QuickBooks Enterprise

How to Create a New Fixed Asset Manager Client and Record a New Asset in QuickBooks Desktop

How to Create a New Fixed Asset Manager Client and Record a New Asset in QuickBooks Desktop

The Fixed Asset Manager in QuickBooks Desktop lets you manage and track fixed assets as well as compute depreciation according to IRS standards. You can use the Fixed Asset Manager to add a new asset, assign an account to multiple assets, depreciate an old asset, or add and change the depreciation method of an existing asset.

Today, we’ll show you how to create a new fixed asset manager client as well as add a new asset in QuickBooks Desktop.

From your QuickBooks Desktop homepage, click on Accountant and Select Manage Fixed Assets.

Navigate to Manage Fixed Assets

After clicking on Manage Fixed Assets, the QuickBooks Fixed Asset Manager popup window appears, asking you which action you want to perform. Select Create a New Fixed Asset Manager client and click OK, as shown below.

Select Create a New Fixed Asset Manager client and Click OK

The QuickBooks Fixed Asset Manager will then require you to complete a series of information, including General, Dates, Basis, Default Methods, and Asset Synchronization options. We’ll provide a brief overview of each section below.

General Information Required to Create a New Fixed Asset Manager Client

General: This screen covers basic information, such as the client’s name, address, and contact details. 

Date Information Required to Create a New Fixed Asset Manager Client

Dates: Input the current year beginning and ending dates for which the statements are being created. These dates are then used by the program to compute prior-year depreciation when you record an asset into the fixed asset manager.

Setting Basis Options to Create a New Fixed Asset Manager Client

Basis: This section lets you choose which tabs appear in the bottom half of the Asset window.

Setting Default Methods to Create a New Fixed Asset Manager Client

Default Methods: This window allows you to choose the default methods for each new asset created.

Synchronizing Data Between QuickBooks Desktop and Fixed Asset Manager

Synchronization (From/To): This screen lets you control how data move between QuickBooks Desktop and the Fixed Asset Manager.

Adding a New Asset in QuickBooks Desktop Fixed Asset Manager

To record a new asset, select Add from the toolbar or press F4 on your keyboard. You may also click on Add Asset from the Asset menu.

The Asset screen will then appears, requiring you to provide essential information.

Asset Screen for Creating a New Asset in QuickBooks Desktop

Once the new asset is recorded, use the top section of the Asset window to provide details, such as description, asset number, and purchase order number. The second half of the screen lets you record depreciation calculation details, like depreciation method, cost, and tax system.

These steps can be overwhelming at first, but when you or your accountant devotes time to learning it, the process becomes a breeze.

Still Have Questions? Need Help?

Should you have any questions about adding and managing fixed assets in QuickBooks Desktop Enterprise, talk to us at  866-949-7267. Our experts can walk you through the steps in detail and can even set up your own free account so you can try it for free before deciding whether to buy the program.

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