Fixed Asset Manager

[CStanford]

I have the 2022 version of FAM, which is apparently the only one sold.  Am I right when I say this won't pull in asset data from the 2021 version of ProSeries?  It certainly doesn't seem to find it nor recognize that any Proseries data files are on my computer (I have five+ years' worth).

Thanks in advance for your help.

[dascpa]

Been using FAM for years.  FAM to PS, never an issue.  PS to FAM, no issue but when you reimport back into PS be careful, you have to delete all the original assets in PS or you'll have duplicates.

Re your question - FAM does not import from 2021 PS to 2022 FAM.  It can import from 2022 PS so roll over the client and then import.  Or, if not many assets, just enter them new in FAM.

Tried once to go from Excel into FAM. Never got the mapping done correctly.

Also, make sure you have the proper directories set up in FAM and in PS.  You need to tell each program where to look for the data.

[CStanford]

I appreciate this so much.  Very helpful.

One more quick question -- this particular client (a C corp) files a federal and three states.  The three states are not completely in sync with federal depr'n.  I'm hoping FAM will produce a federal report and also one for each state.  Am I dreaming?

Thanks!

[dascpa · Accepted solution]

Yes, you are dreaming.  FAM can produce a one-state overall depreciation report.  What I would do is to create categories for each state to easily sort within FAM's reports the assets and depreciation that applies to each state.

When importing, make sure you check the decoupling total in each state.  FAM is really a Federal program with some state flexibility.  I find sometimes I have to override the decouple tax form.

[CStanford]

Thanks again!

[dd4vols]

Under GROUPINGs.. i use the "location' to categorize each asset by location.

after you have set up the locations then:

Click on the little icon beside the apply query criteria to set up a query that uses LOCATION as the query (set up one for each location)

then under the "Apply Query Criteria" choose that location and just print the assets for that location.