The Fixed Asset Import is functionality integrated in the Individual, Corporate, Partnership, S Corporate and Fiduciary modules to import Depreciation from an excel spreadsheet.
What Type of Files are Supported?
Only .CSV and .XLS files are supported for the Fixed Asset Import. Password Protected Excel files and 2007 .XLSX files are not supported.
Note: The .csv file needs to be closed before importing the document.
Q1. How to Access the Fixed Asset Import?
A1. There are three ways to access the Fixed Asset Import
- First: From the Depreciation screen
- Corporate Module: Screen 20
- Fiduciary Module: Screen 27
- Individual Module: Screen 22
- Partnership Module: Screen 14
- S-Corporate Module: Screen 16
- Second: From the Clients menu:
- Select the Client dropdown menu.
- Choose Import.
- Select Fixed Asset Import.
- Third: From the Tools menu:
- Select the Tools menu.
- Choose Import/Export Data.
- Select Fixed Asset Import.
Q2. Are there any Requirements for setting up the Excel Spreadsheet?
QA. The Excel spreadsheet must have columns set up for:
- Date Placed in Service,
- Cost or Basis, and
- Category Column
Note: The Category Column must be set up numerically or Lacerte will not import the Category Column, i.e.:
1 = Auto
2 = Furniture & Fixtures
3 = Machinery & Equipment
4 = Buildings
5 = Improvements
6 = Land
7 = Miscellaneous
8 = Amortization
Q3. How is the Lacerte Method assigned?
A3. By default the Fixed Asset Import Wizard assumes that the data contained in the spreadsheet does not contain the Lacerte Deprecation Method and it will use the values below to assign the appropriate method.
- Tax Method (MACRS/ACRS)*,
- Depreciation Method*, and
Note: Items marked with an * on the description are option and only need to be assigned if the spreadsheet contains that data.
Note: After clicking the "Next >" button, a new screen may appear which will allow a selection of the appropriate Lacerte Deprecation Method for any assets that the Fixed Asset Import Wizard is unable to automatically assign.
If the file contains the Lacerte Deprecation Method, uncheck the box "My worksheet has multiple columns needed to determine the Lacerte Deprecation Method" and then select "Lacerte Method" for the appropriate column.
Q4. What Items can be imported?
A4. The following items can be imported;
- Description of the asset
- Date Placed in Service
- Cost or Basis
- Current Section 179
- Tax Method (MACRS/ACRS)
- Life or Class Life
- Depreciation Method
- Prior Section 179
- Prior Special Depreciation Allowance
- Prior Depreciation/ Amortization
- Prior Depreciation (AMT)
- Prior Depreciation (Book)
- Prior Depreciation (ACE) (only in the business modules)
- Current Special Depreciation Allowance
Note: To generate the .CSV or .XLS file from depreciation assets in the client's file, please see Exporting Depreciation Data to a File.