Fixed Asset Manager and Fixed Asset Items in QuickBooks Desktop

[@AlexandrosFereos]

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.

[@arbeeherrera7141]

Hello, appreciate you taking the time to make the video. Can you add the general ledger accounts to older assets that have been in the books for 5+ years?

[@kurangadigital3287]

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,

[@HectorGarciaCPA]

FAM is the worst.. use to work several years ago, now its like a 50/50 chance

[@sabbahme]

Clear understanding about asset manager

[@bassemkayali7004]

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.

[@daviddaniel82]

Thank you for your kindness in wanting to share. This video has helped me a lot in understanding how to use the FAM feature.

[@essamuhammad6393]

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?

[@HectorGarciaCPA]

Thats just an expense

[@VarinderSharma-y4r]

Fully enjoyed your FAM feature and learned to put FAM to use. Thanks

[@HectorGarciaCPA]

:)

[@leslieholbrook5063]

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.

[@sumithmallikage4108]

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

[@hamzaabdallaahalikhan8139]

Good one. Really the way it has been explained was awsome

[@HectorGarciaCPA]

Thanks.

[@karenjohnson6782]

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?

[@HectorGarciaCPA]

I don’t have a simple answer for that. I might need to study the asset transfer transaction

[@gaellewulff]

Thank you for this training

[@brandengineering4622]

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

[@yolandacruz6121]

Hector, I have an issue with my QB adding phantom assets after I have closed the year. How can I correct this issue?

[@HectorGarciaCPA]

I don’t know what a Phantom asset is

[@impactodelsurenterprise2440]

When i try to post from FAM to quickbooks the debit and credit are out of balance. What's the cause of it?

[@anndoederlein5435]

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.

[@HectorGarciaCPA]

I dont support FAM any more, have not touched it in years

[@anibaldelacruz]

Hector buenos dias, me gustaria saber como puedo registrar la compra de un vehículo en quick book el cual compramos con nuestra cuenta corriente?

[@HectorGarciaCPA]

Lo metes contra Fixed Assets

[@siegfriedliberia2696]

Do you have to setup an Income tax form in order tu access the fuxed asset manager and how to do that?

[@HectorGarciaCPA]

@@siegfriedliberia2696 I think the Fixed Asset Manager is no longer supported by Intuit

[@mebrahtomande4799]

Thanks, well explained sir

[@chrizki456]

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

[@HectorGarciaCPA]

I dont support the Fixed Asset Manager in QB desktop any more, so I cant test it and give you an answer

[@chrizki456]

@@HectorGarciaCPA Thanks for responding

[@debSilbert]

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.

[@HectorGarciaCPA]

QB does not manage loans Receivables in that way.

[@grahamkennedy7221]

Great video, thank you!

[@guadaluperodriguez8344]

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

[@khalidsalman5632]

If a company has one ledger account for all computers than how to add all of them?

[@bili270]

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?

[@HectorGarciaCPA]

Bilal Ahmed yes you can do QTY in the purchase screen

[@bili270]

@@HectorGarciaCPA please guide me how? Can you elaborate?

[@anndoederlein4329]

Can my Fixed Asset List be imported into the QB Fixed Asset manager? Do you have a video on this?

[@HectorGarciaCPA]

I have never done it

[@aamirhossain387]

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?

[@robertadafallon660]

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.

[@babypiggee]

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.

[@abdihakimcumar7916]

Very helpful lesson

[@murrayburt1396]

Excellent video. Thanks Hector. Do you have any advise on taking on an existing asset list thats say 6 years old already

[@HectorGarciaCPA]

I would take a look at the depreciation table from the tax return

[@muhammadhabeeb3582]

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?

[@HectorGarciaCPA]

I don’t think that is possible

[@amakaukaa8473]

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

[@HectorGarciaCPA]

In a journal entry

[@rcippa2588]

Good Video. Can you post a monthly journal entry using the Fixed Asset File Manager? Your example demonstrated a yearly journal entry.

[@HectorGarciaCPA]

r cippa yes

[@jhonkevinperalta8825]

Hi hector Can we use this even we are in different currency?

[@HectorGarciaCPA]

Jhon Kevin Peralta I don’t think you can...

[@johndeedavid4061]

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

[@HectorGarciaCPA]

Can’t be done

[@johndeedavid4061]

😥

[@betameau]

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

[@yoxmarrodriguez7632]

Excellent. How do I include the buildings that I bought 5 years ago?

[@HectorGarciaCPA]

I don’t support this app anymore, so I don’t have answer, sorry.

[@yoxmarrodriguez7632]

Thank. You

[@amitshah8508]

Very nice Video covering the topic in detail.

[@HectorGarciaCPA]

Thanks.

[@muhammadanasmasood8363]

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

[@HectorGarciaCPA]

The FAM will do it

[@chrisfitzsimmons4481]

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.

[@HectorGarciaCPA]

I don’t use FAM anymore :(

[@chrisfitzsimmons4481]

@@HectorGarciaCPA Ha! I am always behind the times. Can I ask what program you are using for tracking FA and calculating depreciation?

[@njh6123]

Great video. This was exactly the help I was looking for - clearly presented. Thank you!

[@HectorGarciaCPA]

ok great

[@rcippa2588]

I think I noticed that you can by depreciation through date and last posting date.

[@juanniyebe3557]

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

[@HectorGarciaCPA]

Juan Niyebe i dont support FAM so I can’t answer the question.

[@marybethhebert4363]

Thanks Hector, your videos are always very good and helpful!

[@Malik-ix2kx]

Very very very informative video❤ Best yt channel for QB

[@HectorGarciaCPA]

Awesome :)

[@rhondafriscia5528]

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.'

[@AdminPMDT]

thank you for sharing !

[@HectorGarciaCPA]

:)

[@uroospunyali8861]

Wonderful explanation Hector. thank you so much and God bless you.

[@HectorGarciaCPA]

Uroos Punyali thanks

[@ayokareem6171]

God bless you Sir

[@HectorGarciaCPA]

:)

[@mariomolina6095]

Thank you for the video Hector.

[@yolandacruz6121]

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...

[@HectorGarciaCPA]

you need to upgrade to Accountant edition.

[@yolandacruz6121]

Hector Garcia CPA I am the accountant for a private company. He uses premier contractor edition for both of his entities.

[@yolandacruz6121]

I don't think he needs the accountant edition but I'll ask if I can get it. Thank you for your help

[@HectorGarciaCPA]

if you want Fixed Asset Manager.. then yes you need it.

[@HectorGarciaCPA]

I understand.. but they want to use FAM correct?

[@staceyrich2454]

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?

[@HectorGarciaCPA]

Nope.. I don’t really support FAM, is such a gigantic headaches

[@JimCasler]

@@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!

[@HectorGarciaCPA]

Jim Casler that’s my opinion.. is a lot of work.

[@marf9401]

I have the Quickbooks Premier Professional 2015, Can I use Fixed Assest Manager? thanks.

[@HectorGarciaCPA]

+Alejandra Rojas no, you need to upgrade to QB Accountant

[@doykme]

@@HectorGarciaCPA Do I need to be CPA to get qb accountant? I have advanced because I only got it to practice.

[@aylenmorales4250]

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!

[@anndoederlein4329]

Curious if you have any info on importing fixed assets to FAM?

[@zocounlimited3136]

Thank you! just what we needed :)

[@HectorGarciaCPA]

Great!

[@neiljohansonchua]

I learned a lot!! thanks!

[@gabyperez1762]

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 .

[@HectorGarciaCPA]

gaby perez this is a complex issue.. there are no more videos on this.

[@AdnanAhmad7]

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

[@HectorGarciaCPA]

Adnan Ahmad :)

[@hamzawaheed47]

Thank You very much Hector !!!

[@HectorGarciaCPA]

You welcome.

[@tiffanyestherbonner2362]

Very good explanation.. here in 2024

[@HectorGarciaCPA]

:)

[@almanzarortegayasociadossr3109]

nice job

[@monicag.8969]

Hola! Lo tienes en espanol?

[@HectorGarciaCPA]

Monica G. no

[@monicag.8969]

ok, Thanks You!

[@diviass5572]

❤❤❤gbosa👍👍👍👍👍

[@HectorGarciaCPA]

:)

[@abdullahzeidan7424]

Thank you for your effort . thank you man :) Abdullah Zeidan

[@HectorGarciaCPA]

Abdullah Zeidan you welcome

[@akisistemas8315]

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