Troubleshooting Fixed Asset Manager Problems in QuickBooks

A company’s Fixed Asset Manager, or FAM, is an essential tool in the tracking and handling of fixed assets. It monitors and supplies asset classification, computation of deprecation, tax account-keeping, and accurate reporting of the value of assets. However, just like any other program, users might face unexpected problems with Fixed Asset Manager that will negatively affect the operations of a company. FAM bases its computation for the depreciation of fixed assets on guidelines published by the IRS. The app is available for QuickBooks Desktop Enterprise, QuickBooks Premier Accountant, and QuickBooks Desktop Enterprise Accountant.

Unexpected Results of Fixed Asset Manager Issues

1. There is now an invalid recovery period

The depreciation technique requires you to choose a recovery time. For further details, we advise speaking with your accountant or other tax expert. To find out which years are permitted, consult IRS publication 946.

• Enter the Date Placed in Service and Cost or Basis from the Asset tab.
• Select “Other” as the tax system.
• Enter the necessary data for the Convention, Recovery Period, and Depreciation method.

2. Because QuickBooks and FAM aren’t in sync, you can’t provide a number when creating or editing a fixed asset item.

• You must synchronize QuickBooks Desktop and FAM.
• Make a new fixed asset item in QuickBooks.
• Choose the new fixed asset in FAM, and then choose Assets. The asset number will show the updated asset number.
• Shut down FAM. This should bring FAM and QuickBooks Desktop into sync.
• Choose Fixed Asset Item List from QuickBooks’ Lists menu. The numbers under the FAM column should be shown in the new item.

3. Even after ending the prior year, disposed assets are still displayed in FAM.

Due to the lack of synchronization between QuickBooks and FAM, FAM displays already disposed assets after the end of the preceding year.

First Solution: Sync QuickBooks Desktop with FAM

• In FAM, choose Asset Synchronization Options from the QuickBooks menu.
• When QuickBooks Fixed Asset Manager starts, choose automatically under From QuickBooks.
• This will apply to both new and changed fixed asset items.
• To make sure that FAM and QuickBooks Desktop are in sync, choose OK, then exit and reopen FAM.

Second Solution: Create a journal entry.

1. Choose Client Information from the File menu in FAM.
2. Add one year to the Beginning of Year and End of Year entries under Dates, then click OK.
3. As an illustration: Year Start Date: January 1, 2015, Year End Date: December 31, 2015, Year Start Date: January 1, 2016, Year End Date: December 31, 2016 When the message “Rebuild Completed Successfully” appears, choose OK.
4. Choose Recalculate All Assets under Tools.
5. Next, choose Recalculate all previous depreciation values, followed by OK and Yes.
6. For QuickBooks, choose Post Journal Entry to QuickBooks from the menu.
7. Enter the date of posting (Depreciation through date: December 31, 2016) and choose QuickBooks Post Entry.
8. Now, from the Tools menu, you need to select “Get Ready for Next Year”.
9. The date will be moved ahead to the next year by FAM.
10. Steps 6–8 should be repeated until the current year is reached. After the current year ends, the disposed of asset shouldn’t show up in FAM.

4. A different corporate file contains the assets in FAM.

The folder containing the QuickBooks Desktop business file may have been relocated or erased.

• The folder must be recreated.
• Shut down FAM.
• Navigate to the QuickBooks Desktop folder in File Explorer.
• Note: There are several client subfolders in the “clients” folder, each having a numeric name like {0000101. One customer is represented by each subdirectory.

Version	File Location
QuickBooks Desktop 2024 or Enterprise 24.0	C:\Users\Public\Public Documents\Intuit\QuickBooks\Company Files\FAM24\clients
QuickBooks Desktop 2023 or Enterprise 23.0	C:\Users\Public\Public Documents\Intuit\QuickBooks\Company Files\FAM23\clients

• Look for the most recent client file you read using the Date Modified time stamp.
• The FAM folder should be moved outside of the “…\clients” subdirectory.
• The incorrect list of fixed assets is displayed when you open the business file.
• Choose Create a new FAM client while FAM is open. Close FAM after completing the procedure.
• Return the FAM folder to the original “…\clients” subdirectory after completing step 4. Now, the file ought to open correctly.

5. The Fixed Asset Manager Report is not available.

In Fixed Asset Manager, you get an error stating that the preconfigured report is not accessible when you attempt to execute it.

The message “Report not available” appears when you attempt to run a report in Fixed Asset Manager.

• Close QuickBooks and FAM.
• Locate and remove the file rptlsts.f##. The ## differs according to the FAM year. Where: C:\User\Public\ Public Documents\Intuit\QuickBooks\FAM##\SPRO\Reports\rptlsts.f##—
• Update the desktop version of QuickBooks.
• Shut off and restart FAM and QuickBooks.
• Create your report once more.

If the problem continues, try reinstalling QuickBooks Desktop.

6. When adding or modifying an item in FAM, groups do not appear.

Groupings will not be displayed by FAM; therefore you will need to reselect the group.

• Open FAM and select the Asset tab.
• To view the categories you wish to see, right-click the top header of your Asset display and choose them.

7. The amount of depreciation displayed in the QuickBooks column is incorrect.

The Accumulated Depreciation may appear in the QuickBooks column inaccurately when you publish a journal entry from FAM in QuickBooks Desktop.

First Solution: Examine the asset’s Accumulated Depreciation Account.

• Select General Ledger Accounts from Asset.
• Verify that the Asset, Accumulated Depreciation, and Depreciation/Amortization
• Expense accounts are set up correctly.

Second Solution: Combining the Accumulated Depreciation account with another

Important: Accounts cannot be undone after they are merged. Before proceeding with the following instructions, make a backup of your QuickBooks business file.

• Choose the Chart of Accounts option under Lists.
• Choose Edit Account from the menu when you right-click the previous Accumulated Depreciation account.
• After the account name is followed by a number (for example, Accumulated Depreciation1), choose Save & Close.
• Click on Accounts and then New on the Chart of Accounts screen.
• After creating a new Accumulated Depreciation Fixed Asset Account, choose Save & Close.
• Choose Edit Account from the menu when you right-click the previous Accumulated Depreciation account.
• After deleting the number you put to the account name, choose Save & Close. On the opportunity to merge accounts, choose yes.
• Try again using FAM to upload a journal entry to QuickBooks Desktop.

8. Inaccurate Estimates: Journal Entries

• Verify your configuration once again.
• Ensure you have the correct information by looking at the lowest portion of the Asset tab in FAM.
• Date Placed in Service: The asset’s acquisition date is either blank or erroneous.
• Cost or Basis: Verify that this figure corresponds to the purchase price.
• Tax System: Verify that the tax system being utilized for computations is the appropriate one.
• Depreciation technique: Verify that the depreciation technique is appropriate for the anticipated kind of computation.
• Recovery Period: Verify that this is the appropriate time frame for recovering.

9. Reports with inaccurate calculations

• Review your information one more.
• Ensure your information is correct by looking at the lowest portion of the Asset tab in FAM.
• Date Placed in Service: Either the date you bought the item is incorrect or it is blank.
• Verify that the cost or basis equals the purchasing price.
• Tax System: Verify that the appropriate tax system is being utilized for the computations.
• Depreciation Technique: Verify that the depreciation technique is appropriate for the anticipated computation type.
• Verify that this is the appropriate recovery duration.

10. There is an imbalance in the journal entry. The sums of the debit and credit must match.

FAM shows the incorrect amount from the previous depreciation when you see an asset that was put into operation within the same fiscal year. This leads to inaccuracy by tainting the depreciation statistics. Additionally, if you choose Post Entry to QuickBooks, the mistake can show up.

The Prior Depreciation in FAM and the Accumulated Depreciation account in QuickBooks Desktop must match. The journal entry should balance if you tracked an asset in both FAM and QuickBooks Desktop at the time of acquisition. If not:

• The cumulative depreciation from the asset’s acquisition date was not included when it was placed into QuickBooks FAM mid-life.
  Example: In a QuickBooks Desktop Pro business without QuickBooks FAM, a bought item was added to the Fixed Asset Item List. To determine asset depreciation, the company’s accountant accesses the file in QuickBooks Desktop Premier Accountant. FAM will display $0 as the asset’s total depreciation if it is opened without first making a corrected journal entry in QuickBooks.
• In FAM, the earlier depreciation calculation was modified.
  For instance, when a report for a prior fiscal year is printed, FAM is rolled back to that year. Before the dates are changed, any value in the preceding depreciation column will stay at its previous value.
• The item has been designated as disposed of, however QuickBooks Desktop still shows that the asset value and cumulative depreciation value have not cleared.

First Solution: Update FAM assets from QuickBooks Desktop after making a change using a General Journal Entry in QuickBooks.

• Choose Display Reports from the FAM Reports menu, followed by Depreciation Schedule by G/L Account Number.
• Choose a suitable basis for your report, such as state or federal. Speak with your accountant if you’re unsure about the best basis.
• Enter the date when your current fiscal year began.
• The first Accumulated Depreciation column on the report should be the sum; the date below it should be the beginning of your current fiscal year.
• Choose Chart of Accounts from QuickBooks’ Lists menu.
• Quick Report Accumulated Depreciation may be selected by right-clicking on the Accumulated Depreciation account.
  • Note the total sum after changing the date to the end of the preceding fiscal year.
  • Note all of the total amounts and sum them up if there are several subaccounts.
• Take the sum from step 4 and subtract it from the sum from step 6. This is the sum that you need to change in QuickBooks Desktop using a General Journal Entry.
• In QuickBooks, choose Make a General Journal Entry from the Company menu.
  • Select Adjust entry after changing the Date to the end of the prior fiscal year.
  • Enter the sum from step 7 in the Debit form after selecting the Depreciation Expense account.
  • For the memo, type “Adjust entry to match QB to FAM.”
  • Choose the Accumulated Depreciation account on the next line, and then type the same sum in the Credit box.
  • Click “Save & Close.”
  • Repeat the procedure for the subaccounts if required.
• Choose Update Assets from QuickBooks from the QuickBooks menu in FAM. Next, click OK, and last, click yes to all.

Second Solution: Recalculate assets and depreciation in FAM, roll FAM back to the relevant fiscal year, and make any required corrections to reports. Roll FAM over to the current fiscal year after that.

• Choose Backup from the File menu in FAM.
• Click Backup and leave the default location.
• Choose the Client Information option from the File menu.
• Choose the fiscal year you need to roll back to under the Dates tab, then click OK.
• Choose Recalculate All Assets under Tools. Choose Recalculate all previous depreciation values after that.
• On the backup prompt, select yes after selecting OK.
• Choose “Prepare for next year” under Tools.
• To roll ahead by one fiscal year, choose yes.
• Keep going until the current fiscal year appears.

11. When attempting to restore the FAM file, there is no backup for this client error.

You must use the correct file path for FAM backup files because the incorrect one is set.

QuickBooks generates a folder at the specified place that looks like {9990001 when you back up a FAM client. Instead of using the folder that QuickBooks generated, use the location you chose to restore a backup.

• To make a backup for FAM
  • Choose Backup from File.
  • Choose Browse from the Backup window, and then pick the location to save your backup.
  • Choose Backup and OK.
• To get a FAM backup back
  • Choose Restore from the File menu.
  • Choose Browse from the Restore screen, and then pick the backup location you stored.
  • Click OK, then click Restore.

12. Column mapping is not possible when importing .CSV data to FAM

You must map your data when importing it into Fixed Asset Manager (FAM) from a comma-separated values file (.csv). You are unable to map other columns when you do this because an inaccurate selection or unintelligible text appears.

Video drivers or the dual monitor setup are at odds, thus you’ll need to import in Safe Mode or pick startup.

Note: The actions that follow are technical. See an IT specialist if you are uncomfortable doing these steps by yourself.

• Restart your computer in Safe Mode with Networking after closing all apps.
• To disable startup items and services, do a selective startup (optional).
• Make another attempt to load your .CSV file into FAM.

13. Inequitable Posting Entry

The QuickBooks journal entry in FAM is out of balance following the sale of a fixed asset, whether it was a profit or a loss. Gain or loss account assignments are not supported by FAM, and it is not aware of which QuickBooks Desktop accounts are linked to the journal entry. Until you enter the gain or loss and cash or receivable in QuickBooks, this mismatch persists.

• Put in the appropriate journal entry.
• Choose Post Journal Entry to QuickBooks from the FAM QuickBooks menu.
• Choose Add Entry Line after entering the posting date in the Depreciation through date field.
• Enter the QuickBooks Desktop account you wish to utilize (for instance, a bank or checking account) on the following line.
• Click Add Entry Line to add another line.
• Enter the account you want to use to report the sale’s gain or loss on the second line.
• The entry in the journal is now balanced. For the completion of the entry, choose Post Entry to QuickBooks.

Errors of Fixed Asset Manager

1. (DB/200) After converting from an earlier version, an error occurred accessing… while opening FAM.

When QuickBooks Desktop and FAM are installed on a non-US version of Windows, data harm can occasionally occur.

First Solution: The first solution is to restore a backup

• Choose Restore from the File menu.
• Choose Browse from the Restore screen and then pick the backup location.
• Click OK, then click Restore.

Second Solution: Make a fresh FAM file

• Go to Set up Fixed Asset Manager (FAM) to accomplish this.

2. Error 124: Unexpected error occurred, or FS Designer, Loan Manager, or Fixed Asset Manager cannot be opened.

There are several QuickBooks Desktop versions in use.

Remember to shut down all instances of QuickBooks Desktop other than the one you are now using when you launch any add-on, such as Fixed Asset Manager, Financial Statement Writer, or Loan Manager.

3. Error 80040400: QuickBooks detected a problem in Fixed Asset Manager when processing an XML text stream.

This problem might appear after a manual sync or after you exit FAM. Additionally, some FAM modifications won’t update or replicate the asset in QuickBooks Desktop.

Your Fixed Asset Manager file contains one or more non-alphanumeric characters that must be eliminated.

• Look for and remove all non-alphanumeric characters from all FAM fields, including %,&,*,~,”,), and ().
• Now, from the QuickBooks menu, you need to select Save Assets to QuickBooks.
• After choosing your preferred choice, click OK.

The Fixed Asset Item list in your QuickBooks company file should now show all modifications made to the assets that contain non-alphanumeric characters.

Note: Keep in mind that you need to re-enter any changes you made before receiving the error message before synchronizing with QuickBooks Desktop.

4. When running Fixed Asset Manager, the message “Components required are missing” appears.

FAM-related components are absent, and the Fixed Asset Manager does not start.

Most likely, a damaged QuickBooks installation is the cause of this.

• First Solution: Execute reboot.bat.
• Second Solution: Fix the installation of QuickBooks.
• Third Solution: Reinstall QuickBooks.

5. Invalid Printer Driver Error

Running a report in a Terminal Services environment while using FAM may result in this problem.

You will need to abbreviate the printer name since it has more than 64 characters. Modify the Terminal Server’s configuration and abbreviate the name of your printer. For better support, speak with an IT specialist.

6. Error: To utilize Fixed Asset Manager, please shut down the other QuickBooks copies.

Many QuickBooks processes are operating in the background or numerous QuickBooks versions are open. To utilize Fixed Asset Manager, please shut down the other QuickBooks copies.

For a quicker start, QuickBooks Desktop is automatically configured in the background. However, this rapid launch could conflict with other programs, particularly if you have more than one edition of QuickBooks Desktop. To turn off:

• Go to Edit in QuickBooks, choose Preferences, and then General.
• Uncheck “Keep QuickBooks running for quick startups” in My Preferences, then click “OK.”
• Shut off every application and restart the machine.
• Try opening your FAM after launching the appropriate version of QuickBooks Desktop.

7. Error: QuickBooks cannot connect

• First Solution: Verify the Integrated application preferences
  • Log in as the QuickBooks Administrator to access the company file.
  • Choose Preferences from Edit, and then Integrated Applications.
  • Uncheck the box next to the Company Preferences tab. This corporate file should not be accessible by any apps.
  • Choose Allow Access for QuickBooks Fixed Asset Manager from the Applications that have previously sought access table.
  • To exit the Preferences window, select OK.
• Second Solution: Activate User Account Control (UAC).

8. Opening Fixed Asset Manager causes a fatal application error.

It happens when the QuickBooks installation is damaged.

• First Solution: Repairing your QuickBooks installation.
• The second solution is reinstalling QuickBooks.

Conclusion

Fixed Asset Manager is a nice application but sometimes just doesn’t work as expected and often in a way that could not be anticipated. When users can troubleshoot typical issues, they will, in the end, be able to address most concerns. If the issues persist, then one should seek additional advice from the support staff of the software.

Frequently Asked Questions