How to Use Fixed Assets Using Fixed Asset Manager in QuickBooks?

Fixed assets are long-term tangible assets or equipment that a company uses to operate its business. Fixed assets include computer equipment, buildings, software, land, machinery, furniture, and vehicles. Companies can depreciate the value of these assets based on wear and tear. Fixed assets typically appear on a company's balance sheet as property, plant, and equipment (PP&E). This data is used to track the value, depreciation, and disposal of fixed assets. For some reasons users move their QuickBooks account to another computer so that it is necessary to move fixed asset data to your new system. In this segment we learnt about how to move fixed asset data to your new QuickBooks or another computer. 

What is fixed Asset Data in QuickBooks?

In QuickBooks Desktop, fixed asset data refers to information related to a company's fixed assets, such as property, equipment and vehicles. This data is used to track the value, depreciation and disposal of fixed assets. These are the assets or instruments that a company owns and uses to generate income. These assets are not expected to be sold or used within a year and are sometimes recorded as property, plant, and equipment (PP&E) on the balance sheet. Fixed assets are subject to depreciation, while intangible assets are amortized. Fixed assets are often compared with current assets, which are expected to be converted into cash or used up within a year.

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How to find Fixed Asset file to move?

When you upgrade QuickBooks or install it on a new computer, you must upgrade or move your fixed asset data. First you need to find it in your new computer. Each company file has its own Fixed Asset folder. Depending on how many clients you have, you may have to go through several folders to find the correct Fixed Asset Manager file. Follow the below step to find out the right one.

• Open your client's company file.

• Go to Accountant (or Company if you have an enterprise), then select Manage Fixed Assets.

• Go to Tools and click on Program options.

• Select General, then uncheck Automatically compress clients and select OK.

• Open File Explorer and browse to C:\Users\Public\Documents\Intuit\QuickBooks\Company Files.

• Look for the FAMXX folder. Where XX is the number of the previous QuickBooks version the client used to open the file.

• Open the FAMXX folder and look for the client file. The name of the client file is something like {0000xxx.

How to upgrade and move Fixed Asset Data to your New QuickBooks or Another Computer?

To upgrade and move your Fixed asset data follow the below steps- 

Step 1- Upgrade the fixed asset file

• Open your client's company file, then go to Accountant (or Company if you have an enterprise) and then select Manage Fixed Assets.

• Select Transfer the previous year's Fixed Asset Manager client file.

Note- If you have already set up and created a new Fixed Asset Client file, go to File and select Transfer Client.... A message will appear warning you that you will overwrite existing data. Select Yes to continue.

• Select Next.

• Select Browse, browse to select the client file you want to transfer and hit to Next.

• Select Asset Synchronization, then select Next.

• Make sure the transfer summary information is correct. Then select Finish to begin the transfer.

Step 2- Move fixed asset data to another computer

If you installed QuickBooks on a new computer, you will need to use a flash drive to transfer your client's fixed asset file.

• First you need to create backup of your client fixed asset data in your old computer.

• Open your clients company file.

• Go to Accountant (or go to Company if you use Enterprise), select Manage Fixed Assets.

• Now Go to File and select Backup. Then select OK.

• Browse the flash drive location where you want to save your backup data file.

• When you're ready, select OK.

Note- The file name of the backup folder may vary, but the format will always be followed by numbers, such as: {9990001…}

• Now you need to restore your client’s fixed asset data.

• Connect your flash drive to your new computer.

• Open your QuickBooks and log in to your client's company file.

• Go to Accountant (or Company if you're using Enterprise) and select Manage Fixed Assets.

• Select Restore the current year's QuickBooks Fixed Asset Manager client file.

• Select Browse, then navigate to the flash drive where you saved your client's file.

• Make sure you select the folder where you saved the backup and not the file itself.

Step 3- Manually upgrade the Fixed Asset File (optional)

• If you upgraded QuickBooks and had to skip a version, such as from 2020 to 2022, you'll need to find the client file used in the original version to move it. Here's how to find and move the file.

• Open File Explorer and browse to C:\Users\Public\Documents\Intuit\QuickBooks\Company Files.

• Copy the Client Fixed Assets folder (named something like {0000301), and save it to your desktop.

• Open the folder you copied.

• Change all extensions to match your QuickBooks.

• For example, if you move a fixed asset data file from QuickBooks Desktop 2020 to 2022, rename the .F90, .F91, and .M90 files to .F10, .F11, and .M10.

• For newer QuickBooks versions, go to C:\Users\Public\Documents\Intuit\QuickBooks\Company Files\FAMXX, and check if there is a client file with the same name as the one you saved on the Desktop.

• If not, copy the client file from the desktop to the FAMXX folder.

• If so, do not copy, because you will overwrite that existing folder. First, follow next steps-

• Go back to the location where you temporarily saved the folder, then change the number of the folder you want to move first. Then copy it again.

• For example: If you need to move the folder {0000301, but an existing folder has the same number, change the folder number to {0000401. Be sure to rename all files in the folder to match the folder number.

• Move the folder to your new QuickBooks client folder.

Conclusion

In this segment we learn about the Fixed Asset Data in QuickBooks. We also discuss the way how to upgrade and move Fixed Asset Data to your New QuickBooks or Another Computer. By following above steps hopefully you can transfer your data securely. However, in case of any query, give us a call at 1-800-761-1787. Our QuickBooks enterprise technical support experts and professionals will ensure to provide you with immediate technical assistance.