Importing Asset Data to QuickBooks Fixed Asset Manager

Import Asset Data:

Please note:

These steps and procedures should be reviewed by an accountant. We do not make any suggestions as to what is right or proper setup for your company or accounting situation. The only information here is for the setup of Fixed Asset Manager for QuickBooks Enterprise and QuickBooks Premier products

Note: If importing from another depreciation program, the company in QuickBooks Fixed Asset Manager must have the same tax return type, fiscal year, dates, etc as the previous company. This must be setup before trying the import steps.

  • Open the QuickBooks company file
  • From  Company, open the Fixed Asset Manager

 

  • In the Fixed Asset Manager window, go to File > Import > Comma Separated Values (CSV)

  • The next window to open will be the Welcome page
  • Read all of the instructions
  • Click Next

  • The next window, the Select File, is where the file to import is selected
  • Click the Browse button to find the .csv file on your computer
  • After locating the file on your computer, double click the file and the full path will appear in the window
  • Click Next

  • Create or Select an Import Template is the next window to appear

Note: If this is the first time importing data, select Create Template

  • Read all of the information about the templates and select correctly

Note: The template is the instruction for the Fixed Asset Manager to show the data how to be organized. After this is set up, other files can import in the same format.

Note: Here are the options and what they mean regarding the template options.

  • Create Template: Select this option if you would like to create a new template
  • Use Existing Template: If a template has been previously created for another company file, this template can be used if desired. If this option is selected, the file must have the same layout. Same number of columns, the same column order. After this selection, click Finish.
  • Edit Existing Template: This option allows for the modification of an existing template. The only templates that can be used are templates created by your CSV file. There is a Sample Template that comes with Fixed Asset Manager cannot import any other CSV data. When the template is selected to edit, additional instructions will follow in the Import wizard.
  • Once the selection has been made, click Next

  • On the Select Basis window, check boxes for Federal, AMT, ACE, Book, State, and Other are available

Note: Select only the depreciation basis that are relevant to the CSV file. Federal is already selected because all depreciated assets must be classified for federal depreciation. If the file only has asset information for the Federal depreciation basis only, click Next without selecting any of the other check boxes. Once the file is imported, other basis can be selected.

  • After selecting Next, the Column Heading and Row Selection window appears.
    • Read all instructions carefully
  • If the CSV file has headings at the top of the CSV file, select Yes to the question Does your CSV file contain column headings?
  • If the asset data for this file starts on a row other than the one showing, change to the correct number under On which row does your asset data begin?
  • The spreadsheet that appears on the page will be the actual asset data in the CSV file that is to import
  • Once the selections are made, click Next

  • The window in the wizard that appears next is the Defining Your Import Template
  • Read the instructions carefully
  • Starting with the first column
    • Click the list box to see the available Fixed Asset Manager fields
    • Select the field to map

Note: Mapping will correlate the data field in the company file to the correct field in Fixed Asset Manager

  • Some fields are required
  • All required fields must be selected (Shown in Red in the list)


  • Select any other fields that are to be imported
  • Match the fields to the CSV file

  • Examine the entire list when selecting
    • Listing Options (Other than Required Fields)
      • (Federal) Business Percentage
      • (Federal) Convention
      • (Federal) Current Depreciation
      • (Federal) Disposition Basis
      • (Federal) ITC Reduction
      • (Federal) Non-Macrs Preference Code
      • (Federal) Other Deductions
      • (Federal) Prior Depreciation
      • (Federal) Sale Date
      • (Federal) Sale Expense
      • (Federal) Sale Price
      • (Federal) Salvage Value
      • (Federal) Section 179 Deduction
      • (Federal) Special Depr. Allowance
      • (Federal) Switch to Straight-line
      • Amortization Code
      • Asset Description 2
      • Asset Number
      • Category Description
      • Category ID
      • Depreciation after 1969 and before 1976
      • Depreciation after 1976
      • Disposition property type
      • G/L Accumulated Account Number
      • G/L Asset Account Number
      • G/L Expense Account Number
      • Location Description
      • Location ID
      • Manufacturer Description
      • Manufacturer ID
      • Purchase Order Number
      • Sale Description
      • Serial Number
      • User Defined Description 1
      • User Defined Description 2
      • User Defined Description 3
      • User Defined Description 4
      • User Defined Description 5
      • Warranty Exp. Date
  • Re-size the column heading if the column is not able to be read
  • Other Field Options
    • Multiple Fields
      • Asset field data relates to more than one field
      • Some data includes information for multiple fields like Method and Convention
      • Select at the top of the drop down for selecting fields
      • Select Multiple Fields window opens
      • Put check mark in the correct boxes
      • Click OK
    • Don’t Import
      • Not a required field
      • Should not be imported
      • Cannot be mapped

  • When the mapping is completed, click Next
  • Define Method (Federal)
    • Click the drop down arrow
    • Select the Federal method of depreciation
    • Method section
      • Each row is a unique combination of data from the CSV file

Note: If multiple basis were selected, Define Method will produce multiple windows for each basis.

 

Note: If the Convention field was mapped in the Define Your Import Template, the Define Convention (Federal) window will appear.

  • Finished window
    • Enter a name to identify this template file in the future box
      • Give the import template a name
    • Click Save

  • Click Finish to start the import

Note: Now that this import template has been created, it can be used for additional CSV files with the similar layout.

When the import is completed, this message will appear.

 

Carefully review the data that has been imported. Open the Import Results Log by putting a check mark in the box and clicking OK. The report will show the import results and exceptions, if there are any, that Fixed Asset Manager recorded during the import.

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