Fixed Asset Manager - not importing the new assets we entered for 2021 but prior year assets imported

[MelissaM]

We had this happen last year for a client or 2 but moved on...the first client we are trying to import from Fixed Asset Manager to Proseries Professional isn't working.  The prior year assets import just fine; the new asset we entered doesn't appear in Proseries.  It shows in FAM and shows on reports & shows in the export but nothing in Proseries.  Any ideas?

[rbynaker]

When I would have this problem in the past it was always operator error (guilty, as charged).  Check very carefully all of the fields on the new assets (compare them to the old assets) and make sure the activity descriptions are sending the new assets to the right form/schedule/activity.  The export/import can be picky sometimes.  I think one time I might have had an invalid character in the Sch C business activity description that was okay in either FAM or PS but not okay in the other.

I always thought FAM was a PITA but a necessary evil for anyone in a state with a business personal property tax filing (like VA).  I've since dropped it and just keep Excel spreadsheets.  A lot of business assets are below the IRS de minimis so we just file the election every year and they no longer even show up on a depreciation schedule.  We still have to report them at the local level though for PPT purposes.  Once the tangible property regulations came out I already had to start keeping "two sets of books", one for tax depreciation and one for PPT so FAM wasn't really saving me much time.  I finally weened the last client (with 300+ assets) off of it a couple years ago.

Post back if you figure out the problem.  The fact that you're using FAM likely makes you the expert in this forum. 🙂  I can probably count on one hand how many people answer FAM questions here.

Rick