Common questions about Fixed Asset Import

The Fixed Asset Import functionality is integrated into the Individual, Corporate, Partnership, S-Corporate, and Fiduciary modules to import depreciation from an Excel spreadsheet.

Only .CSV and .XLS files are supported for the Fixed Asset Import. Password protected Excel files and 2007 .XLSX files aren't supported.

The .CSV file needs to be closed before importing the document.

There are three ways to access the Fixed Asset Import:

The Excel spreadsheet must have columns set up for:

• Date placed in service
• Cost or basis
• Description
• Category column

The Category column must be set up numerically, or Lacerte won't import it. For example:

• 1 = Auto
• 2 = Furniture & fixtures
• 3 = Machinery & equipment
• 4 = Buildings
• 5 = Improvements
• 6 = Land
• 7 = Miscellaneous
• 8 = Amortization

By default, the Fixed Asset Import Wizard assumes that the data contained in the spreadsheet doesn't contain the Lacerte Depreciation Method. It'll use the values below to assign the appropriate method:

• Tax method (MACRS/ACRS)
• Depreciation method
• Life

These three items are optional and only need to be assigned if the spreadsheet contains that data.

After clicking the Next > button, a new screen may appear which will allow a selection of the appropriate Lacerte Depreciation Method for any assets that the Fixed Asset Import Wizard is unable to automatically assign.

If the file contains the Lacerte depreciation method, uncheck the box labeled My worksheet has multiple columns needed to determine the Lacerte Deprecation Method and then select Lacerte Method for the appropriate column.

The following items can be imported:

• Description of the asset
• Category
• 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