it with the fixed asset item. The fixed asset item information contains only "purchase information". Should I enter the estimated cost there and every time I pay bills assign them to the fixed asset item until is finally fully paid? This method would assume that the fixed asset is a current asset until fully manufactured. How would I move it to a fixed asset account when fully completed? Should I ignore the fixed asset item now and assign it when the asset is completed in inventory? And how would you do that.
Very well done, as always, Hector. Can I ask a question about the asset list? I want to export my federal book for all assets, but the one thing I don't see is the through date to go with that 'Current Depreciation.'
you are the best in these subjects, and your teaching is well detailed Hector,. my issue is now that when i open the asset manager does not open,
FAM is the worst.. use to work several years ago, now its like a 50/50 chance
Dear Hector,
It a very useful video about Capital Assets; however, please confirm whether the user needs to post a vendor bill for purchase of fixed assets and then to go to the FA module to define the purchased asset along will all needed information along with financial details.
as I am worried about double posting from the vendor & FA modules.
God bless you Sir
:)
Excellent video. Thanks Hector. Do you have any advise on taking on an existing asset list thats say 6 years old already
I would take a look at the depreciation table from the tax return
Hi Hector. My company has been managing FA in old fashion way-Excel calc then enter JE in QB. We’re planning to use FAM, but wondering if we should start with all new FA Additions and leave our old FA in Excel until they are fully depreciated (ranging between 1-5 years). Please advise. Thank you.
I am new to Fixed Asset Manager in QB and used a template to get my data from another Fixed Asset program into the FAM. I have an $18 discrepancy in my assets per the GL and the total in the FAM. What report can I use to pull the FAM data into Excel so I can compare the two lists of assets. Thank you in advance for any insights you have here.
Hi, this is a great video. I would like more information on how to import assets from another system to QuickBooks. My company has been using Sage for asset management for years and now that we are using QB we will like to start using the QB asset manager . Thank you!
Curious if you have any info on importing fixed assets to FAM?
Thank you for this tutorial. Your tutorial on Quickbooks enterprise has really helped me.
Questions:
My company just launched Quickbooks enterprise for the first time. how do i record the previous reports to Quickbooks such as the trial balance.
Thank you
In a journal entry
Does this let you link expenses on that particular asset? I have to track repairs to each asset and it seems that I can’t do that.
Good Video. Can you post a monthly journal entry using the Fixed Asset File Manager? Your example demonstrated a yearly journal entry.
r cippa yes
Hector, THANK YOU! Follow up question.... how do I account for assets in a new company that were purchased by a closely related company but which are no longer used nor was there a sales transaction to new company?
I don’t have a simple answer for that. I might need to study the asset transfer transaction
Thanks, detailed video to get started. One question, if we want to set a class to the fixed asset, so that the depreciation expense does goto that particular Class. How can i do this?
I don’t think that is possible
I think I noticed that you can by depreciation through date and last posting date.
I have created Fixed asset as items and create all relevant Ledger accounts and also updated all details in FAM & all updated to QB, But these Values are not appeared in balance sheet
Great Video
Only thing i need to confirm that if we set monthly depreciation amount ant number of month remaining
so will it charge the the set amount automatically?
Thanks
Hi Hector, please guide me, how setup account and depriciation for minor value assets, normally perish with in a year, like plastic food containers, despesers, tea cups floor mate table mat and so many?
Thats just an expense
If a company has one ledger account for all computers than how to add all of them?
Thank you so much for the video, Hector! You are a Great teacher! I'm setting up FAM and I'm wondering why it is asking me for permissions to access company and personal information. Do you have any insight into this?
Nope.. I don’t really support FAM, is such a gigantic headaches
@@HectorGarciaCPA Does your reply here about not supporting FAM and headaches mean that this utility or tool is not necessarily worth the effort for most people, or you and your business practice individually? I would be using it internally for a single company, not as a CPA serving clients. Thank you. Be well!
Jim Casler that’s my opinion.. is a lot of work.
If I want to post journal entries in QuickBooks every month, do I have to do it manually at the end of every month? or QuickBooks assets manager will do it automatically?
Thank you for your effort .
thank you man :)
Abdullah Zeidan
Abdullah Zeidan you welcome
When i try to post from FAM to quickbooks the debit and credit are out of balance. What's the cause of it?
Nice video Hector and I appreciate your time. Question about FAM - can I select all assets (I see that option in the Asset menu) and apply 179 to all? Or does this need to be done on an individual asset basis? I just setup a company with 42 assets and it would be nice to look at different scenarios without opening each asset individually.
I don’t use FAM anymore :(
@@HectorGarciaCPA Ha! I am always behind the times. Can I ask what program you are using for tracking FA and calculating depreciation?
I own two mortgage notes and receive monthly mortgage payments from the property owners. I have set them both up as an "Other Asset" (Mac desktop) and each month's payment is split between Mortgage Income and Interest Income. I need a way to see an aging when one of these mortgagor's don't pay their payment. I tried setting up invoices, which works great for non-mortgage income like rental income, but I'm a bit confused how to do this so that when the payment is received it's properly split between mortgage income and interest income. Also note that the mortgagors deposit mortgage payments directly to my bank each month ... it's just keeping track of their non payment and then late fees that is challenging.
QB does not manage loans Receivables in that way.
Hi Hector. Thanks for your video, I really appreciate it.
would you mind adding on how to show on the quickbooks the book basis. Because my fixed asset listing in the quickbooks is showing balances (Cost, AD and BV) in accordance with federal. I want to see it using the book basis using straight line. Needless to say, Im not living in the US, therefore the MACRS, federal thing is not applicable to me. Thanks
Can’t be done
😥
Happy to see your video, But i have one question regarding fixed assets. its seems quikbooks not allow to enter quantity against FIXED ASSETS item. if some purchase fixed assets in bulk quantity like 10 pieces than how can we entered in PO/Enter Bill/Write Check?
Bilal Ahmed yes you can do QTY in the purchase screen
@@HectorGarciaCPA please guide me how? Can you elaborate?
thank you so much. i liked this video, but it was too much for me .sorry, i'm still confused. how do im going to get all the information to fill /complete the "general ledger account" .?? please send me more videos about it to continue praccticing. thank you so much .
gaby perez this is a complex issue.. there are no more videos on this.
Hector buenos dias, me gustaria saber como puedo registrar la compra de un vehículo en quick book el cual compramos con nuestra cuenta corriente?
Lo metes contra Fixed Assets
Hector, I have an issue with my QB adding phantom assets after I have closed the year. How can I correct this issue?
Hi, Hector. Very insightful video as always. I do have a question though. What if I needed to add additional things to the Toyota Truck like improvements? Fixed asset list doesn’t have sub categories so it would be difficult to keep track of certain assets that do not have a particular asset description like for Land in example. If I added multiple improvements it should increase the value of the Land but I cannot use the same asset to add the value. I might be wrong in my analysis so hopefully you can provide some insights. Thanksss
I dont support the Fixed Asset Manager in QB desktop any more, so I cant test it and give you an answer
@@HectorGarciaCPA Thanks for responding
Excellent. How do I include the buildings that I bought 5 years ago?
I don’t support this app anymore, so I don’t have answer, sorry.
Thank. You
Hi hector Can we use this even we are in different currency?
Jhon Kevin Peralta I don’t think you can...
Hi Hector! What if I am migrating into fixed asset manager, and I have less than 1 year in remaining life. Let us say 9mos out of 12, and I put on the "Basis" the Book Value. When I try to post journal entry, it won't calculate anything for the month to post. Appreciate your thoughts. Thanks
Juan Niyebe i dont support FAM so I can’t answer the question.
Can my Fixed Asset List be imported into the QB Fixed Asset manager? Do you have a video on this?
I have never done it
Another QB user updated the Convention for our Fixed Asset Items in the QB FAM, but I can't see those changes when I log in with my ID. Shouldn't I be able to see those updates? is there a sync that needs to happen somewhere? Convention was updated to full month for all Book items but they show as Half Year when I log in.
I dont support FAM any more, have not touched it in years
❤❤❤gbosa👍👍👍👍👍
:)
I have the Quickbooks Premier Professional 2015, Can I use Fixed Assest Manager? thanks.
+Alejandra Rojas no, you need to upgrade to QB Accountant
@@HectorGarciaCPA Do I need to be CPA to get qb accountant? I have advanced because I only got it to practice.
Hector, do you have to buy this aparte? I have Premier Contractor Edition and I don't see the Fixed asset manager in the software...
you need to upgrade to Accountant edition.
Hector Garcia CPA I am the accountant for a private company. He uses premier contractor edition for both of his entities.
I don't think he needs the accountant edition but I'll ask if I can get it. Thank you for your help
if you want Fixed Asset Manager.. then yes you need it.
I understand.. but they want to use FAM correct?
LIKE
Hola! Lo tienes en espanol?
Monica G. no
ok, Thanks You!