Welcome back! Ask questions, get answers, and join our large community of tax professionals.
Showing results for 
Search instead for 
Did you mean: 

ProSeries Fixed Asset Manager

Level 1

I download the 2020 ProSeries Fixed Asset Manager and trying to work through out the program works and reports.  Why when you try to enter a new assets the dropdown for Tax System or Depreciation Method don't give you options to select and tax or method?  I figured out that if you start to type Macrs or Acrs, or Amortization for the Tax system you can choice it not sure what other items might be valid for the field.  For Depreciation Method, you have to type in 200 to get 200%DB, 150 to get 150%DB, 125 to get 125%DB, found you can type 200% Truck to get another option, why don't all the options just show up in the drop down list?  Do you really have to run separate reports to get depreciation vs amortization, what a pain how do you expect to reconcile to general ledger.  Can you print Forms 4562 or  4797?  How do you get the information to entered amounts for these reports into tax software?  Can you print a next year depreciation projection report?    

0 Cheers
4 Replies 4
Level 15

You asked too many questions for me to answer, especially since I don't use the software.  Have you checked this out?

ProSeries Fixed Asset Managers User's Guide (intuit.com)

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
Level 7

I have been using Fixed Asset Manager (FAM) for a zillion years.  It's a pretty good, but not perfect program.  You could alternatively enter the data directly into the ProSeries tax program.  I tend to use it mostly on clients where (a) they have a lot of fixed assets, or (b) I want to generate reports by category for general ledger use (ex: I set up Furniture and Fixtures, Machinery and Equipment, Leasehold Improvements, Land Improvements, etc., etc. categories to match by balance sheet, or (c) I want to track down to the penny whereas I only use whole dollars on the tax return, or (d) I want to prepare personal property tax reports, or (e) I want to import and export to/from ProSeries.  You do not get tax forms printed from FAM but you can get tax reports to match.  I do not use these as I will import FAM into ProSeries and it works wonderfully.  Then if I realized I screwed up I can delete the FAM import, fix and re-import.  And yes, the MACRS/ACRS/200db/150db/etc. don't exactly match the ProSeries input but that doesn't matter as long as the correct depreciation method and life is used.  Where FAM fails is the state depreciation.  Not the calculation but that ProSeries cannot print state depreciation reports so I have to confirm that any decoupling is correct.

Level 1

Thanks for you reply, I was looking to use Fixed Asset manager (FAM) under similar reasons, for clients that have a lot of assets, being able to group in more categories, be able to code assets to sort for personal property tax returns.  I did figure out that I can use the right & left arrow keys to walk through the different Depreciation methods, odd way, but I guess it works once you figure out how it works.  Can you import from (FAM) into Proconnect?  Still looking for good reports related to Forms 4797 and 4562 to enter into tax software.  

0 Cheers
Level 7

You do not need arrow keys to walk through depreciation methods.  There are drop down lists. But if you have multiple monitors the lists only drop down if the program is on your main monitor.  Weird but it's been that way for years.

I cannot answer whether FAM imports into Proconnect as I use the desktop ProSeries version.  That is what FAM was actually written for.

Good luck.



0 Cheers