You've come to the right place, @Andy5965.
The Fixed Asset Manager is a feature that allows you to calculate the depreciation of fixed assets based on the standards published by the IRS. This is available in QuickBooks Desktop Premier Accountant, Enterprise, and Enterprise Accountant can be accessed under single-user mode.
First, let's switch to single-user mode. Here's how:
- Go to the QuickBooks File menu.
- Select Switch to Single-user Mode.
Now, you can start setting up the QuickBooks Desktop Fixed Asset Manager:
Set up the Income Tax Form
Set up General Ledger (G/L) Account in QuickBooks Desktop
FAM Client Wizard
Add Asset in Fixed Asset Manager
You can visit this article for more detailed steps: Set up Fixed Asset Manager (FAM).
On the other hand, you'd want to make sure you've recorded your vehicle-related transactions to the Fixed Assets account. This way, the Fixed Assets account will show on the Balance Sheet report. You can read through these articles to learn more about the step-by-step process:
Lastly, I'd recommend consulting with your accountant so you'd be assisted in reviewing how your Fixed Asset account and related transactions were entered in QuickBooks.
Keep me posted if you have other questions about using QuickBooks to manage your assets and other business-related transactions. The Community and I are always here to help.
