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Fixed asset tracking and the Fixed Asset Manager

Tracking the book value of long-term assets as they decline over time can be a tricky business. The amount by which they depreciate can affect not only the worth of a business, but the size of a tax bill. It's important to develop good record-keeping habits where such fixed assets are concerned. It's also important for accountants and their clients to work together to make sure all the necessary information is being recorded so both financial statements and tax returns are correct.

QuickBooks can help both accountants and small business owners using fixed asset items and the Fixed Asset Manager.

On the small business side

Tracking fixed assets with fixed asset items enables you to record such information about an asset as purchase date and price, whether the asset was new or used when purchased, and the asset's sale price if you decide to sell it. You can also generate customizable reports listing all your fixed assets.

To see examples of fixed asset items, open the product-based sample company file for Rock Castle Construction, then go to the Lists menu and click Fixed Asset Item List.

On the accountant's side

When the Fixed Asset Manager is started from within either a QuickBooks Accountant or QuickBooks Enterprise Solutions edition, it pulls in information about fixed assets from an open company file. Then the accountant can determine depreciation for the assets and post a journal entry back to the company file. The accountant can also enter assets in the Fixed Asset Manager and send that information back to QuickBooks.

The Fixed Asset Manager integrates with Intuit's ProSeries Tax products, which makes it easier to get asset information from QuickBooks into ProSeries Tax.

Here are some of the features the Fixed Asset Manager offers:

  • Tight integration with QuickBooks data.

  • A detailed, customizable asset entry screen.

  • Six depreciation bases (Book, State, Federal, Other, AMT, ACE).

  • Projected depreciation calculations.

  • Disposition tracking.

  • Custom queries and sorting.

  • Full calculation overrides.

  • A wide variety of built-in depreciation reports and forms.

  • Multiple ways to export and import data.

  • Integration with ProSeries Tax products.

In addition to synchronizing data with QuickBooks, the Fixed Asset Manager has its own data files that can hold more detailed asset information than a company (QBW) file can hold.

To see an example of a file with information you can pull into the Fixed Asset Manager, open the product-based sample company file for Rock Castle Construction. To view the fixed asset items included in the file, go to the Lists menu and click Fixed Asset Item List.

For more information, see the Fixed Asset Manager help.

See also

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