Assets - Did not import

[michstewart]

Hi,

I used Fixed Asset Manager to move assets from a Partnership to an S Corporation.  This was done with the 2019 return. I use ProSeries for tax.   When I transferred the 1120S tax file from 2019 to 2020, the assets did not import.  Please advise.

[IntuitAngela_13]

Since you used Fixed Asset Manager to import the assets into the return, ProSeries will expect the assets to be imported each year and will not be transferred as part of the client file. 

[jimst · Accepted solution]

Hi michstewart,

If this was an export from TY19 Fixed Asset Manager (FAM) to TY19 ProSeries, it sounds like you might be expecting to see the assets that were imported to the TY19 ProSeries 1120S return within TY20 ProSeries after transferring the 1120S tax client to TY20. 

ProSeries doesn’t transfer FAM-Imported assets by design. Because the assets now “live” in the FAM company, it is necessary to transfer the 1120S TY19 FAM company to TY20 FAM, export assets from the FAM company to the ProSeries client from within FAM, then import into the 1120S ProSeries client. (This is a two-step process in ProSeries FAM but a one-step process in QBFAM - i.e. no need to invoke “Import Fixed Assets” within ProSeries).

This and more information about FAM is available in the Fixed Asset Manager online user guide by searching for “Importing information into ProSeries” or searching within the Help system for “Exporting a client file to ProSeries” 

Hope this information helps.

jimst