A fixed asset is defined a tangible asset owned by the Company and it is not a stockpile and is not meant for resale, but plays an invaluable role in the business. Some examples of Fixed assets are Furniture, fixtures, Buildings, Equipment, leasehold improvements, including others. To deduct the cost of usefulness of these assets over their useful life, Depreciation adjustments are included. Read the entire blog to fix the issue “fixed asset manager in QuickBooks”.

2. A Thorough Guide to Fixed Assets Using
Fixed Asset Manager (FAM) in QuickBooks
A fixed asset is defined a tangible asset owned by the Company and it is not a
stockpile and is not meant for resale, but plays an invaluable role in the
business. Some examples of Fixed assets are Furniture, fixtures, Buildings,
Equipment, leasehold improvements, including others. To deduct the cost of
usefulness of these assets over their useful life, Depreciation adjustments
are included. Read the entire blog to fix the issue “fixed asset manager in
QuickBooks”.

3. What is QuickBooks Fixed Asset
Manager used for?
QuickBooks has a beneficial feature in terms of the Fixed Asset Manager. This feature
helps users to handle their fixed assets without any hassle. The benefits of FAM in
QuickBooks subsume the following:
● Calculation of Asset depreciation
● Entering information related to the asset
● Generation of different types of depreciation forms and reports.
● Notifying journal entries

4. Procedure to set up Fixed Asset Manager in QuickBooks
Following steps need to be followed to set up FAM in
QuickBooks without any trouble:

5. Step 1: Setting up the Income tax form
The steps to set up Income Tax Form for both New Users and Existing Users are:
Steps for new user
● Run QuickBooks, then in No Company Window create new company file.
● Choose “how the company is organized”, then click Finish.
Steps for Existing user
● Run QuickBooks, then go to Company menu, and then to additional options.
● There, choose My Company, then Report information.
● Click on utilized income tax form, then go for the Ok tab.

6. Step 2: Setting General Ledger account in
QuickBooks
● FAM adds depreciation to the depreciation (expense) account, for which the General Ledger
account is necessitated.
● It provides entry for total accumulated depreciation and asset value.
● The user can conform to minimal account or ideal account.
● The setup for each fixed asset account is finalized here.
● So, a correct General Ledger account is important.

7. Step 3: Client Wizard in FAM
● Head for Accountant menu, then open Fixed Asset Managed Wizard.
● Choose Manage Fixed Asset option, then choose the appropriate option for the
business.
● Provide other important details related to the company in the General overview,
basis, synchronization of from and to, company date, and methods of newly created
assets.

8. Step 4: Add your Assets to the FAM
● Go for the inclusion of assets not added yet, or the one that are fresh.
● Head to Asset menu, then Add asset to add an asset.
● Now, provide correct information in half of the window, and include details for
depreciation calculation in the second half.

9. Step 5: Synchronize Assets
Two methods can be used to synchronize Assets, these include:
Manual Synchronization:
● It includes a complete manual process.
● To get the update, opt for Update Assets in QuickBooks.
● One needs to save assets in QuickBooks account to synchronize them following the update.
Automatic Synchronization:
● This process is automated, and requires less manual methods.
● Access FAM option, then choose Automatic.
● Now, pick an option between new goods and changed versions of the fixed assets to be
synchronized, then click on Ok.

10. Winding UP!
This article provided viable insights on how to use Fixed Assets Manager in
QuickBooks. If you need our help, then you can easily connect with our team. Reaching
us out is easy. All you need to do is call us at 1-800-761-1787.

11. Source: https://qbsquickbookserrorcode.weebly.com/blog/a-thorough-guide-to-fixed-assets-
using-fixed-asset-manager-fam-in-quickbooks