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Common questions on importing assets from Fixed Asset Manager to ProSeries

SOLVEDby IntuitProSeries Professional8Updated March 25, 2022

You can import information from a Fixed Asset Manager client to an Asset Entry Worksheets in your client's Intuit ProSeries return.

Before you start:

  • When you use Fixed Asset Manager for depreciation, don't manually create asset entry worksheets in ProSeries, the import process will create these.
  • When you transfer your ProSeries client to next year, the Asset Entry Worksheets won't transfer if they were imported from Fixed Asset Manager.

To import asset information from FAM into ProSeries Professional:

  1. Open ProSeries Fixed Asset Manager.
  2. Open the client you wish to export.
  3. From the File menu, select Export Client then ProSeries, then Export.
  4. Take note of the Destination Directory before selecting OK.
    • The default is C:\FamWinYY\Exports, but this can be set to anywhere on the computer.
  5. Select Yes to view the exception log and make sure the correct number of assets were exported.
    • If any assets fail to export the exception log will tell you why.
  6. Open ProSeries.
  7. From the Import menu, select Fixed Asset Import.
  8. Make sure the Destination Directory is the same one as from step 4 and select Open.

Tips and suggestions:

  • Imported amounts are added to existing amounts.
  • To remove only the data imported from Fixed Asset Manager, go to the Import menu and select Delete Fixed Asset Data.
  • To remove all imported data, go to the Import menu and select Delete All Imported Data.
  • Activity names between ProSeries and FAM must match.
    • For example, the name of the Schedule C copy in ProSeries must match the Property Name field in FAM.
  • This feature isn't available for Form 1040NR returns.

ProSeries doesn't import state information from FAM.

If the state depreciation is different, make adjustments in ProSeries, in the State Depreciation section of the Asset Entry Worksheet. These adjustments will need to be made each year FAM information is imported into ProSeries.

When attempting to import fixed assets from ProSeries into Fixed Asset Manager (FAM) the process fails and displays the following error:

"An Unknown Error was Encountered, Error# 190; Contact ProSeries Technical Support"

ProSeries-FAM-error-190.png

This error may occur if the client file in Fixed Asset Manager has been prepared or moved into the next tax year and the asset data attempting to be imported is in a prior-year version of ProSeries Professional.

Example:

This error may occur if the client in 2016 Fixed Asset Manager has a year start and end date of 01/01/2017 to 12/31/2017 and the attempts to import asset data from a tax year 2016 client file in ProSeries Professional 2016. 

How do I resolve this error?

The tax year must be the same in the FAM client file and the ProSeries client file. If the Prepare for Next Year feature was already used in FAM to close out the tax year, try to import again after completing the steps below.

Follow these steps to restore assets in Fixed Asset Manager if you prepared for next year by accident:

When you prepare for next year in FAM, the depreciation is recalculated and the client date is changed to the next year's date. Once this process is done, there's no feature available in FAM to go back if you didn't create a back up.

Use this workaround to reset the depreciation:

  1. Create a new client with the same information but with the correct year.
    • For example, if you're in Fixed Asset Manager 2018, the date should be 1/1/18–12/31/18.
  2. Copy all assets from the file you have already closed the year on.
  3. Paste the files you just copied into the newly created client.
  4. In the new client file, click on the Tools menu, select Recalculate all assets, and choose Recalculate All Prior Depreciation Values.

You may see one or both of these scenarios if you previously entered assets directly in ProSeries and are using FAM for the first time. Assets entered directly on the ProSeries Asset Entry Worksheet must be deleted before you import from Fixed Asset Manager (FAM). 

If you've already imported FAM assets into ProSeries, delete all ProSeries assets manually and re-import FAM assets. 

If you transferred from the prior-year ProSeries file, you can reduce the number of assets to delete by re-transferring the client file:

  1. Delete the client file from the current-year ProSeries:
    1. Go to Homebase.
    2. Left-click to Highlight the client file.
    3. Right-click to Delete the file.
  2. Re-transfer the client file from prior-year ProSeries to current-year ProSeries.
  3. Manually delete each asset from ProSeries:
    1. Open an Asset Entry Worksheet.
    2. Right-click and select Remove Asset Entry Worksheet from the menu.
  4. Once the assets are deleted, re-import the client file from Fixed Asset Manager.

Assets will no longer transfer to next year from ProSeries. You must use Fixed Asset Manager to import assets each year.

When importing assets from ProSeries into Fixed Asset Manager,  it fails with the following message in the Exception Log:

"[IMPORT] Error importing asset. [Fixed Asset Manager does not support calculating MACRS assets using a table.}"

fam_macrs.jpeg

This error often occurs with clients converted from another tax program.

Follow these steps to resolve the error:

  1. In the Exception Log window, click OK.
  2. Open ProSeries.
  3. Open the specific client file that you want to import into Fixed Asset Manager.
  4. Press F6 on your keyboard to bring up Open Forms.
  5. Type "DEE" and press Enter to open the Depr Entry Wks.
  6. Scroll down to the bottom of this worksheet and check No on the line Use IRS tables for MACRS properties.
  7. Save the return.
  8. Try the import again.

Follow these steps to prevent this error from happening in the future:

  1. In the Exception Log window, click OK.
  2. Open ProSeries.
  3. Open the specific client file that you want to import into Fixed Asset Manager.
  4. Press F6 on your keyboard to bring up Open Forms.
  5. Type "DEO" and press Enter to open Depr Options.
  6. Check the No box on Line 3 - Use IRS tables for all MACRS property placed in service this year?
    • This will automatically check the No box on Use IRS tables for MACRS properties for all new assets created in the return.
    • This won't affect assets that have already been entered in the return.

When importing assets into ProSeries from Fixed Asset Manager (FAM), the import process stops before importing all assets.

This may happen when one of the asset records in the Fixed Asset Manager (FAM) client file is damaged or incorrectly formatted. Normally, the asset in question is located near the last asset that was successfully imported into ProSeries.

  1. Once the import into ProSeries has stopped, make a note of the last asset that was successfully imported.
  2. In FAM, go to the Schedule of Assets tab and delete the last asset that was imported into ProSeries. Then, delete the 2 assets showing above and 2 assets showing below that asset.
  3. Re-key the assets that were deleted. 
  4. Save the client file.
  5. Export the assets to ProSeries.
  6. In ProSeries, open the client file where the assets were to be imported. 
  7. From the Import menu, select Delete Fixed Asset Information.
  8. Reimport the assets from FAM into ProSeries by clicking on the Import menu and chooseing Fixed Asset Import
  9. Locate the exported FAM file and import the information into the ProSeries client file.
    • All of the assets should be imported into the client file.

If the above steps don't work, try exporting the assets to an Excel spreadsheet. Review the asset information for any potential formatting errors. For example, the Asset Description may have a symbol that looks like a black box or a square. This symbol will prevent the import process from working correctly. Remove and avoid using copy/paste for the Asset Description, if possible.

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