Fix Issues in Fixed Asset Manager (FAM) in QuickBooks

Fixed Asset Manager (FAM) in QuickBooks helps businesses manage fixed assets and calculate depreciation according to IRS standards. FAM problems often affect asset records, depreciation calculations, journal entries, reports, or the connection between FAM and QuickBooks Desktop.

QuickBooks provides several troubleshooting options for common QuickBooks Fixed Asset Manager issues. This guide explains what QuickBooks Fixed Asset Manager does, why these issues occur, and how to fix them using the appropriate solution.

What Is Fixed Asset Manager (FAM) in QuickBooks?

Fixed Asset Manager (FAM) is a QuickBooks feature that calculates depreciation for fixed assets according to IRS standards. It helps track assets and prepares depreciation information for use in QuickBooks Desktop.

FAM is available with QuickBooks Premier Accountant, QuickBooks Desktop Enterprise, and QuickBooks Desktop Enterprise Accountant.

This tool works with fixed asset information such as the date placed in service, cost or basis, depreciation method, recovery period, and convention. Incorrect information in these fields often produces incorrect depreciation calculations or journal entries.

What Causes Issues in Fixed Asset Managers?

Several factors lead to QuickBooks FAM issues. Common causes include:

• Incorrect recovery period or depreciation information
• Incorrect fixed asset details
• Problems synchronizing FAM with QuickBooks Desktop
• Damaged or incorrect FAM client data
• Missing or damaged FAM report files
• Incorrect general ledger account assignments
• Problems with depreciation calculations
• Multiple QuickBooks Desktop versions installed on the computer
• Special characters in FAM file names
• Damaged QuickBooks Desktop installation components
• Printer configuration problems in Terminal Services
• QuickBooks application access settings blocking FAM
• Issues connecting FAM with QuickBooks Desktop
• Missing or unavailable company file backups

Common Issues in Fixed Asset Manager (FAM)

Fixed Asset Manager issues appear in two main categories: Unexpected Results and Errors. The following list covers the common problems users encounter while working with FAM. Use them as a quick reference to find the FAM problem that matches your situation.

Unexpected Results in Fixed Asset Manager (FAM)

The following unexpected results affect fixed asset information, depreciation calculations, reports, journal entries, and other FAM functions:

• An invalid recovery period has been entered
• Unable to assign a FAM number to a Fixed Asset Item
• Disposed assets still show in FAM after closing the previous year
• FAM shows the wrong assets
• FAM report is missing
• Groupings do not show in FAM
• Incorrect depreciation amount appears in the QuickBooks column
• Incorrect calculations for journal entries
• No backup exists for the client
• Unable to map CSV columns when importing CSV files into FAM
• Unbalanced posting entry
• Incorrect calculations for reports
• Journal entry is out of balance

Errors in Fixed Asset Manager (FAM)

These errors relate to access, connection, installation, printer, and other FAM functions: 

• DB/200 Error has occurred
• Required components are missing
• Error 124
• Error 80040400 XML
• Invalid Printer Driver
• Close other copies of QuickBooks
• Unable to connect to QuickBooks
• Fatal Application Error

How to Fix Issues in Fixed Asset Manager (FAM) in QuickBooks?

The Fixed Asset Manager (FAM) in QuickBooks calculates depreciation for fixed assets according to IRS standards. QuickBooks Fixed Asset Manager issues often affect depreciation calculations, asset records, journal entries, reports, or synchronization with QuickBooks Desktop. Follow the solution below that matches the issue you are experiencing.

Scenario 1: Invalid Recovery Period

FAM calculates incorrect depreciation when the recovery period does not match the fixed asset. Review the asset information and enter the correct recovery period.

• Open the Asset tab.
• Check the Date Placed in Service and Cost/Basis fields.
• Select Tax System to Other.
• Review the Depreciation Method, Recovery Period, and Convention.

Confirm the correct depreciation details with your accountant or tax professional. Refer to IRS Publication 946 for the applicable depreciation rules.

Scenario 2: Unable to Assign a FAM Number

FAM assigns a number to fixed asset items. Create the fixed asset item in QuickBooks Desktop when FAM does not assign a FAM number.

• Create a new fixed asset item in QuickBooks Desktop.
• Open FAM and select the new item from the Assets section.
• After that, close FAM.
• Open the Fixed Asset Item List in QuickBooks and check the FAM number

Scenario 3:Disposed Assets Still Show After Closing the Previous Year

FAM sometimes continues to display disposed assets after you close the previous year. Synchronize FAM with QuickBooks or post a journal entry to update the asset information.

Solution 1: Synchronize FAM With QuickBooks

• Open QuickBooks and select Asset Synchronization Options.
• Select From QuickBooks.
• Now, select Automatically when FAM opens.
• Select Both new and modified fixed asset items.
• Select OK.
• Close and reopen FAM.

Solution 2: Post a Journal Entry

• Open File >> Client Information.
• Add one year to the Beginning Year and End Year.
• Select OK to rebuild the information.
• Go to Tools >> Recalculate All Assets.
• Select Recalculate all prior depreciation values.
• Select QuickBooks >> Post Journal Entry to QuickBooks.
• Enter the posting date and select Post Entry.
• Select Tools >> Prepare for next year.
• Repeat these steps until you reach the current year.

Scenario 4: FAM Shows the Wrong Assets

FAM sometimes displays assets from the wrong company file. Create a new FAM client after moving the existing FAM folder outside the client directory.

• Close FAM.
• Open the appropriate clients folder for your QuickBooks version.
• For QuickBooks Desktop 2023 and Enterprise 23.0, go to:
  • C:\Users\Public\Public Documents\Intuit\QuickBooks\Company Files\FAM23\clients
• For QuickBooks Desktop 2022 and Enterprise 22.0, go to:
  • C:\Users\Public\Public Documents\Intuit\QuickBooks\Company Files\FAM22\clients
• Find the latest client folder by checking the Date Modified value.
• Move the FAM folder outside the clients folder.
• Open the company that shows the wrong assets.
• Open FAM and select Create a new FAM client.
• Close FAM.
• Move the FAM folder back to its original location.

Scenario 5: Fixed Asset Manager Report Is Missing

A missing FAM report often relates to the report list file. Delete the report list file, update QuickBooks Desktop, then recreate the report.

• Close FAM and QuickBooks Desktop.
• Go to: C:\User\Public\PublicDocuments\Intuit\QuickBooks\FAM##\SPRO\Reports\rptlsts.f##
• Delete the rptlsts.f## file.
• Update QuickBooks Desktop.
• Reopen QuickBooks Desktop and FAM.
• Rebuild the missing report.
• Reinstall QuickBooks Desktop when the report remains unavailable.

Scenario 6: Groupings Do Not Show in FAM

FAM lets you group fixed assets from the Asset tab. Follow the given steps to fix QuickBooks Fixed Asset Manager errors: 

• Open the Asset tab in FAM.
• Right-click the top header.
• Select the grouping you want to display.

Scenario 7: Incorrect Depreciation Amount in the QuickBooks Column

Incorrect depreciation amounts in the QuickBooks column often relate to the general ledger account assignments. Check the assigned accounts before changing the asset information.

Solution 1: Check General Ledger Accounts

• Open the Asset tab.
• Select General Ledger Accounts.
• Verify the accounts assigned to:
  • Asset
  • Accumulated Depreciation
  • Depreciation/Amortization Expense

Solution 2: Merge the Accumulated Depreciation Account

Create a backup before merging accounts. QuickBooks does not reverse an account merge.

• Open Lists >> Chart of Accounts.
• Edit the old accumulated depreciation account and add a number to its name.
• Save the account.
• Select Accounts >> New.
• Create a new Fixed Asset Account named Accumulated Depreciation.
• Edit the old account again and remove the number from its name.
• Save the account.
• Accept the option to merge the accounts.
• Try posting the journal entry again.

Scenario 8: Incorrect Calculations for Journal Entries or Reports

Incorrect asset information affects depreciation calculations for journal entries and reports. Review the details in the lower half of the Asset tab.

• Open the Asset tab.
• Review the lower section of the tab.
• Check these fields:
  • Date Placed in Service
  • Cost/Basis
  • Tax System
  • Depreciation Method
  • Recovery Period
• Correct any inaccurate information and recalculate the asset.

Scenario 9: Journal Entry Is Out of Balance

FAM shows an out-of-balance journal entry when the calculated asset information does not produce balanced QuickBooks entries. Review the asset details and verify the depreciation information.

• Check the Date Placed in Service.
• Verify the Cost/Basis.
• Review the Tax System.
• Check the Depreciation Method.
• Verify the Recovery Period.

Scenario 10: No Backup Exists

A backup provides a copy of your QuickBooks company data before you make changes to FAM. Create a backup before troubleshooting FAM data or making account changes.

Scenario 11: Unable to Map CSV Columns

FAM requires the CSV columns to match the asset information it expects during import. Review the CSV file and make sure the columns contain the correct asset information before importing it again.

Scenario 12: Unbalanced Posting Entry

FAM shows an unbalanced QuickBooks journal entry after you sell a fixed asset at a profit or loss. FAM does not support gain or loss account assignments and does not identify the QuickBooks Desktop accounts linked to the journal entry.

Record the gain or loss along with the cash or receivable amount in QuickBooks to balance the entry.

Scenario 13: DB/200 Access Error

QuickBooks Desktop and FAM sometimes experience data damage when you install them on a non-US version of Windows. Restore a backup or create a new FAM file to resolve the issue.

Solution 1: Restore a Backup

• Restore a working backup of the affected company file and check FAM again.

Solution 2: Create a New FAM File

• Create a new FAM file for the company. Follow the Intuit instructions for setting up FAM.

Scenario 14: Fix QuickBooks Fixed Asset Manager Error 124

Error 124 occurs when multiple QuickBooks Desktop versions are installed on the computer.

• Close all QuickBooks Desktop versions.
• Open only the QuickBooks Desktop version you need to use with FAM.
• Try the FAM task again.

Scenario 15: Error 80040400 XML

Special characters in the FAM file name trigger Error 80040400. Remove non-alphanumeric characters before saving asset information to QuickBooks.

Remove characters such as: % & * ~ ” ) (

After removing these characters, save the assets to QuickBooks again.

• Open QuickBooks.
• Select Save Assets to QuickBooks.
• Select the required option.
• Select OK.
• Re-enter the changes you made earlier before synchronizing the assets again.

Scenario 16: Components Required Are Missing

Missing QuickBooks components indicate a damaged QuickBooks Desktop installation. Repair or reinstall QuickBooks to restore the required components.

Solution 1: Run reboot.bat

• Run the reboot.bat file to restart the QuickBooks-related processes and components.

Solution 2: Repair QuickBooks

• Use the QuickBooks repair option to fix the damaged installation.

Solution 3: Reinstall QuickBooks

• Uninstall and reinstall QuickBooks Desktop when repairing the installation does not resolve the issue.

Scenario 17: Invalid Printer Driver

The Invalid Printer Driver error often appears in Terminal Services when the printer name contains more than 64 characters.

Shorten the printer name through Terminal Server and try the task again. Contact your IT administrator for help with changing the printer name in a Terminal Services environment.

Scenario 18: Close Other Copies of QuickBooks

Multiple QuickBooks Desktop versions or running processes sometimes interfere with FAM. Disable the quick startup option and restart QuickBooks.

• Open QuickBooks.
• Select Edit >> Preferences.
• Select General.
• Open My Preferences.
• Clear the ” Keep QuickBooks running for quick startups.
• Close QuickBooks.
• Restart QuickBooks and open the correct version.

Scenario 19: Unable to Connect

FAM does not connect to QuickBooks when application access settings block the connection. Check the Integrated Applications settings first. Turn on User Account Control (UAC) when the connection issue continues.

Solution 1: Check Integrated Applications

• Sign in to QuickBooks Desktop as the Administrator.
• Select Edit >> Preferences.
• Select Integrated Applications.
• Open Company Preferences.
• Clear the ” Don’t allow any applications to access this company file.
• Allow access for QuickBooks Fixed Asset Manager.
• Select OK.

Solution 2: Turn On User Account Control

• Turn on User Account Control (UAC) in Windows and try connecting FAM to QuickBooks again.

Scenario 20: Fatal Application Error

A damaged QuickBooks Desktop installation causes the Fatal Application Error in FAM. Repair the QuickBooks installation first. Reinstall QuickBooks Desktop when the repair does not resolve the error.

Conclusion

QuickBooks Fixed Asset Manager helps maintain fixed asset records and calculate depreciation according to IRS standards. FAM issues often result from incorrect asset details, account assignments, damaged files, connection settings, or QuickBooks Desktop installation problems.

Start troubleshooting by identifying the exact FAM issue. Review asset and depreciation details to fix calculation problems, check synchronization settings to resolve asset issues, and repair the QuickBooks installation to fix component-related errors. Create a backup before you make changes that affect company data or account records.

Frequently Asked Questions