This feature was new with version 2004 for Pro and higher products (the Basic product only permits viewing and editing fixed asset items, not creating new ones). The purpose is for capturing the details of the asset in a way that was not available previously. These fixed asset items can then also be used on purchase and sales forms (although this use will probably be quite rare). The most significant reason for this new list is for the integration with the Fixed Asset Manager available with the Premier: Accountant Edition or the Enterprise Solution. This will streamline the process for the accountant because the information will already be entered into QuickBooks with the details needed to accurately calculate book value and depreciation amounts.
QBRA-2004: Lists > Fixed Asset Item List > Item > New
Asset Name/Number: is how the fixed asset item will appear on the item listing on sales and purchase forms. Keep in mind that this item will be included in with the item list. Consider, for example, adding a FA before the name or some other way to designate that it is from the Fixed Asset Item List.
Asset Account: is the general ledger account from the chart of accounts that will be used for purchase and sales transactions.
Purchase Information: the default information that will be used when this item is purchased. Enter the description, new or used (important for the depreciation calculation), date, cost, and vendor for when the asset was purchased.
Sales Information: Once the check box is marked that the item has been sold, the additional fields become available to enter the sales date, sales price, and sales expense.
Asset Information: The additional fields here permit the asset description, location, PO number, Serial number, a date for the expiration of the warranty and a field for notes.
TRICK: Until this item is actually used on a purchase or sale transaction, the general ledger does not reflect the acquisition or sale of the asset.
TIP: It can integrate with the Fixed Asset Manager that is included in the QuickBooks Premier: Accountant Edition product to calculate depreciation.
TIP: On the list itself, the FAM Number is the number that the Fixed Asset Manager uses for tracking this asset if the Accountant uses it to calculate the depreciation.
TIP: It is also possible to create a new item as entering a transaction by using the item field. If the fixed asset type item has not been sent up, it will appear as a choice when set up is chosen.
QBRA-2004: Vendor > Enter Bill > Item Tab > Item that has not been set up
More information on this topic
Overview of Version 2004