How to Setup Fixed Asset Manager in QuickBooks?

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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.

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• 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

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Procedure to set up Fixed Asset Manager in
QuickBooks

• Following steps need to be followed to set up FAM
  in QuickBooks without any trouble

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Step 1 Setting up the Income tax form

• The steps to set up Income Tax Form for both New
  Users and Existing Users are
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• 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.

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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.

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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.

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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.

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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.

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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.

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