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.
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
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.
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
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.
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.
Creating fixed asset