Common questions about Fixed Asset Import in Lacerte

In this article, you can find solutions to frequently asked questions about Fixed Asset Import.

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What is Fixed Asset Import?

The Fixed Asset Import functionality is integrated into the Individual, Corporate, Partnership, S-Corporate, and Fiduciary modules to import depreciation from an Excel spreadsheet.

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What file types are supported?

Only .CSV and .XLS files are supported for the Fixed Asset Import. Password protected Excel files and 2007 .XLSX files aren't supported.

The .CSV file needs to be closed before importing the document.

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How do I access the Fixed Asset Import?

There are three ways to access the Fixed Asset Import:

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Are there any requirements for setting up the Excel spreadsheet?

The Excel spreadsheet must have columns set up for:

• Date placed in service
• Cost or basis
• Description
• Category column

The Category column must be set up numerically, or Lacerte won't import it. For example:

• 1 = Auto
• 2 = Furniture & fixtures
• 3 = Machinery & equipment
• 4 = Buildings
• 5 = Improvements
• 6 = Land
• 7 = Miscellaneous
• 8 = Amortization

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How is the Lacerte method assigned?

By default, the Fixed Asset Import Wizard assumes that the data contained in the spreadsheet doesn't contain the Lacerte Depreciation Method. It'll use the values below to assign the appropriate method:

• Tax method (MACRS/ACRS)
• Depreciation method
• Life

These three items are optional and only need to be assigned if the spreadsheet contains that data.

After selecting Next >, a new screen may appear which will allow a selection of the appropriate Lacerte Depreciation Method for any assets that the Fixed Asset Import Wizard is unable to automatically assign.

If the file contains the Lacerte depreciation method, uncheck the box labeled My worksheet has multiple columns needed to determine the Lacerte Deprecation Method and then select Lacerte Method for the appropriate column.

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Which items can be imported?

The following items can be imported:

• Description of the asset
• Category
• Date placed in service
• Cost or basis
• Current section 179
• Tax method (MACRS/ACRS)
• Life or class life
• Depreciation method
• Prior section 179
• Prior special depreciation allowance
• Prior depreciation / amortization
• Prior depreciation (AMT)
• Prior depreciation (Book)
• Prior depreciation (ACE) (only in the business modules)
• Current special depreciation allowance

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Related topics

• Exporting Depreciation Data to a File