Understanding QuickBooks Fixed Asset Manager Reports | 855-749-2321
What Is the QuickBooks Fixed Asset Manager?
Jack
Last Update 2 months ago
QuickBooks Fixed Asset Manager (FAM) is a powerful tool included with certain versions of QuickBooks Desktop (like Premier Accountant and Enterprise) that helps businesses track and manage their fixed assets. One of its most valuable features is the ability to generate reports that provide insights into asset depreciation, asset values, and tax compliance.
In this guide, we’ll break down the key reports available in Fixed Asset Manager and how to use them effectively.
What Is the QuickBooks Fixed Asset Manager?
QuickBooks Fixed Asset Manager is a companion tool that integrates with QuickBooks Desktop to:
Track fixed assets (like equipment, vehicles, and furniture)
Calculate depreciation automatically using various methods
Generate reports for accounting and tax purposes
Assist with year-end tax prep and Form 4562 reporting
Types of Reports in Fixed Asset Manager
Fixed Asset Manager offers a variety of built-in reports categorized by their purpose. Below are the most commonly used ones:
1. Asset List Report
Purpose: Provides a detailed list of all tracked fixed assets.
Includes:
Asset name/ID
Description
Acquisition date
Cost
Depreciation method
Asset status (active/inactive)
When to Use: To get a complete overview of all your fixed assets for internal tracking or audit purposes.
2. Depreciation Schedule Report
Purpose: Shows current and projected depreciation for each asset.
Includes:
Book, Tax, and AMT depreciation values
Year-to-date and accumulated depreciation
Remaining life and net book value
When to Use: During tax season or for financial statement preparation.
3. General Ledger Summary Report
Purpose: Summarizes depreciation expenses and accumulated depreciation by general ledger account.
Includes:
Account names
Depreciation totals
Beginning and ending balances
When to Use: For reconciling asset and depreciation entries with your QuickBooks general ledger.
4. Asset Disposition Report
Purpose: Tracks assets that have been sold, disposed of, or fully depreciated.
Includes:
Disposal date
Disposal method (sale, retirement, trade-in)
Gain or loss on sale (if applicable)
When to Use: To keep your books up-to-date and for calculating capital gains/losses.
5. Form 4562 Tax Report
Purpose: Prepares data required for IRS Form 4562 – Depreciation and Amortization.
Includes:
Section 179 expense details
Bonus depreciation
MACRS depreciation values
When to Use: When filing annual tax returns and reporting depreciation to the IRS.
6. Projection Report
Purpose: Forecasts future depreciation expenses based on current assets.
Includes:
Future depreciation amounts by period
Asset-by-asset or summary format
When to Use: For budgeting and financial planning.
How to Access Reports in Fixed Asset Manager
Open QuickBooks Desktop (Premier Accountant or Enterprise).
Navigate to Accountant > Fixed Asset Manager.
In Fixed Asset Manager, go to the Reports menu.
Select the desired report type.
Customize the date range, columns, and format as needed.
Click Print, Preview, or Export to Excel/PDF.
Regularly update asset data: Enter new assets and update changes to ensure accurate reporting.
Use filters: Narrow down reports by asset type, location, or date.
Back up your company file before making large updates or running year-end procedures.
Consult your accountant when interpreting tax depreciation or preparing Form 4562.
Missing assets: Ensure assets are not marked as inactive or filtered out.
Incorrect depreciation: Review depreciation methods and conventions for accuracy.
Reports not matching QuickBooks GL: Check your synchronization settings and make sure journal entries are being posted correctly.
QuickBooks Fixed Asset Manager reports provide 855-749-2321 essential insights into the life cycle of your company’s fixed assets. From depreciation schedules to tax compliance, these reports help streamline accounting processes and ensure accuracy in your financial records.
Whether you're preparing for year-end, planning budgets, or simply maintaining asset records, understanding these reports can significantly enhance your business’s financial management.