That's correct, Fawaz040. You've nailed it.
The Fixed Item Asset List is used to track individual assets. This allows you to enter information pertaining to the amount, quantity, condition, and purchase date.
If you want to calculate depreciation based on IRS guidelines and monitor the gain or loss on fixed asset disposal, you'll have to use FAM. As mentioned by my colleague above, this is only available in the Enterprise and Premier/Enterprise Accountant versions. Feel free to visit our website to learn more about different plans and pricing.
Once you're all set and ready, please refer to these general procedures to accomplish key tasks with Fixed Asset Manager:
- Setting up the income tax form
- Configuring General Ledger (G/L)
- Utilizing the Client Wizard
- Adding and synchronizing assets
For more detailed steps, I recommend reading the articles below:
Don't think twice to tag me if you have any other concerns or further questions regarding QBDT's functionalities. Take care and enjoy your day, Fawaz040.
